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Crypto IPOs Surge to $14.6B Amid Market Growth
The crypto sector reportedly recorded $8.6 billion in mergers and acquisitions (M&A) deals in 2025, marking a significant rise from the $2.17 billion reported in 2024. The Financial Times noted that 267 deals had been completed by Tuesday, reflecting an 18% increase in deal count compared to last year. “The $8.6 billion in deal value is a nearly 300% jump from last year,” the report stated, signaling growing activity in the crypto-focused M&A market.
Major Acquisitions of the Year
Coinbase led the year with the largest acquisition, purchasing the crypto options platform Deribit for $2.9 billion, which the report describes as “the biggest-ever acquisition in crypto.” Other notable deals included Kraken’s $1.5 billion purchase of futures platform NinjaTrader and Ripple’s $1.25 billion acquisition of crypto-friendly prime broker Hidden Road.
Regulatory Confidence Boosts Activity
The Financial Times highlighted that the crypto-friendly policies of the Trump administration contributed to investor confidence. Deregulation measures and dropped regulatory lawsuits have encouraged traditional finance institutions to enter the sector. Diego Ballon Ossio, a partner at Clifford Chance, noted that many acquisitions were driven by firms seeking licenses compatible with EU MiCA regulations, a trend expected to continue in 2026.
Crypto IPOs Surge in 2025
2025 was also notable for initial public offerings (IPOs) in crypto. Worldwide, $14.6 billion was raised across 11 IPOs, compared to $310 million from four IPOs in 2024. Highlighted offerings included Bullish, raising $1.1 billion; Circle Internet Group, over $1 billion; and Gemini, which raised $425 million. Charles Kerrigan of CMS noted that companies are preparing for new licensing regimes in the US and UK, with compliance driving acquisitions.
