Did you know the crypto industry did more M&A in 2025 than in the previous four years combined?

It hit $37 billion in 2025, which is a 74% YoY growth and is projected to be even higher this year.
356 deals. 39 of them above $100 million.
Coinbase bought Deribit for $2.9 billion.
Kraken bought NinjaTrader for $1.5 billion.
Ripple bought Hidden Road for $1.25 billion.
Our industry is consolidating with a power law in the making. The strong are getting stronger, acquiring licenses, distribution and infrastructure that would otherwise take years to build internally.
And with the GENIUS Act live and the CLARITY Act on the horizon, compliance-driven acquisitions will only accelerate in 2026 and beyond.
If you're a founder who doesn't want to get eaten up or simply die, it's time to leave your 2021 playbook behind and adapt to the new era we're in.
But one thing is for sure:
The biggest players in this industry spending billions to strengthen their positioning for the next decade tells you everything you need to know about where we're actually going.