Overview
- PitchBook data cited by the Financial Times show 267 crypto deals totaling $8.6 billion in 2025, an 18% rise in deal count and about four times 2024’s $2.17 billion value.
- Public markets reopened to the sector with 11 IPOs raising roughly $14.6 billion, including listings by Circle, Bullish, Figure Technologies and eToro.
- The year’s largest transactions were Coinbase’s $2.9 billion purchase of Deribit, Kraken’s $1.5 billion acquisition of NinjaTrader, and Ripple’s $1.25 billion deal for Hidden Road.
- Coverage attributes the surge to the Trump administration’s pro-crypto stance, including the GENIUS Act, with reports also noting the SEC dropped several high-profile lawsuits.
- Executives and advisers say buyers pursued regulated licenses and institutional infrastructure to meet MiCA and planned U.S./UK regimes, with stablecoins flagged as a key area for further consolidation into 2026.