Overview
- Deal value reached $8.6 billion across 267 transactions, an 18% rise in activity and roughly four times 2024’s total, according to the Financial Times citing PitchBook.
- Megadeals led the surge, including Coinbase’s $2.9 billion purchase of Deribit, Kraken’s $1.5 billion acquisition of NinjaTrader, and Ripple’s $1.25 billion buyout of Hidden Road.
- Public listings rebounded with about $14.6 billion raised by 11 IPOs, with reported standouts including Circle’s NYSE debut and Bullish’s August listing.
- Policy shifts credited by market participants include the GENIUS Act’s federal stablecoin framework and a push by institutions to acquire licensed platforms as new compliance rules take effect.
- Advisers say deal pipelines remain busy heading into 2026, reflecting sustained interest from traditional financial firms in crypto infrastructure and markets.