The Trump administration's pro-cryptocurrency policies have led to an 18% increase in transaction volume and a fourfold increase in transaction value.
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The British Financial Times (FT) reported today that "M&A transactions in the cryptocurrency sector will reach a record high of $8.6 billion in 2025," and that "the U.S. government's open attitude toward digital assets has sparked a frenzy of M&A, and this trend is expected to continue next year."
According to reports, a total of 267 M&A deals were completed in the cryptocurrency industry this year, an 18% increase compared to 2024. The total transaction value, in particular, surged to $8.6 billion, nearly four times the $2.17 billion recorded last year, demonstrating explosive growth.
This M&A boom is believed to have been fueled by the pro-cryptocurrency policies of the Donald Trump administration. This year, the Trump administration designated the crypto industry a national priority, appointed industry-friendly officials to regulatory bodies, and withdrew numerous lawsuits against digital asset companies. Furthermore, it has implemented strong support measures to foster the industry's development, including the establishment of a national cryptocurrency reserve.
Coinbase completed the largest deal of the year. Its $2.9 billion acquisition of derivatives trading platform Deribit set a record for the largest M&A in cryptocurrency history.
Next, Kraken acquired the US retail futures trading platform NinjaTrader for $1.5 billion (KRW 2.1838 trillion), and Ripple purchased the cryptocurrency prime broker Hidden Road for $1.25 billion (KRW 1.8199 trillion).
Charles Kerrigan, a partner at law firm CMS, said along with other industry insiders that "as new Web3 regulatory rules are established in the U.S., more traditional financial institutions will enter the space," while "at the same time, blockchain companies will further solidify their market position through M&A."
The continued influx of global capital is largely due to the Trump administration's strong policy support. The industry expects the M&A boom to continue next year as a pro-crypto regulatory environment is created.
Joohoon Choi joohoon@blockstreet.co.kr
