Crypto Companies on a Shopping Spree in 2025

Record-Breaking Year for Mergers and Acquisitions

In 2025, crypto companies went on a buying spree, spending a whopping $8.6 billion on mergers and acquisitions by November. This was a huge jump from previous years, with a record 133 deals closed. The total value of these deals was more than the combined total of the past four years.

Coinbase Leads the Charge

Coinbase was the biggest spender, making six acquisitions. Their largest deal was buying Deribit, a major crypto derivatives marketplace, for $2.9 billion. They also bought several other companies, including:

• Spindl, a blockchain-based advertising platform.
• Echo, a capital raising platform.

Industry Growth Despite Setbacks

The crypto industry is growing fast, despite some recent setbacks. One reason is that regulations in the US have become more favorable, and the Federal Reserve has lowered interest rates. This has made it easier for companies to borrow money and make deals.

Ripple's Expansion Strategy

Ripple also made some big moves in 2025. They bought four companies as part of their expansion strategy. Their largest purchase was Hidden Road, a prime brokerage, for $1.25 billion. They also bought:

• GTreasury, a corporate treasury management company, for $1 billion.

Kraken's Strategic Acquisitions

Kraken, a crypto exchange, made five acquisitions in 2025. They bought:

• NinjaTrader, a futures trading platform, in May.
• Breakout, a proprietary trading platform, in September.
• Small Exchange for $100 million, which will help them build crypto derivatives markets for US clients.
• Backed Finance AG, the company behind the tokenized stock platform xStocks.