Buybacks in the crypto sphere reached a record level in 2025: how the year of M&A was characterized

The cryptocurrency industry ended the past year with a wave of massive consolidation. Company buyouts and mergers and acquisitions reached unprecedented levels — $8.6 billion, nearly four times higher than in 2024. This rapid growth resulted from the intertwining of two key factors: government policy support and the desire of institutions to obtain necessary licenses in a more regulated environment.

Trump’s Policy as a Catalyst for Mergers and Acquisitions

The administration’s shift towards a development-focused crypto sector project became a powerful deal generator. Washington not only created a favorable environment — it implemented specific regulatory frameworks that opened new opportunities for institutions. In particular, the GENIUS Act laid the federal foundation for stablecoin development, and the European Union introduced the MiCA framework, creating a clear picture for transactions involving tokenized assets.

The result was impressive: in 2025, 267 deals were closed, an 18% increase compared to the previous year. This activity reflects investors’ confidence in the sector’s long-term prospects.

The Cyclone of Large Buyouts: Top Deals of the Year

The buyout of billion-dollar platforms became the main story of the year. Coinbase made a move by acquiring the crypto derivatives platform Deribit for $2.9 billion — the largest M&A deal in crypto history. This acquisition allowed Coinbase to expand its service portfolio and solidify its position in the derivatives market.

Kraken was not left out, spending $1.5 billion to acquire NinjaTrader. This buyout gave the American cryptocurrency trading business access to the futures segment of the market, expanding its geographical presence.

Ripple, in turn, completed the purchase of Hidden Road for $1.25 billion, strengthening its position in a regulated environment.

Licenses and Compliance: Hidden Motivation for Consolidation

According to legal experts, not all deals were driven solely by strategic expansion considerations. A significant part of the buyouts was motivated by the desire of financial institutions to shorten the time to enter the crypto market.

As new compliance rules are introduced — both globally (MiCA in the EU) and nationally (GENIUS Act in the USA) — institutions actively sought ways to accelerate their adaptation. Acquiring already licensed businesses became a key strategy for them. Instead of waiting for a lengthy licensing process themselves, they bought regulated businesses, allowing them to quickly enter the crypto market with the necessary permits.

Industry Implications

Record-breaking buyout figures in 2025 signal the sector’s maturation and integration into the traditional financial system. Political support, regulatory clarity, and institutional ambitions to expand their presence created the perfect storm for consolidation. Mergers and acquisitions are likely to become the defining trend in the coming years, as entities that obtain the necessary licenses and scale will have a competitive advantage in the regulated crypto world.