CoinDesk Podcast Network Crypto M&A Hits Record $8.6B in 2025 as Coinbase, Kraken Lead Deal Surge | CoinDesk Daily
Dec 26, 2025
In 2025, the crypto industry reached a staggering $8.6 billion in mergers and acquisitions, fueled by supportive policies from the White House. Coinbase made headlines with its $2.9 billion acquisition of Deribit, signaling a trend of consolidation among major players like Kraken and Ripple. Additionally, Trump Media's transfer of 2,000 BTC sparked speculation, while the market showed minimal price reaction. A security breach of Trust Wallet led to a $7 million loss, emphasizing the need for enhanced protections in the crypto space.
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Record Crypto M&A Year
- Crypto M&A jumped to $8.6 billion in 2025, up from $2.17 billion the prior year.
- Jennifer Sanasie links the surge to pro-crypto Washington policy like the Genius Act encouraging institutional expansion.
Coinbase's Game-Changing Acquisition
- Coinbase led 2025 deals by acquiring Deribit for $2.9 billion.
- The headline transaction signals major exchange consolidation in derivatives markets.
Licensed Firms Became Prime Targets
- Kraken bought NinjaTrader for $1.5 billion and Ripple acquired Hidden Road for $1.25 billion.
- Firms rushed to buy licensed operators as regulatory clarity made licensed infrastructure more valuable.