Crypto M&A: 2025 Poised for Major Moves After a Quiet 2024

The crypto industry is gearing up to see a significant increase in Mergers and Acquisitions (M&A) in 2025, following a quieter 2024. Last year saw 248 deals, a slight increase from 221 in 2023 but still below the 271 deals in 2022. This highlights a slow recovery from past market turbulence. 

Despite the sluggish pace, experts believe 2025 will bring much more activity. The market is anticipated to grow as regulations are poised to become clearer. Also the renewed interest of tech and finance companies in the crypto space could drive the surge. 

2024: A Year of Slow Crypto M&A Activity

Crypto M&A in 2024 was subdued, with many talks failing to materialize into deals. Rob Hadick from Dragonfly noted that uncertainty over crypto regulations held back many potential transactions. 

The few deals that occurred often involved crypto-native companies using equity rather than cash. This was because many firms lacked the capital for full purchases. A standout deal was Stripe’s acquisition of Bridge, but it did not spark a broader M&A trend. 

Many companies, still recovering from the 2022 bear market and FTX’s collapse, struggled to raise funding. This financial strain led to some consolidation as smaller firms merged or shut down.

2025: A Year of Bigger Deals

Looking to 2025, venture capitalists are optimistic about more M&A activity, especially in sectors like exchanges, brokerages, miners, and data providers. 

Large firms are expected to explore acquisitions in these areas. Roman expects Web2 companies, which had largely stayed away from crypto after the 2022 crashes, to reenter the market. 

This could further drive a surge in acquisitions. Also, stablecoins and payment platforms will be key areas of focus for M&A. Fintech companies are expected to play a larger role in crypto’s growth, with stablecoins becoming an essential part of global finance. 

Will Nuelle from Galaxy Ventures sees Stripe-Bridge as part of a larger shift where fintech firms prioritize stablecoins. Evan Fisher from Portal Ventures also sees strong growth in fintech and crypto. He predicted that companies like Chainalysis could acquire smaller firms to accelerate its growth in the industry.

On-Chain Mergers and IPOs: New Frontiers

One of the most innovative trends to watch in 2025 is on-chain M&A. Unlike traditional mergers, these blockchain-based mergers would allow crypto projects to combine their efforts directly on the blockchain. This creates new opportunities to revitalize tokens and align fragmented ecosystems. 

Roman sees this as a way to bring fresh energy to struggling projects while maximizing value for token holders. Additionally, Initial public offerings (IPOs) could make a comeback as regulatory clarity improves, particularly in the U.S. 

With public markets becoming more accessible, crypto companies may have new opportunities to raise capital and fund strategic acquisitions.