Crypto Mergers and IPOs Surge to Record $8.6B in 2025 on Improved US Regulatory Climate
Crypto dealmaking accelerated sharply in 2025, with mergers, acquisitions, and initial public offerings across the sector reaching a combined $8.6 billion, marking the strongest year on record, according to .
The rebound follows a prolonged sluggishdown driven by regulatory uncertainty and enforcement pressure, particularly in the United States. A clearer policy direction and a more constructive stance toward digital assets assisted unlock capital flows and revive strategic activity across the industry.
U.S. Policy Shift Drives Consolidation Across the Sector
Improved regulatory clarity in the U.S. played a central role in the surge. Reduced legal amlargeuity and a shift toward structured oversight created conditions for large transactions that had been delayed or shelved in previous years.
Crypto firms moved decisively to consolidate operations, expand product offerings, and secure regulated market access.
Several landmark deals defined the year. Coinbase completed a $2.9 billion acquisition of Deribit, the largest crypto takeover to date. , while Ripple acquired prime brokerage firm Hidden Road for $1.25 billion.
IPO Activity Rebounds as Public Markets Reopen to Crypto Firms
Public listings also returned in force. Crypto companies completed 11 IPOs in 2025, raising approximately $14.6 billion globally, a sharp increase from the prior year’s muted activity.
Crypto platform, , with plans to raise about $433.3 million. Circle, the issuer of the USDC stablecoin, followed suit with a high-profile IPO valued at roughly $18 billion, making it one of the most successful crypto listings to date. Other platforms, including Figure and Bullish, also joined the broader bullish momentum across the market.
The reopening of equity markets to digital asset firms reflected stronger investor confidence, supported by improved compliance standards and clearer regulatory expectations. The listing led by these firms with established revenue models, custody frameworks, and regulatory alignment, signaled a shift away from speculative offerings toward more mature crypto businesses.
Global Policy Actions Enabled Crypto Dealmaking Rebound
In the United States, , setting mandatory reserve backing, issuer licensing standards, and clear supervisory oversight. The administration supported legislation clarifying SEC and CFTC jurisdiction over digital assets, reducing the risk that tokens could be retroactively reclassified.
On a global scale, regulatory frameworks also played a key role in facilitating crypto deal activity within their respective regions, particularly in Europe, where the Markets in Crypto‑Assets (MiCA) Regulation established clear rules for issuers, platforms, and custodians across EU member states.
By defining licensing requirements, transparency obligations, and operational standards for stablecoins and other digital assets, MiCA reduced legal uncertainty and created a harmonized environment that encouraged cross-border mergers, acquisitions, and public listings.
