According to ChainCatcher, PitchBook data shows that as of November 20, 2025, major crypto company mergers and acquisitions (M&A) reached over $8.6 billion, setting a new record and surpassing the total of the previous four years. Architect Partners also reported $12.9 billion in M&A activity year-to-date, a significant increase from $2.8 billion in 2024. Major deals include Coinbase's $2.9 billion acquisition of Deribit, Kraken's $1.5 billion purchase of NinjaTrader, and Ripple's $1.25 billion buyout of Hidden Road.
2025 Crypto M&A Volume Surpasses $8.6 Billion, Hits All-Time High
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