PANews reported on December 3rd that, according to Bloomberg, data from PitchBook shows that, thanks to favorable US cryptocurrency policies, the total value of mergers and acquisitions involving major crypto companies this year has exceeded $8.6 billion as of November 20th, setting a new record and surpassing the total of the previous four years. Data from cryptocurrency consulting firm Architect Partners, using different methodologies, also confirms this trend. The firm found that the total value of related transactions so far this year has reached $12.9 billion, a significant increase from $2.8 billion last year. PitchBook analyst Ben Riccio stated, "In 2025, major cryptocurrency companies will have increased acquisition appetite, driven by interest rate cuts, clearer regulatory policies, and the cryptocurrency bull market at the beginning of the year, propelling them into a growth mode."

Driven primarily by massive deals involving companies like Coinbase, Kraken, and Ripple Labs, a large number of M&A transactions occurred before the October sell-off. Major acquisitions this year include: Coinbase's $2.9 billion acquisition of options exchange Deribit, Kraken's $1.5 billion acquisition of retail futures platform NinjaTrader, and Ripple's $1.25 billion acquisition of prime brokerage Hidden Road. These deals are pushing the total size of M&A transactions in 2025 far beyond the record set in 2021.