PANews reported on January 1 that according to The Block, Galaxy Ventures predicts that crypto M&A activity will surge in 2025 as fintech, banks, and technology companies return to the crypto space. Will Nuelle, general partner of Galaxy Ventures, said that stablecoins and payments actually affect real fintech businesses, so mergers and acquisitions are expected to occur mainly there, and areas such as equity pledge, DeFi, and CeFi remain parallel to fintech/banking businesses, rather than intersecting. In addition, Will Nuelle also expects that as regulatory transparency in the United States increases, initial public offering (IPO) activities will resume, creating more opportunities for cryptocurrency companies to enter the public market.