The crypto market in 2025 is heating up, at least as seen from the data on mergers and acquisitions. According to the latest statistics, the total M&A transaction volume in the crypto sector this year has surpassed $8.6 billion. What does this mean? It’s nearly four times the $2.17 billion in 2024. The number of deals is also increasing, with a total of 267 transactions throughout the year, up 18% from 2024.

Why is this happening? Ultimately, it’s because the policy environment has changed. Especially after the new US administration took office, there has been a 180-degree shift in attitude toward digital assets—establishing crypto as a national priority, appointing a batch of industry-friendly regulators, and even withdrawing a series of lawsuits against digital asset companies, as well as launching a national cryptocurrency reserve. These measures send a clear signal: the winter for this industry is over.

The most telling evidence is the specific large-scale transactions. For example, a leading exchange acquired a derivatives trading platform for $2.9 billion, marking the largest merger and acquisition in the history of the crypto industry and a benchmark event. During the same period, several other transactions in the $1.5 billion range are also underway.

Industry insiders generally believe this is just the beginning. As new regulatory rules are gradually implemented, the participation of traditional financial institutions will continue to rise, and savvy crypto companies are accelerating their M&A efforts to consolidate their market positions. In other words, the upcoming industry consolidation will speed up, and small players may find it increasingly difficult to survive.