Latest crypto M&A deals signal ‘the tide is shifting’

Crypto M&A developments could accelerate in Q4 and 2025, perhaps serving as a barometer for the sector’s trajectory

article-image

rsooll/Shutterstock modified by Blockworks

share

It’s been a busy week for crypto M&A — a signal the post-election sentiment shift could be a catalyst for even more such deals. 

Architect Partners founder Eric Risley noted that crypto regulatory uncertainty in the US has put a damper on M&A activity, given the country’s “outsized influence” on that front.

But Donald Trump’s election victory has spurred crypto price momentum, in part due to industry expectations around greater regulatory clarity and a less antagonistic approach to the segment. 

“It’s frankly too early to have a clear vision as to exactly what those regulations will look like or timing,” Risley said. “However, it’s clear the tide is shifting.”

Since hitting a peak in March, trading volumes have been roughly flat over the past six months. The number of crypto M&A deals shrunk from 50 during the second quarter to 35 in Q3, Architect Partners data shows.

“Perhaps we’re now at a new level of sustainable volume which is a major factor in the growth and profitability of trading-related crypto businesses,” Risley explained. 

Six of the 22 crypto M&A deals so far announced in Q4 were revealed this week. 

That includes two asset management-centric transactions shared yesterday: Bitwise’s buy of Ethereum staking provider Attestant and an intended merge between Arca and BlockTower. Then this morning, Crypto.com said it bought Fintek Securities, a brokerage service and trading company with an Australian Financial Services Licence.

And let’s not forget the other big deal last month (Stripe’s buy of Bridge), which Risley said “caught senior executive and board level attention across a broad array of crypto and traditional financial services companies.”

The tldr? Crypto M&A developments could accelerate in Q4 and 2025, perhaps serving as a barometer for the sector’s trajectory.


Get the news in your inbox. Explore Blockworks newsletters:

  • Blockworks Daily: The newsletter that helps thousands of investors understand crypto and the markets, by Byron Gilliam.
  • Empire: Start your morning with the top news and analysis to inform your day in crypto.
  • Forward Guidance: Reporting and analysis on the growing intersection of crypto and macroeconomics, policy and finance.
  • 0xResearch: Alpha directly in your inbox. Market highlights, data, degen trade ideas, governance updates, token performance and more.
  • Lightspeed: Built for Solana investors, developers and community members. The latest from one of crypto’s hottest networks.
  • The Drop: For crypto collectors and traders, covering apps, games, memes and more.
Tags

Upcoming Events

Industry City | Brooklyn, NY

TUES - THURS, JUNE 24 - 26, 2025

Permissionless IV serves as the definitive gathering for crypto’s technical founders, developers, and builders to come together and create the future.If you’re ready to shape the future of crypto, Permissionless IV is where it happens.

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

recent research

Research Report Templates (5).png

Research

Outside of stablecoins, the value of tokenized assets sits below $20B, dominated by the following asset classes: private credit, US Treasuries, commodities, institutional alternative funds, stocks, non-US government debt, and corporate bonds. In the coming months, we see the greatest opportunities in the tokenization of illiquid markets, particularly private equity. However, the successful integration of offchain assets into blockchain ecosystems relies heavily on clear and consistent regulatory frameworks, with purpose-built infrastructure to support it.

article-image

The S&P 500 was mostly flat after a month of losses, and the Nasdaq has been slowly gaining

article-image

Movement Labs is once again at the core of some criticism after it declined to name a market maker offboarded by Binance

article-image

Experts discuss the future of crypto ETFs as Trump puts “money where his mouth is”

article-image

Luke Barwikowski took to Twitter to raise awareness about the threats against him and his family

article-image

David Chaum’s ecash in the 90s offers insights into balancing priorities in DeFi today

article-image

The forthcoming stablecoin was praised by BitGo’s Mike Bleshe as an advancement in “institutional-ready digital assets”