Crypto M&As and IPOs surged in 2025, and insiders see deal momentum carrying into 2026

Crypto mergers, acquisitions, and public listings saw a significant surge in 2025, aligning with industry expectations. M&A transactions exceeded 265, totaling $8.6 billion, nearly four times 2024 levels, while 11 crypto IPOs raised approximately $14.6 billion globally, up from just $310 million in 2024. This activity signals an industry maturation, with firms prioritizing durable business models. Successful 2025 IPOs featured clear product-market fit and visible revenue, benefiting exchanges and stablecoin issuers, partly driven by Coinbase's inclusion in the S&P 500. Insiders anticipate the IPO window remaining open in 2026, favoring companies with predictable revenue, though alternative liquidity paths like SPACs may also see increased use.

M&A activity in 2025 focused on strategic acquisitions of licenses, infrastructure, and capabilities rather than distressed sales. Investors expect traditional Web2 companies to become more active buyers in 2026, potentially leading to mergers of equals or public-to-private deals. While most experts are bullish on continued consolidation across payments, infrastructure, and institutional capabilities, some caution that a prolonged slowdown in early-stage funding could eventually limit acquisition targets.

(Source：The Block)