Crypto IPOs and Mergers Jump in 2025 With More Deals Expected in 2026

TLDR

• Crypto M&A transactions topped 265 in 2025, totaling $8.6 billion—nearly 4 times 2024 levels.
• Global crypto IPOs raised about $14.6 billion in 2025, up from $310 million in 2024.
• Public listings favored firms with revenue visibility and clear product-market fit.
• IPO and M&A momentum is expected to continue through 2026 amid regulatory clarity.

Crypto industry dealmaking reached new highs in 2025. Mergers and acquisitions exceeded 265 transactions, totaling $8.6 billion, according to PitchBook data. This was nearly four times the level recorded in 2024.

In the same year, public listings also made a strong return. Eleven crypto companies went public and raised a combined $14.6 billion, up from $310 million across four IPOs in 2024. The surge in activity signals that companies in the sector are maturing and focusing on building scalable businesses.

Firms pursued these exit paths as regulatory frameworks became clearer and institutional interest grew. Industry observers expect these trends to extend into 2026, supporting continued deal momentum.

IPO Market Reopens for Crypto Companies with Solid Business Models

Companies that successfully listed in 2025 shared common business traits. These included growing revenue, a clear market need, and business models not heavily dependent on token price movements.

Aklil Ibssa, head of corporate development and M&A at Coinbase, said, “The IPO window reopened in 2025 because of four things: clearer regulatory framing, business models with visible, durable revenue, public-market readiness, and maturation of the industry.”

The reopening of IPO markets benefited companies like exchanges, stablecoin issuers, and infrastructure providers. These firms showed the stability and scalability that public market investors required. The inclusion of Coinbase in the S&P 500 also increased attention from traditional investors and institutional allocators.

Looking to 2026, investors expect more listings from firms with predictable revenue streams. Areas likely to see activity include exchanges, custody providers, wallets, and core crypto services.

M&A in 2025 Focused on Strategy Over Distress

Unlike previous years, M&A activity in 2025 was not driven by distressed asset sales. Instead, most acquisitions were targeted at expanding capabilities, gaining licenses, and accelerating go-to-market strategies.

Venture investors reported rising acquisition demand in areas such as payments infrastructure, stablecoin platforms, wallets, and enterprise-grade tools. Many companies used M&A to acquire distribution channels or regulatory approvals that would take years to develop internally.

Web2 firms also became more active buyers in 2025. They used M&A as a quicker path into the crypto sector, instead of building from scratch.

In 2026, experts expect more cross-sector deals and even mergers of equals between large crypto companies. Some public crypto firms could be taken private or merged with larger private entities.

2026 Deal Pipeline Remains Strong Despite Early-Stage Funding Slowdown

While M&A and IPO momentum remains high, some investors are cautious about a possible shortage of acquisition targets. A prolonged decline in early-stage funding may reduce the pipeline of scalable companies over time.

Still, many expect continued activity across payments, infrastructure, and regulated services. Alternative liquidity paths such as SPACs and reverse takeovers may also see increased adoption, particularly by companies not ready for traditional IPOs.

Token-based deal structures could also grow as regulation becomes more defined. Companies holding token treasuries or operating in hybrid equity-token formats may explore more strategic partnerships in 2026.

Industry players remain optimistic about crypto’s next growth phase. With improved regulatory frameworks, stronger operating metrics, and more capital flowing into the space, deal activity is expected to stay elevated into the new year.

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