Why crypto M&A deals in 2026 are expected to surpass record $37bn

Crypto dealmaking in 2026 is expected to surpass last year’s eye-watering $37 billion in transactions, industry insiders say.

“It’s hard to put a precise number on 2026, but we’re constructive and expect deal activity to pick up versus 2025,” Karl-Martin Ahrend, co-founder of crypto M&A advisory Areta, told DL News.

Ahrend said that the pace of mergers and acquisitions transactions will revolve around regulatory clarity, interest rates, risk appetite, and valuation attractiveness.

Traditional financial institution buyers are most interested in the stablecoins and payments space, he said.

Record year

Architect Partners’ year-end data shows publicly disclosed crypto M&As surged more than sevenfold in 2025 to $37 billion, crushing analysts’ expectations of roughly $30 billion and setting a new all-time high for the sector.

M&A deals can take months or even years to complete from start to finish.

Deal volume in 2025 rose 74% year-on-year to 356 transactions, with 39 transactions topping $100 million and 17 exceeding $500 million, according to the report by Architect Partners.

The concentration of large-ticket deals underscores the return of well-capitalised strategic buyers. Deals linked to investing and trading firms represented 27.8% of all M&A activity.

The surge in transaction value comes as the overall crypto market set a new all-time high of $4.3 trillion in October.

Investment in the crypto space has ramped up across the board. Venture raises into crypto projects surged by 100% to over $20 billion in 2025, compared to 2024, according to data compiled by DefiLlama.

2026 calls

“Even in a risk-off scenario, we would still expect M&A to remain active, because the largest exchanges and a handful of scaled infrastructure players have strong balance sheets and meaningful ‘M&A ammunition,’” Ahrend said.

Architect Partners’ report outlines a shift from early euphoria to the “hard work” of building enduring businesses.

The firm expects more “bridge” M&A transactions where traditional players acquire crypto capabilities rather than build in-house.

“We’d also expect deal terms to become more risk-managed, with buyers leaning toward more cautious structures and payment profiles,” Ahrend said.

To be sure, he warned that possible headwinds include regulatory surprises, policy tightening by the Federal Reserve, a broader tech stock selloff, or the artificial intelligence bubble popping.

“Early 2026 should give the clearest read, especially on the US regulatory direction,” he said.

You’re reading the latest instalment of The Weekly Raise, our column covering fundraising deals across the crypto and DeFi spaces, powered by DefiLlama.

Lance Datskoluo is DL News’ Europe-based markets correspondent. Got a tip? Email at lance@dlnews.com.