**[Bloomberg: Total M&A Transactions in the Crypto Industry Surpass $8.6 Billion This Year, Setting a Record High]** December 3 – According to Bloomberg, data from PitchBook shows that, bolstered by favorable U.S. cryptocurrency policies, the total value of mergers and acquisitions (M&A) by major crypto companies this year has exceeded $8.6 billion as of November 20, setting a historic high and surpassing the combined total of the previous four years. Data from cryptocurrency advisory firm Architect Partners, which uses a different methodology, also confirms this trend. The firm found that related transaction volumes have reached $12.9 billion so far this year, a significant increase from $2.8 billion last year. PitchBook analyst Ben Riccio stated: "In 2025, major cryptocurrency companies are expected to show stronger acquisition intentions, driven by interest rate cuts, clearer regulatory policies, and the crypto bull market at the beginning of the year, prompting them to enter growth mode." A large portion of M&A activity this year, driven by major deals from companies like Coinbase, Kraken, and Ripple Labs, was concentrated before the October sell-off. Significant acquisitions this year include Coinbase's $2.9 billion acquisition of options exchange Deribit, Kraken's $1.5 billion acquisition of retail futures platform NinjaTrader, and Ripple's $1.25 billion acquisition of prime brokerage Hidden Road. These transactions have pushed the scale of M&A in 2025 far beyond the record set in 2021.