Crypto M&A deals expected to rise in 2025, top VCs say

Crypto mergers and acquisitions (M&A) activity rose to 248 deals in 2024, up from 221 in 2023, according to The Block Pro data. While improved, it remains below 2022's all-time high of 271 deals, signaling steady yet restrained growth.

"M&A was still quite muted in 2024, with a lot of companies and protocols unsure of what the future regulatory environment could look like," Rob Hadick, general partner at Dragonfly, told The Block. "With that said, most of the potential acquirers were crypto natives, who often wanted to use their own bloated valuation marks from 2021 to acquire companies with their equity consideration, especially as most are not cash-rich. That meant that while there were a lot of conversations on M&A activities, ultimately very few transacted outside of Stripe-Bridge."