Top 5 Crypto Acquisitions in 2025: A Surge in Strategic Mergers Reshapes the Industry

By CryptoDavid and Cheryl L.

The crypto industry in 2025 is no longer defined solely by the volatility of secondary markets. Mergers and acquisitions (M&A) have emerged as a defining trend, with major players leveraging strategic buyouts to accelerate growth, secure regulatory compliance, and expand market reach. On June 3, trading platform Robinhood acquired Luxembourg-based crypto exchange Bitstamp for $200 million in cash, marking one of the year’s most significant deals.

Acquiring established businesses has proven more cost-effective than building from scratch, allowing companies to bypass lengthy development cycles and gain instant access to customers, technology, and licenses. This strategy is gaining traction across the crypto ecosystem, from exchanges to payment infrastructure and derivatives markets. While each participant has distinct interests, their motivations align: new entrants aim to consolidate and scale, while those exiting seek to secure a premium and pivot strategically. Here, we break down the five most impactful crypto acquisitions of 2025, exploring the dynamics driving this wave of capital consolidation.

1. Robinhood Acquires Bitstamp: A Fast Track to Global Reach

Acquisition Value: $200 million

Business: Crypto Exchange

Bitstamp, one of the oldest crypto exchanges, holds over 50 regulatory licenses and serves 5,000 institutional clients and 50,000 retail users, according to public data. Robinhood, a leading U.S. retail trading platform, has primarily relied on stock and crypto trading revenue from American users.

The $200 million acquisition allows Robinhood to leapfrog the arduous process of obtaining global licenses and building a customer base, instantly expanding into Europe, the UK, and Asia. Bitstamp’s institutional client base provides Robinhood with a stable revenue stream, offsetting the volatility of retail-driven markets.

Beyond cost savings, the deal enhances Robinhood’s credibility with institutions, leveraging Bitstamp’s compliance reputation. Analysts suggest this positions Robinhood to challenge crypto giants like Coinbase, signaling a strategic pivot toward balancing retail and institutional markets.

2. Stripe Acquires Bridge Network: A Payment Giant’s Bet on Stablecoin Infrastructure

Acquisition Value: $1.1 billion

Business: Stablecoin Infrastructure

In early 2025, global payments leader Stripe made its boldest crypto move yet, acquiring stablecoin startup Bridge Network for $1.1 billion. Bridge specializes in stablecoin infrastructure for cross-border payments and settlements, serving small-to-medium-sized financial institutions.

Stripe, a dominant player in online payments, had previously taken a cautious approach to crypto. The acquisition reflects a calculated bet on stablecoins’ potential to disrupt global payments, aligning with Stripe’s existing network of merchants and financial partners. By integrating Bridge’s technology, Stripe bypasses years of R&D, gaining ready-to-use stablecoin solutions and an established client base.

This move strengthens Stripe’s competitive edge against rivals like PayPal and Square. With the U.S. GENIUS Act for stablecoins likely to pass, the acquisition positions Stripe to capitalize on growing regulatory clarity and mainstream adoption of crypto payments. However, Stripe must navigate compliance challenges to balance its traditional financial clients with crypto market demands.

3. Coinbase Acquires Deribit: Fierce Competition in the Crypto Derivatives Market

Acquisition Value: $2.9 billion

Business: Derivatives Trading

In May, Coinbase, the largest U.S. crypto exchange, acquired Dubai-based derivatives platform Deribit for $2.9 billion, setting a record for the largest crypto M&A deal to date. Deribit dominates the crypto options and futures market, commanding a significant share of institutional and high-net-worth investor trading volume.

While Coinbase leads in spot trading, its derivatives offerings have lagged. Acquiring Deribit provides access to a mature trading system and institutional clients, saving years of development and positioning Coinbase as a global leader in derivatives, intensifying its rivalry with Binance in the futures trading space.

Deribit’s compliance framework could also drive greater institutional participation by normalizing crypto derivatives markets. However, the $2.9 billion price tag raises questions about integration challenges and Coinbase’s ability to recoup its investment.

4. Kraken Acquires NinjaTrader: Bridging Crypto and Traditional Finance

Acquisition Value: $1.5 billion

Business: Traditional Derivatives Trading

In March, Kraken acquired futures trading platform NinjaTrader for $1.5 billion, marking its transition toward a multi-asset trading platform. NinjaTrader, a leader in retail futures trading, serves a robust community of traders in stocks, futures, and forex.

Kraken, a veteran crypto exchange, has faced user growth challenges in recent years. The acquisition grants access to NinjaTrader’s technology and user base, enabling Kraken to attract traditional finance traders into crypto markets without building a multi-asset platform from scratch. For crypto users, this multi-asset platform also offers greater investment diversity.

This deal underscores the accelerating convergence of crypto and traditional finance. By offering a unified platform for stocks, futures, and crypto, Kraken enhances its appeal in North America and diversifies its user base. The move could redefine Kraken’s brand as a comprehensive trading hub.

5. Ripple Acquires Hidden Road: Pioneering Institutional Crypto Services

Acquisition Value: $1.25 billion

Business: Institutional Brokerage

In April, Ripple acquired multi-asset prime brokerage Hidden Road for $1.25 billion, solidifying its position in institutional crypto services. Hidden Road provides brokerage services for stocks, crypto, and forex to hedge funds and asset managers. Ripple, known for XRP, cross-border payments, and its RLUSD stablecoin, gains a global brokerage network and institutional clients through the deal.

This acquisition not only strengthens RLUSD’s institutional use cases but, more crucially, positions Ripple as the only crypto company with a global multi-asset brokerage, carving out a niche in the stablecoin market dominated by USDT and USDC. Hidden Road’s compliance expertise could attract more institutions to crypto, though Ripple’s ongoing XRP litigation poses potential regulatory risks.

A Game of Entries and Exits

The 2025 M&A wave reflects a maturing crypto industry navigating a delicate balance of entries and exits. Established crypto firms seek profitable exits through acquisitions or IPOs, while traditional players and legacy capital rush to secure footholds in a high-growth market.

For instance, stablecoin issuer Circle rejected a $5 billion acquisition offer from Ripple, opting for a planned 2025 IPO valued at $9 billion, signaling confidence in public markets. Meanwhile, Bitstamp’s $200 million sale to Robinhood illustrates how regulatory licenses and customer bases drive strategic buyouts.

The lengthy timelines and high costs of building businesses from scratch deter many smaller crypto firms and external players, making sales to larger entities a more practical choice. This wave of exits signals industry maturation, as profitability pressures and regulatory demands force companies to reassess long-term strategies.

Traditional finance is also making its mark. Meanwhile, established corporations view the crypto market as a new growth engine, eagerly entering the space. A Financial IT report notes that 88 crypto M&A deals in the first half of 2025 totaled $8.2 billion, nearly triple the value of 2024’s deals. Established customer networks, compliance-ready platforms and market share are key attractions, blurring the lines between crypto and traditional finance.

The 2025 acquisition surge is a two-way street: crypto incumbents exit for profit, while new entrants acquire to accelerate growth. As the industry matures, the crypto market persists, but its players are shifting. Those aiming to compete must act boldly to stay in the game.