Crypto mergers and acquisitions accelerated in 2025, led by multi-billion-dollar exchange deals and a renewed push into regulated derivatives and prediction markets. Coinbase completed a high-profile purchase of derivatives platform Deribit, while South Korea’s Naver moved to take full control of Upbit operator Dunamu. Overall dealmaking surpassed prior records, according to multiple company statements and media reports.
Record year for crypto M&A
Companies in the digital asset sector announced more than $8.6 billion in acquisitions and mergers in 2025, the highest annual value to date, according to Bloomberg. Coinbase led the activity with six acquisitions, including its purchase of Deribit, one of the world’s largest crypto options and futures venues.
Naver to acquire Upbit parent Dunamu
Naver Financial, a unit of South Korean internet giant Naver, agreed to acquire Dunamu—operator of the country’s largest cryptocurrency exchange, Upbit—in an all-stock deal valued at approximately 15.13 trillion won (about $10.27 billion). Upon closing, Dunamu will become a wholly owned subsidiary of Naver Financial, aligning the group’s expansion into digital finance and blockchain with its broader technology strategy.
Local reports indicated the combination could create a fintech group valued around 20 trillion won (roughly $13.6 billion). Dunamu’s consolidated revenue for the first nine months of 2025 rose 22% year-over-year to 1.19 trillion won, with trading platform operations, including Upbit, contributing approximately 97.9% of total revenue.
Coinbase closes Deribit acquisition
Coinbase announced the acquisition of Deribit on May 8, 2025, and closed the deal on August 14. The transaction was reported at $2.9 billion, with additional disclosures indicating a combined cash-and-stock consideration of roughly $4.3 billion. The purchase expands Coinbase’s presence in crypto derivatives, a segment that has become a major driver of exchange volumes.
Robinhood and SIG target prediction markets via LedgerX
Robinhood Markets and Susquehanna International Group formed a joint venture to expand into prediction markets and will take control of LedgerX, a regulated crypto derivatives exchange previously owned by Miami International Holdings. LedgerX, which had ties to the former FTX group under prior ownership, remains one of the few regulated venues for crypto derivatives in the United States.
Paxos adds infrastructure as consolidation continues
Paxos acquired Fordefi, adding wallet and institutional infrastructure to its product suite. The deal follows Paxos’s February acquisition of Membrane Finance, a Finland-based stablecoin issuer, positioning the company to meet requirements under the European Union’s Markets in Crypto-Assets (MiCA) regime.
Other developments
- ABTC, which listed on Nasdaq via a reverse merger with Gryphon Digital Mining in early September, fell by more than half in early trading after its debut.
- Animoca Brands plans a public listing through a reverse merger next year, aiming to provide broader exposure to altcoin and Web3 projects, according to co-founder Yat Siu.
Together, the year’s transactions underline a shift toward scale, regulated derivatives, and integrated fintech platforms, even as crypto markets remain volatile. Further disclosures and closings in the fourth quarter will determine whether 2025 sets a lasting benchmark for sector consolidation.