Crypto Dealmaking Surges To $10 Billion Record

Crypto sector deal volume jumped to a record $10 billion in the third quarter of 2025, a 30x increase from the previous year, according to a report by Architect Partners. This significant rise is directly linked to shifting regulatory conditions in the U.S. and an accelerating race towards full financial integration.

A notable deal was prime broker FalconX’s acquisition of 21shares, a Swiss-based leader in European exchange-traded products (ETPs). FalconX, backed by Tiger Global and GIC, had previously achieved an $8 billion valuation in a 2022 funding round. The acquisition underscores the need for crypto assets to integrate with mainstream finance.

Donald Trump’s return to power has significantly eased regulatory pressure on crypto companies, which had been stifled for years. The SEC, under Trump’s leadership, shifted from a confrontational approach to collaboration, opening avenues for growth.

“The regulatory environment finally allowed this to happen faster,” said 21shares CEO Russell Barlow. “We thought we could do what we did in five years in two to three years.”

Previously benefiting from a U.S. ban on spot crypto ETFs, 21shares now faces competition from giants like BlackRock and Fidelity, which have rapidly captured market share with low-cost Bitcoin and Ether ETFs. BlackRock’s IBIT Bitcoin ETF alone manages $87 billion, compared to 21shares’ $11 billion across 50 products. FalconX’s acquisition provides 21shares a chance to survive in this scale-driven market.

Barlow confirmed that 21shares’ 100-person team will be retained and operate independently. The company plans to launch 18 new U.S. funds this year and expand into the Middle East and Asia, leveraging FalconX’s infrastructure and capital. Both companies are exploring tokenized bonds and equities to accelerate settlement and lower costs for institutions.

Other significant deals this year include Coinbase’s $2.9 billion acquisition of Deribit, Ripple’s $2 billion purchase of Hidden Road and GTreasury, and CoreWeave’s $9 billion offer for Core Scientific.

“ETFs and regulations are opening new channels for institutional capital,” said Karl-Martin Ahrend, founding partner at investment bank Areta. “Market makers, custodians, and infrastructure players are moving closer to the end investor.”

Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility.