Venture capitalist Chamath Palihapitiya highlights a surge in crypto acquisitions and public listings in 2025. According to a Wall Street Journal report, digital asset firms have engaged in 88 deals totaling $8.2 billion this year, nearly three times the total in all of 2024.
Palihapitiya identifies five key patterns driving this activity. These include Bitcoin treasury acquisitions, exemplified by companies like Twenty One Capital accumulating Bitcoin as their primary business model.
Other trends include mergers between traditional finance and crypto infrastructure companies, such as DTCC's acquisition of Securrency. Institutional service acquisitions, like Ripple's purchase of Metaco, and consolidation of crypto exchanges, including Kraken's $1.5 billion purchase of NinjaTrader, are also noted. On-chain mergers between token-based projects, such as the merger of Fetch, Ocean Protocol, and SingularityNET, complete the list.