Architect Partners: Q2 best quarter ever for crypto M&A activity

Crypto M&A Activity & Market Trends - Q2 2025 was the best quarter ever for crypto M&A activity, following a record Q1 [1] - Q2 2025 saw 79 transactions, an all-time high for a quarter, with 145 transactions in the first half of 2025 compared to 147 in all of 2023, indicating continued momentum [3] - Consideration paid in Q2 2025 reached $4.9 billion, a record for the quarter, more than double the $2.3 billion in Q1 [4] - There were seven transactions over $100 million in Q2 2025, also a record [5] - Crypto-native businesses are increasingly using M&A as a growth strategy, and service players are showing increasing commitment to digital assets [8] - The industry has transitioned from experimentation to implementation and real-world adoption, driving traditional companies to pay attention [9][10] - Category leaders in crypto are either being acquired or becoming acquirers themselves [10][11][12][13] Regulatory Environment Impact - Improved regulatory environment in the US is contributing to the surge in crypto M&A activity [6][7][8] - Repeal of SAB 121 paved the way for active treasury strategies [7] - Potential passage of the Genius Act and Clarity Act for digital assets is expected to further boost M&A activity [7] Treasury Strategies - In the first half of 2025, 61 public companies announced intentions to raise over $30 billion to execute crypto treasury strategies [25] - Five transactions went public via SPAC or reverse merger, with an equity value of approximately $5.6 billion [26] - The goal of crypto treasury strategies is to generate alpha returns for public equity investors [27] - Companies are moving beyond simply accumulating and holding crypto, and are exploring strategies to generate yield from their crypto treasury assets [28][29]