Crypto IPOs accelerated in 2025, with companies like Circle, Bullish, Figure, and Gemini going public, raising over $14.6 billion during the year. 

At the same time, corporate deals, including acquisitions, soared, with activity rising by 18% to over $8.6 billion. Some of the top deals were Coinbase’s buyout of Deribit in a $2.9 billion deal and Kraken’s acquisition of NinjaTrader in a deal worth $1.5 billion. 

Ripple Labs was one of the most acquisitive companies in the crypto industry as it made four buyouts, including companies like Hidden Road, GTreasury, Rail, and Palisade. It then received a $500 million investment from Citadel and Fortress in a deal valuing it at over $40…