Crypto markets have struggled for much of the year as weaker trading volumes, concerns over the economy and fading risk appetite weighed on digital assets. The tougher backdrop has hurt market makers, whose revenues depend largely on trading flows and providing liquidity. With spot trading volumes subdued, firms across the sector have faced pressure on profitability.

Mergers and acquisitions are expected to remain a defining theme in 2026 as digital asset firms consolidate to achieve scale, expand product offerings and meet growing institutional demand, according to industry analysts.

Exchanges, market makers, custodians and financial technology providers are looking to acquire complementary businesses to build integrated digital asset…