Crypto mergers and acquisitions (M&A) reached a record $9.66 billion in disclosed value in the first half of 2026, even as the number of announced deals fell 25% to 87. 

The finding comes from CryptoRank Research, which tracked 87 acquisition announcements between January and June. Disclosed value rose 223% from the second half of 2025, yet deal activity dropped to its lowest count since early 2025.

Megadeals Drove the Crypto M&A Record

For the first time in the data series, deal count and disclosed value moved in opposite directions. Announcements had climbed steadily from 27 in H1 2024 to 116 in H2 2025 before reversing.

The reversal traces to the buy side. A…