Original author: TechFlow
The ups and downs of the secondary market are no longer the whole story of the crypto industry.
Mergers and acquisitions are becoming the new normal in the crypto industry this year.
On June 3, Robinhood, known for its low-threshold stock and cryptocurrency trading, acquired Luxembourg cryptocurrency exchange Bitstamp for $200 million in cash.
In the crypto market, buying a mature business is much more cost-effective than doing it yourself; instead of starting from scratch, it is better to use mergers and acquisitions to gain efficiency.
This strategy seems to be spreading across the crypto industry, with large-scale acquisitions by capital appearing frequently this year, from exchanges to payment infrastructure to derivatives markets. Not every participant has completely consistent interests, but their motivations are roughly the same:
Those entering the market hope to huddle together for warmth and grow bigger and stronger; those exiting the market hope to sell at a good price and complete the turnaround.
Including Robinhood, there have been 5 major acquisitions in the industry this year. We have reviewed them below to see what dynamics are hidden in the calculations of capital.
1. Robinhood’s acquisition of Bitstamp: a fast track to global licenses
Acquisition amount: US$200 million
Acquisition business: Exchange
The first thing you need to know is that Bitstamp holds more than 50 regulatory licenses and is known for its compliance and institutional customer base.
The exchange is also one of the oldest crypto exchanges, and public data shows that it currently serves 5,000 institutions and 50,000 retail users.
Needless to say, Robinhood is the leading retail trading platform in the United States. Previously, it mainly relied on the stock and crypto trading income of American retail investors. Some media analysts said that by acquiring Bitstamp, Robinhood gained global market access in one fell swoop, avoiding the lengthy license application and customer accumulation process, and quickly expanded to Europe, the United Kingdom and Asia.
More importantly, with Bitstamps existing institutional clients, Robinhood can also transform institutional trading volume into its new growth engine.
Institutional trading volume injects a steady stream of revenue into Robinhood, compensating for the volatility of the retail market.
The significance of this deal goes far beyond the numbers, too.
Robinhood not only saved the huge cost of building its own global platform, but also won the trust of institutions by leveraging Bitstamps reputation for compliance. In terms of the market, this may also mark Robinhoods challenge to crypto giants such as Coinbase, and its strategy of giving equal weight to retail investors and institutions may reshape its brand positioning.
2. Stripe acquires Bridge Network: the payment giants crypto layout
Acquisition amount: US$1.1 billion
Acquisition business: Stablecoin
In early 2025, payment giant Stripe acquired stablecoin startup Bridge Network for $1.1 billion, taking its first big step into the crypto space.
Bridge Network focuses on stablecoin infrastructure and provides cross-border payment and settlement solutions to enterprises, including small and medium-sized financial institutions.
As a global leader in online payments, Stripe has rarely made any moves in the crypto space. This acquisition is clearly a result of the payment giant sensing the potential opportunities in stablecoins, and it also fits in well with the channels established by its own payment business.
Stripe’s calculation is very smart: instead of spending several years on research and development, it is better to directly integrate Bridge’s ready-made technology to accelerate the commercialization of encrypted payments.
The acquisition of Bridge allowed Stripe to quickly acquire mature stablecoin technology and customer network, avoiding complex processes such as developing a payment blockchain and issuing stablecoins from scratch.
This deal makes Stripe more competitive in the global payment market, and it will have a new bargaining chip in its competition with PayPal and Square. At the industry level, Bridges stablecoin solution may promote crypto payments into mainstream retail scenarios.
However, although Stripe is large, entering the stablecoin market also requires balancing the compliance requirements of traditional financial customers and the crypto market; against the backdrop of the high probability of the passage of the stablecoin GENIUS Act, this acquisition appears to be very forward-looking.
3. Coinbase acquires Deribit: Fierce competition in the crypto derivatives trading market
Acquisition amount: US$2.9 billion
Acquisition business: Derivatives trading
In May 2025, Coinbase acquired Dubai-based crypto derivatives exchange Deribit for $2.9 billion, setting a record for the largest crypto merger and acquisition in history.
Deribit is the worlds leading crypto options and futures platform, accounting for half of the options trading market, with institutional and high-net-worth investors as the main clients; Coinbase is the largest crypto exchange in the United States and has long been the dominant player in spot trading. However, its derivatives business is relatively weak. The acquisition of Deribit allows Coinbase to directly inherit its mature trading system and institutional customer base, saving the long cycle of building its own derivatives platform.
Coinbase not only fills the gap in its business, but also has the potential to become a leader in the global derivatives market, and its competition with Binance in contract trading will become more intense.
At the same time, Deribits compliance framework may promote the standardization of the crypto derivatives market and attract more institutions to enter the market. However, $2.9 billion is not a small number. The high acquisition cost and integration difficulty will test Coinbases operational capabilities. How to make back the money still needs further observation.
4. Kraken acquires NinjaTrader: Transformation from crypto to multi-asset
Acquisition amount: US$1.5 billion
Acquisition business: Derivatives trading (traditional market)
In March 2025, Kraken acquired the futures trading platform NinjaTrader for US$1.5 billion, moving towards multi-asset trading.
NinjaTrader is the leading platform for retail futures trading with a large community of active traders covering traditional financial assets such as stocks, futures and forex.
As an old-fashioned cryptocurrency exchange, Kraken has faced a bottleneck in user growth in recent years.
The acquisition of NinjaTrader enabled Kraken to quickly acquire mature futures trading technology and user base, eliminating the need to invest resources in building its own multi-asset platform.
Krakens ambition is obvious: through mergers and acquisitions, it will quickly transform from a single crypto exchange to a comprehensive trading platform and attract traditional financial users to enter the crypto market. This transaction may reshape Krakens brand image and enhance its competitiveness in the North American market.
At the industry level, the further acceleration of the integration of crypto and traditional finance is an obvious trend; Krakens acquisition also provides a new option for retail investors outside the crypto circle, that is, traders who are still using NinjaTrader will also be able to get involved in crypto assets in the future;
The integration of cryptocurrencies and stocks on one platform also gives crypto users more diverse choices.
5. Ripple acquires Hidden Road: the new king of crypto for institutional services
Acquisition amount: US$1.25 billion
Acquisition business: Institutional services
In April 2025, Ripple acquired multi-asset prime broker Hidden Road for $1.25 billion, becoming a pioneer in institutional services for the crypto industry.
Hidden Road provides brokerage services for stocks, cryptocurrencies and foreign exchange to institutions, and its clients include hedge funds and asset management companies. Ripple, known for XRP and cross-border payments, has launched the stablecoin RLUSD in recent years.
The acquisition of Hidden Road gave Ripple direct access to a global brokerage network and institutional clients. Ripple not only enhanced the institutional application scenarios of RLUSD, but also became the only crypto company with a global multi-asset broker, and found a foothold in the market dominated by USDT and USDC.
In terms of market impact, Hidden Roads compliance advantages may attract more institutions to enter the crypto field and promote industry standardization. However, Ripples XRP lawsuit has not yet been completely concluded, and regulatory risks may affect the integration process.
Between mergers and acquisitions, the game of advance and retreat
Looking back at the major acquisitions that took place in the first half of this year, it seems that this wave is not just a carnival of capital, but more like a game between entry and exit.
On one side are crypto companies seeking exits, eager to lock in profits through IPOs, acquisitions or mergers; on the other side are traditional companies and “old money” capital, eager to enter this high-growth market through mergers and acquisitions.
Many crypto companies actually have a need to exit, and the ways of exit are nothing more than IPO and acquisition.
IPO is a prominent path. For example, stablecoin issuer Circle plans to go public in 2025 with a valuation of up to $9 billion. Circle rejected Ripples acquisition proposal of up to $5 billion and chose IPO to achieve greater value, showing the confidence of mature crypto companies in the capital market.
However, an IPO is not the only way out.
Robinhood’s $200 million acquisition of Bitstamp is a great example of how selling crypto businesses to strategic buyers can quickly realize value, especially for platforms with complete licenses and a solid customer base.
The long cycle and high cost of building their own business discourage many small and medium-sized crypto companies or companies outside the circle, and selling to large players becomes a more realistic option.
The exit rush also reflects a sign of a maturing industry: profit pressures and regulatory requirements are forcing companies to reassess their long-term strategies.
At the same time, traditional companies and established capital are flocking in, viewing the crypto market as a new growth engine.
Payment giant Stripe has entered the market, and similarly private equity firms and traditional financial giants (“old money”) are also rushing to gain a foothold through mergers and acquisitions.
A report from Financial IT shows that in the first half of 2025, 88 crypto MA transactions were worth a total of $8.2 billion, almost three times the total transaction value in 2024.
Participation in traditional finance is increasing significantly.
These players are not only interested in technology, but also in existing customer networks, compliance frameworks and market share. Acquiring mature companies allows them to gain a foothold in the shortest possible time, especially in the context of stricter regulation, when licenses and compliance have become scarce resources.
The entry of traditional capital is blurring the boundaries between crypto and traditional finance and accelerating the legalization of the industry.
Overall, I believe that the crypto MA boom in 2025 will be a two-way rush of exits and entries.
This reminds me of a saying:
The encryption circle is so small, if someone wants to come, someone has to leave.
