Crypto M&A activity hit $10B in Q3 2025.
A 30× YoY jump and the strongest signal yet of structural consolidation.
Reverse treasury mergers made up $6.2B (37%), as firms link TradFi rails with digital asset infra and liquidity ops.
FalconX–21Shares, Coinbase–Echo, Kraken–Small Exchange, all point to one thing: capital rotation from speculation to infrastructure.
Are we witnessing crypto’s first true consolidation cycle?
From X
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