Mergers & Acquisitions

Crypto is entering a new mergers and acquisitions wave as venture funding declines, and acquisitions will probably make more sense than fresh funding rounds, according to Joel. Crypto venture funding fell over 70% from its 2021 peak, and monthly VC inflow dropped from $23 billion in 2022 to $6 billion in 2024. Recent deals include Coinbase's $2.9 billion Deribit deal, Kraken's $1.5 billion purchase of NinjaTrader and Ripple's $1.25 billion acquisition of Hidden Road. Joel also points to Google's 2005 purchase of Android as an earlier example of a strategic bet.