Established exchanges frequently seek to "sell themselves," and the crypto industry is迎来 a wave of mergers and acquisitions
Nearly 15 transactions per month, with large mergers and acquisitions frequently occurring.Author: flowie, ChainCatcher
In the wake of the cryptocurrency market crash, some established exchanges are beginning to seek "acquisition."
Today, according to CoinDesk, the crypto derivatives platform BitMEX, founded by Arthur Hayes, is looking for a buyer.
Not long ago, it was reported that Kraken and Coinbase are also competing to acquire another major crypto derivatives trading platform, Deribit. According to insiders who spoke to ChainCatcher, this acquisition deal may have already been signed, with the purchase amount potentially reaching $5 billion, setting a new record for the largest acquisition in crypto history.
Additionally, the crypto brokerage firm FalconX is expanding its derivatives business by acquiring the crypto derivatives startup Arbelos Markets.
Not only in the crypto derivatives market, but the entire crypto market may also be facing a wave of mergers and acquisitions.
Reshaping the Crypto Derivatives Market
BitMEX and Deribit are both important leaders in the crypto derivatives market.
Founded in 2014, BitMEX was one of the earliest platforms focused on cryptocurrency derivatives trading, especially between 2017 and 2019, when its Bitcoin derivatives trading volume ranked first in the world.
However, due to compliance pressures, unsuccessful transformations, and market competition, BitMEX has gradually fallen behind competitors like Binance and OKX. Nevertheless, according to data from CoinMarketCap and others, BitMEX still ranks among the top ten in crypto derivatives trading volume.
On the other hand, Deribit has long held a dominant position in the options market. In 2024, Deribit's annual trading volume exceeded $1.1 trillion, with its Bitcoin options trading volume accounting for over 80% of the total market trading volume, and Ethereum options trading volume reaching as high as 90%.
The year 2024 has set new records for the global crypto derivatives market, with an average daily trading volume exceeding $100 billion and monthly trading volume surpassing $3 trillion, far exceeding the trading volume of the spot market. Major exchanges are also competing vigorously in the derivatives market.
With BitMEX and Deribit seeking to sell at this time, they may be facing multiple challenges, including compliance and competition from leading exchanges.
Considering the scale of BitMEX and Deribit, only a few larger exchange players would have the capability to acquire them. If the acquisitions are completed, the entire crypto derivatives and exchange market will face a reshaping of its landscape.
M&A Wave Approaches: Nearly 15 Deals per Month, Frequent Large Acquisitions
According to RootData, there have been nearly 30 M&A events in the crypto space in the first two months of 2025, averaging over 10 crypto acquisitions per month.
In total, there were 105 M&A events in 2024, setting a historical high, a 36.3% increase from 77 in 2023.
In terms of acquisition amounts, there have been 6 acquisitions exceeding $100 million in 2024 so far, with acquisition amounts consistently breaking new highs. In December 2024, traditional payment giant Stripe acquired the stablecoin platform Bridge for $1.1 billion. If Deribit and BitMEX complete their acquisitions, the acquisition amounts are sure to break new records.
Acquisitions over $100 million in 2024 so far
As the cryptocurrency market matures, the trend of industry consolidation is becoming evident, with only a few platforms able to ultimately stand out.
In the competitive market, giants are rapidly expanding their products and services through acquisitions. For the projects being acquired, in the context of inverted valuations between primary and secondary markets, selling may be a perfect exit strategy compared to issuing tokens.
