Disclosed transaction value surged 223% to $9.66B, driven by a few mega-deals, while deal count dropped 25% to 87.
Crypto mergers and acquisitions activity in the first half of 2026 saw a sharp divergence between deal volume and value. Disclosed transaction value jumped 223% to a record $9.66B, while the number of deals fell 25% to 87, signaling growing market concentration.
The surge was fueled by a handful of large transactions, with the four biggest deals accounting for 76% of total disclosed value. The median deal size remained steady at $100M. Infrastructure continued to dominate as the primary acquisition target, while DeFi-related activity slowed significantly.
Repeat buyers, including MoonPay, Kraken, and GSR, drove consolidation across payments, market infrastructure, and data sectors, reflecting a strategic push to expand capabilities in a maturing market.