Galaxy Digital · Bitcoin · CryptoSlate
Galaxy Digital researchers suggest corporate combinations offer a viable path forward for these companies
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Meanwhile, the M&A wave may also eventually encompass decentralized autonomous organizations, aided by maturing legal frameworks.
Key facts
- Crypto mergers and acquisitions reached $7.23 billion during the second quarter of 2026, up from $2.14 billion in the first three months of the year
- Crypto analytical firm Blockworks purchased the analytics provider for roughly $10 million, a precipitous drop from its $300 million valuation following a 2022 capital raise
- For context, Kalshi is reportedly negotiating a funding round that would value the federally regulated exchange at $40 billion, nearly double its previous $22 billion price tag
- This technological pivot is evident in the recruitment data: the share of crypto job listings requiring AI proficiencies more than doubled over a year, surging from 23% in early 2025 to over 53%
Summary
01 Bitcoin's slump is driving crypto layoffs, while mergers and acquisitions hit $9.37 billion in the first half of 2026. 02 Banks, card networks, and asset managers are buying licenses, custody, and payment rails instead of building them. 03 The market is becoming selective, with distressed firms and treasury companies facing discounts, while pure DeFi stays sidelined. Bitcoin’s prolonged decline is forcing cryptocurrency companies to cut staff, automate more work, and abandon the expansion plans that defined the last bull market. Crypto mergers and acquisitions reached $7.23 billion during the second quarter of 2026, up from $2.14 billion in the first three months of the year.