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You’ve heard again and again about the crypto industry “maturing.” More M&A deals are likely to be an ongoing byproduct.

The quarterly number of M&As in crypto is building, reaching a record level during the first three months of 2025. While momentum could snowball from here, the economy’s stability remains a wild card. 

There were 62 crypto M&A transactions in Q1, according to advisory firm Architect Partners — up from 59 deals in the final quarter of 2024. 

Each of those totals is nearly double that of Q3 2024 (33 deals). The end of 2024, of course, had lots of crypto…

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