Crypto mergers and acquisitions reached a record $9.66 billion in disclosed value during the first half of 2026, but the number of announced deals fell 25% to 87. The jump in value came almost entirely from a handful of large transactions, including Bullish's $4.2 billion agreement to buy Equiniti and Mastercard's completed purchase of stablecoin firm BVNK for up to $1.8 billion.
The $4.2B elephant
Bullish's deal for Equiniti accounted for 43% of the half-year total. The acquisition is still pending, with closing expected in January 2027. Mastercard, meanwhile, already closed its BVNK purchase. Together with two other undisclosed transactions, the four largest deals made up 76% of the $9.66 billion. That concentration means the record is less about broad market momentum and more about a few outsized checks.
Fewer deals, same median
Deal count fell to its lowest level since early 2025. Only 21 of the 87 announcements actually disclosed their financial terms — about 24%. The median disclosed value held flat at $100 million compared to the second half of 2025, but that's down 20% from the first half of last year. So while the headline number looks impressive, the typical deal isn't getting bigger. It's just that the biggest ones are enormous.
Who's buying now
The buyer mix is shifting. More public and regulated companies are doing deals, and those firms are required to disclose terms. That helps explain why disclosed value surged 223% from H2 2025 even as the total deal count shrank. Private buyers and crypto-native funds often keep terms private, so their activity doesn't show up in the disclosed-value tally. The drop in count might not mean fewer deals overall — just fewer that we can see.
Infrastructure overtakes DeFi
Infrastructure became the largest M&A category by value in the first half. DeFi acquisitions fell hard, from 24 deals in the prior half to just 9. That's a notable shift in focus. Buyers appear more interested in rails and compliance than in trading protocols right now. The Equiniti deal — a custody and settlement firm — fits that pattern.
The Equiniti closing in January 2027 will be the next big test. Until then, the market won't have another four-billion-dollar check to prop up the numbers. If the pace of small deals stays weak, the disclosed value could look very different by year-end.
