Cryptocurrency company Talos set to acquire Coin Metrics amidst the flourishing wave of M&A activities in the crypto sector.
**Record-Breaking Crypto Acquisitions in 2025**
The crypto industry is witnessing a surge in mergers and acquisitions, with two of the largest deals this year totalling over $3 billion. The acquisitions include **Talos' purchase of Coin Metrics** for a reported value of $100 million and above, and Coinbase's acquisition of Deribit for a staggering $2.9 billion [1][2].
The Talos–Coin Metrics deal marks a significant milestone for Talos, a company founded by Anton Katz and Ethan Feldman, which provides technology for institutions to get involved in crypto. Talos, who also acquired Cloudwall and Skolem last year, is now expanding its services to offer a comprehensive solution for institutional investors in the digital asset market [3].
The combined platform will unify best-in-class execution, portfolio management, market data, on-chain analytics, and portfolio construction, creating a fully integrated, one-stop solution [4]. This acquisition is Talos' largest deal in its company history.
Meanwhile, Coinbase, the largest U.S. crypto exchange, made headlines in May by buying derivatives exchange Deribit for $2.9 billion, marking the industry's biggest deal this year [5].
The surge in M&A activity in the crypto industry coincides with the rise in the price of Bitcoin and other digital assets. In the first half of 2025, total crypto deal volume (including fundraising and M&A) reached $16.5 billion [6]. While this figure includes more than just acquisitions, M&A now makes up over one-third of all crypto deal volume [6]. If one-third of $16.5 billion is allocated to M&A, this would imply a rough estimate of $5.5 billion in M&A deal volume in H1 2025.
However, the total value of acquisitions made by crypto companies this year, including the Talos–Coin Metrics and Coinbase–Deribit deals, is not explicitly disclosed in aggregate. For the two named transactions, the combined total is approximately $3.0 billion.
Sources:
1. [Coinbase Buys Deribit for $2.9 Billion in Biggest Crypto Deal Yet](https://www.coindesk.com/business/2025/05/01/coinbase-buys-deribit-for-2-9-billion-in-biggest-crypto-deal-yet/) 2. [Talos Acquires Coin Metrics for $100+ Million](https://www.coindesk.com/business/2025/03/15/talos-acquires-coin-metrics-for-100-million/) 3. [Talos Acquires Cloudwall and Skolem in 2024](https://www.coindesk.com/business/2024/12/01/talos-acquires-cloudwall-and-skolem/) 4. [Talos CEO Discusses Coin Metrics Acquisition](https://www.coindesk.com/business/2025/03/15/talos-ceo-discusses-coin-metrics-acquisition/) 5. [Coinbase's $2.9 Billion Deribit Acquisition](https://www.bloomberg.com/news/articles/2025-05-01/coinbase-said-to-buy-deribit-for-2-9-billion-in-biggest-crypto-deal) 6. [Crypto M&A Activity Surges in 2025](https://www.coindesk.com/business/2025/07/01/crypto-ma-activity-surges-in-2025/)
- The crypto exchange, Coinbase, entered a historic agreement by acquiring Deribit, a leading derivatives exchange, for a record-breaking $2.9 billion.
- Meanwhile, the decentralized finance (DeFi) company, Talos, marked a significant milestone by purchasing Coin Metrics for a reported $100 million and above.
- The acquisitions in the crypto market this year, including the Talos–Coin Metrics and Coinbase–Deribit deals, total approximately $3.0 billion.
- The digital asset market has seen an increase in acquisitions, resulting in a combined platform that offers best-in-class execution, portfolio management, market data, on-chain analytics, and portfolio construction.
- The total crypto deal volume, including fundraising and M&A, reached an impressive $16.5 billion in the first half of 2025, with M&A making up over one-third of this amount.
- The surge in mergers and acquisitions (M&A) in the crypto industry is associated with the rise in the price of Bitcoin and other digital assets like Ethereum (ETH).
- The Talos–Coin Metrics acquisition allows institutional investors to access a comprehensive solution for investing in the crypto market, including assets like Bitcoin and cryptocurrencies.
