Crypto exchanges are on a buying spree

The fast-paced crypto industry has been the arena for an enormous amount of M&As in the last two years. Unsurprisingly, the crypto exchanges are the biggest acquirers.
Source: Architect Partners

Over the last two years, 354 acquisitions have occurred in the crypto industry. During the bull market in 2021, tactical acquisitions were a popular method for crypto firms to expand. The nature of purchases has changed during this bear market as the strongest crypto companies use the opportunity to make distressed M&As and asset acquisitions.

The exchanges have been the top acquirers in the crypto industry over the last two years. Coinbase has acquired eight companies, FTX six and Gemini five.

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