As of November 2025, crypto merger and acquisition activity has skyrocketed to an impressive $8.6 billion, with a record 133 deals closed this year. Notably, Coinbase has taken the lead in M&A activity, completing six acquisitions, including the significant $2.9 billion purchase of Darabit.
We also discuss the relaunch of PolyMarket in the U.S., where waitlisted users will be the first to access the app, starting with sports event contracts. This move could potentially elevate PolyMarket’s valuation to $10 billion. Additionally, Kaoshi has successfully closed a $1 billion funding round, reaching an $11 billion valuation, highlighting the growing interest and investment in the crypto space.
Lastly, we cover Ethereum’s latest upgrade, Fusaka, which aims to enhance data capacity, reduce transaction costs, and improve user experience. In a significant shift, BlackRock’s CEO Larry Fink has transitioned from viewing cryptocurrency as linked to illicit activities to embracing it with the launch of the largest spot Bitcoin exchange-traded fund.