State of M&A

The State of M&A panel examined how digital asset dealmaking is evolving as the industry matures and business models become more commercially proven. Emnet Rios emphasized the growing value of capabilities beyond technology, including customer relationships, partnerships, regulatory licenses, and teams; David Ervin highlighted how real revenue and stronger balance sheets are making acquisitions easier to underwrite; and Bruno Faviero pointed to strategic combinations that allow buyers to acquire products, licenses, customers, and distribution in a single transaction.

Core Themes or Shifts

M&A activity is increasingly being driven by strategic capability rather than technology alone. Buyers are looking for assets that are difficult or time-consuming to build internally, including regulatory licenses, compliance infrastructure, distribution, customer relationships, institutional products, and specialized talent. The market is also becoming more pragmatic as founders adjust valuation expectations and larger platforms use acquisitions to expand into adjacent products, new geographies, and full-stack offerings.

Key Strategic Insights

The strongest acquisition targets tend to offer a clearly defined capability that accelerates an acquirer’s existing strategy. Successful deals depend on understanding exactly what is being acquired, whether that is a license, product, customer base, team, or route to market, and ensuring that it fits a broader roadmap. Financial and operational readiness also matter increasingly, including clean accounting, transparent token and treasury management, clear communications, and disciplined focus. As products become easier to replicate with AI-assisted development, harder-to-build advantages such as regulatory positioning, distribution, brand, and institutional relationships can carry greater strategic value.

Implications for Builders or Investors

For founders, preparing for M&A means building ahead of where the market is moving, developing a recognizable position in the ecosystem, maintaining clean financial and operational records, and staying focused on a capability that a larger organization can clearly integrate. For investors and acquirers, the next phase is likely to bring more consolidation around institutional infrastructure, regulated products, payments, custody, trading, and crypto-as-a-service capabilities, alongside opportunistic acquihires of strong teams whose original products may not have reached product-market fit. As crypto becomes embedded in mainstream financial products, M&A discussions are increasingly shifting from whether the technology works to where it creates durable commercial value.