M&A advisory for Blockchain, crypto & web3 companies
Crypto M&A has matured into a regulated-asset market. After the 2022 unwind, activity narrowed to licensed exchanges, qualified custodians and institutional-grade infrastructure, with banks and listed financial groups now the most credible acquirers of regulated venues. Pricing centres on the licence portfolio, the size and stickiness of customer assets, and the AML and segregation track record - token holdings rarely appear in the valuation bridge.
The buyer universe is narrower and more strategic than it was in the 2021 cycle. Listed crypto-native acquirers like Coinbase and Galaxy Digital, banks and listed financial groups acquiring regulated venues, payments incumbents picking up custody and stablecoin rails, and PE-backed infrastructure platforms running consolidation plays - Silver Lake and Advent have both built positions in regulated digital asset infrastructure. Flow has direct access to these acquirers.
Flow team has relevant sector experience and has worked with blockchain, crypto and web3 companies across exchanges and brokerages, custodians, staking and validator operators, protocol foundations, token issuers and infrastructure providers.
"Blockchain, crypto & web3" KPIs M&A buyers look at
Key metrics strategics and PE buyers look at when analayzing Blockchain, crypto & web3 M&A targets
Trading volume
Net revenue
Take rate / spread
Custody AUC
Active wallets
Staked assets / TVL
Validator / staking yield
Treasury exposure
On-chain fees paid
Realised vs unrealised PnL
Blockchain, crypto & web3 valuations in May 2026
Public Blockchain, crypto & web3 comps trade at 6.5x EV/Revenue. Median revenue multiple across Blockchain, crypto & web3 M&A deals was 3.9x in the last 12 months.
6.5x
Median EV/Revenue as of May 2026 for public Blockchain, crypto & web3 companies
n/m
Strategy is the highest valued public Blockchain, crypto & web3 company based on EV/Revenue (excluding outliers)
3.9x
Median EV/Revenue across Blockchain, crypto & web3 M&A deals in the last 12 months
10x
Median EV/Revenue across Blockchain, crypto & web3 VC rounds in the last 12 months
Key recent Blockchain, crypto & web3 M&A deals
$10B acquisition of Dunamu by Naver Financial Corp. was the largest Blockchain, crypto & web3 M&A transaction completed in the last year.
See all Blockchain, crypto & web3 M&A deals| Logo | HQ | Description | Buyer | ||||
|---|---|---|---|---|---|---|---|
Nov-25 | Dunamu |  | Dunamu is a Seoul-based fintech operator of Upbit, the largest cryptocurrency exchange in South Korea with over 10 million users. It also runs Stockplus for securities trading partnered with 11 broker-dealers, U-Stockplus for OTC private company shares, and Onboard for electronic equity management. Upbit extends to Indonesia, Thailand, and Singapore markets. Founded in 2017, Dunamu processes daily trading volumes surpassing $2 billion across platforms. | Naver Financial Corp. | $10B | - | |
Jul-25 | Core Scientific |  | Core Scientific Inc is engaged in designing, building and operating digital infrastructure for high-performance computing. The business operates in three operating segments; Digital Asset Self-Mining, consisting of performing digital asset mining for the own account, Digital Asset Hosted Mining, consisting of providing hosting services to third parties for digital asset mining, and HPC Hosting, consisting of providing hosting services to third parties for graphics processing unit (GPU) based HPC hosting operations. The majority of revenue is derived from the Digital Asset Self-Mining Segment. | CoreWeave | $9.0B | 19x | |
Mar-26 | BVNK |  | BVNK is a provider of enterprise payments infrastructure combining stablecoins and fiat rails for global transactions. Based in London, United Kingdom, BVNK offers managed and self-custody models for cross-border payments, payroll, and marketplace settlements, including licensing, custody, and compliance support for fintech clients. | Mastercard | $1.8B | - | |
Sep-25 | CoinShares |  | CoinShares International Ltd is the European digital asset manager that delivers a broad range of financial services across investment management, trading, securities, and consumer products to a wide array of clients that includes corporations, financial institutions, and individuals. The Group comprises three core operating segments; Asset Management, Capital Markets, and Principal Investments. The company derives a majority of its revenue from the Asset management segment. | Vine Hill Capital Inv | $1.2B | 7.5x | |
Oct-25 | House of Doge | | House of Doge Inc develops infrastructure to support the use of Dogecoin in commerce. The company is working on systems for digital payments, financial products, and tokenization of real-world assets. It also provides consulting, educational resources, and operational support to businesses using Dogecoin. | Brag House Holdings | $1.1B | - | |
Nov-25 | Northern Data |  | Northern Data AG is a Business-to-Business technology company developing, using, and selling solutions on vertically integrated computing infrastructure. Its segment includes Peak Mining; Taiga Cloud and Ardent Data Centers. Geographically, it operates in Europe (excluding Germany), North America, and Germany. The company derives maximum revenue from Europe. | Rumble | $970M | 4.2x | |
Aug-25 | P | Parataxis Holdings | | Parataxis Holdings is a U.S.-based software provider of an institutional-grade digital asset management platform. Its system supports custody, trading, reporting, and compliance for cryptocurrencies and tokenized assets, deployed by hedge funds and family offices. | SilverBox | $800M | - |
Mar-26 | Abra | | Abra is a United States-headquartered cryptocurrency platform founded in 2014 operating in over 150 countries. It allows buying, trading, and borrowing against digital assets with fiat conversions. Abra has processed $9 billion in transactions for 2 million customers, earning top wallet ratings from PYMNTS in 2022. Backed by American Express Ventures and First Round Capital. | New Providence Acquisition Corp. III | $750M | - | |
Apr-26 | Bitnomial | | Bitnomial is a Chicago-based regulated derivatives exchange for digital assets, launched in 2018 after receiving CFTC designation as a Designated Contract Market. It offers Bitcoin futures and options settled in cash or physically, connecting hedgers in energy and agriculture with institutional traders. Bitnomial provides clearing through its DCO and emphasizes compliant trading infrastructure for North American markets. | Kraken | $550M | - | |
Nov-25 | BlockFusion | | - | Blue Acquisition | $450M | - | |
May-26 | P | Polaris DS | | Polaris DS LLC was a private Bitcoin mining and data center infrastructure firm in Muskogee, Oklahoma. | Core Scientific | $421M | 3.7x |
Oct-25 | Echo |  | - | Coinbase | $375M | - | |
Aug-25 | AlloyX | | AlloyX is a blockchain platform facilitating real-world asset investment strategies for protocols, decentralized autonomous organizations, and institutional investors. It enables creation of diversified portfolios of tokenized real-world assets such as real estate and commodities, with tools for yield optimization based on risk and liquidity parameters. Lenders access a dashboard for managing collateralized positions across multiple chains, including Ethereum and Solana. Headquartered in Singapore, AlloyX integrates with DeFi ecosystems to streamline RWA tokenization and trading. | Solowin Holdings | $350M | - | |
Oct-25 | Cube Exchange | | Cube Exchange is a hybrid centralized-decentralized cryptocurrency trading platform supporting multi-chain assets. Launched in 2024, it features on-chain settlement, proof-of-reserves, and multi-party computation for security. The exchange offers spot, derivatives, and margin trading with vaults on blockchains like Ethereum and Solana. Cube Exchange standardizes market data feeds and provides web-based interfaces for institutional liquidity providers across 100-plus trading pairs. | Mercer Park Opportunities | $300M | - | |
Jul-25 | PlusWallet |  | PlusWallet is a secure digital asset management platform supporting multiple blockchains. It enables seamless cross-chain token swaps, staking, and NFT storage. Available on web and mobile, the platform integrates with major wallets like MetaMask and prioritizes user security through multi-signature authentication and hardware wallet compatibility. | Cold Wallet | $270M | - |
Most active buyers of Blockchain, crypto & web3 companies
Kraken, Coinbase and Jupiter are the most active acquirers of Blockchain, crypto & web3 companies in the last three years.
See all Blockchain, crypto & web3 acquirers| Logo | HQ | Description | Key acquisitions | ||
|---|---|---|---|---|---|
Kraken | | Kraken is a San Francisco-headquartered cryptocurrency exchange supporting spot, futures, margin trading, staking, OTC services, and a multi-chain wallet. It lists over 200 assets including Bitcoin, Ethereum, and Solana against fiat pairs like USD, EUR, and GBP. Institutional tools cover API trading, dark pools, and custody for hedge funds. Founded in 2011, Kraken operates in 190 countries with offices in London and Tokyo, serving retail and pro traders through advanced charting and 24/7 support. | BitnomialMagnaBacked Finance+2 | 6 | |
Coinbase | | Founded in 2012, Coinbase is the leading cryptocurrency exchange platform in the United States. The company intends to be the safe and regulation-compliant point of entry for retail investors and institutions into the cryptocurrency economy. Users can establish an account directly with the firm, instead of using an intermediary, and many choose to allow Coinbase to act as a custodian for their cryptocurrency, giving the company breadth beyond that of a traditional financial exchange. While the company still generates the majority of its revenue from transaction fees charged to its retail customers, Coinbase uses internal investment and acquisitions to expand into adjacent businesses, such as prime brokerage and data analytics. | The Clearing CompanyVector.funEcho+2 | 6 | |
Jupiter | | - | Rain.fiDrip LabsSonarWatch+2 | 6 | |
Robinhood | | Robinhood Markets Inc is creating a modern financial services platform. It designs its own products and services and delivers them through a single, app-based cloud platform supported by proprietary technology. Its vertically integrated platform has enabled the introduction of new products and services such as cryptocurrency trading, dividend reinvestment, fraud detection, derivatives, fractional shares, recurring investments, and others. | PT Pedagang Aset KriptoLedgerXMIAX Derivatives Exchange+2 | 5 | |
MoonPay | | MoonPay is a London-headquartered financial technology company enabling fiat-to-crypto purchases worldwide. The non-custodial platform processes payments via credit cards, bank transfers, Apple Pay, and Google Pay for cryptocurrencies and NFTs. Supporting over 160 countries since its 2019 founding, MoonPay integrates with wallets like MetaMask and Phantom, powering onramps for exchanges and dApps. | DFlowSodotMeso+2 | 5 | |
Bitcoin Depot | | Bitcoin Depot Inc owns and operates the widest network of BTMs across North America where customers can buy and sell Bitcoin. Bitcoin Depot helps power the digital economy for users of cash. It has locations across the U.S. and Canada at, among others, the following types of retailers: Convenience Stores and Gas Station Chains, Pharmacies and Grocers and Mall Operators. | Instant Coin BankNational Bitcoin ATMPelicoin+1 | 3 | |
Pump.fun | | - | VyperPadrekolscan | 3 | |
Hilbert Group | | Hilbert Group AB is a quantitative investment firm connecting institutions with the digital asset markets. Its main activity, asset management, is operated as a traditional regulated fund business. The group specializes in the investment and risk management of quantitative investment solutions, which generate returns by taking advantage of both alpha and beta trading opportunities in digital asset markets. The firm's asset management activities are supplemented by proprietary trading and strategic balance sheet investments in blockchain-related equity. The group offers various funds such as Hilbert Digital Asset Fund / Hilbert V100 Fund, Hilbert V30 Fund, Hilbert V1 Fund, Byzantine BTC Credit Fund, and others. The majority of its revenue is generated from the sale of cryptocurrencies. | Enigma NordicNordarkLibertyRoad Capital | 3 | |
Inveniam Capital Partners | | Inveniam Capital Partners is a digital marketplace transforming middle-market corporate finance. Headquartered in New York, it connects buyers, sellers, and advisors for M&A deals under $100 million through an online platform. Inveniam streamlines due diligence with AI tools and data rooms, serving private equity firms and family offices across North America. | SwarmTractivHedgehog+1 | 3 | |
Phantom | | San Francisco-headquartered Phantom operates a multichain digital wallet supporting DeFi applications and NFTs primarily on Solana. Users access assets via browser extensions and mobile apps across Ethereum, Polygon, and Bitcoin networks. | Sol SniperSimpleHashBitski | 3 |
Founders and investors we've worked with
We've supported winning builders across Blockchain, crypto & web3 and beyond.
Rebellion Pay
We acted as exclusive sell-side advisor to Rebellion Pay, Spain's leading Gen Z neobanking platform, on its sale to Turkish consumer fintech unicorn Papara.
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MAILINGWORK
We acted as exclusive sell-side advisor to MAILINGWORK, a Chemnitz-based email marketing software platform, on its sale to French digital marketing leader Positive Group.
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TestSolutions
We acted as exclusive financial advisor to Swiss PE firm Patrimonium on its majority stake acquisition of TestSolutions, a Frankfurt-based software testing and IT services provider.
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HAPPYCAR
We acted as exclusive sell-side advisor to HAPPYCAR, a Hamburg-based pan-European rental car comparison and booking platform, on its sale to Dutch online price comparison player EasyTerra.
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Resillion
We provided buy-side advice to a dominant TIC industry player on the carve-out and acquisition of Resillion (fka Eurofins Digital Testing), a Hasselt-based digital testing, cybersecurity and forensics provider.
See moreRecent M&A advisory track record
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