Crypto’s $50 billion lie masks a brutal reality where massive mergers are quietly killing off every new experiment
The crypto industry's capital headline for 2025 looks like a comeback story: $50.6 billion across 1,409 transactions, up sharply from 2024's totals. However, the composition tells a different story. According to the annual Crypto Fundraising Report, 43.7% of that capital came from just 21 mergers and acquisitions (M&A). Traditional venture capital and private investment accounted …
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