After a fast start to the year, M&A deal-making in crypto has hit its own type of “winter.”
Earlier this month, one-click checkout company Bolt dropped plans to buy crypto and payment infrastructure company Wyre for $1.5 billion. The news came just more than three weeks after digital asset investment firm Galaxy Digital called off its proposed $1.2 billion acquisition of Palo Alto, California-based BitGo.
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The abandoned deals—with about $2.7 billion combined—help illustrate what appears to be a cooling M&A landscape as the crypto industry tries to find its level after hitting all-time highs last year.
The market
According to Crunchbase data, M&A activity targeting VC-backed crypto startups hit an all-time high in the first quarter of the year when 16 were announced. However, deal pace has reverted to barely a trickle, with just seven deals in the...
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