While the coronavirus outbreak has not slowed cryptocurrency M&A. To wit, the worth of industry acquisitions within the half of this year has already surpassed that of full-year 2019, consistent with a report released Thursday by PricewaterhouseCoopers [PwC].
Around $597 Mln was spent in 60 deals within the half of this year, compared to $481 Mln spent altogether of 2019 for 125 deals, consistent with data that PwC aggregated from M&A data firms MergerMarket, Capital IQ, Crunchbase, and Pitchbook.
That said, the acquisition of CoinMarketCap by Binance for a reported $400 Mln was one of the leading buys ever recorded within the industry.
This year is on target to rival 2018’s $1.9 Bln total spent on acquisitions within the cryptocurrency ecosystem. The typical size of a deal in 2019 was $19.2 Mln compared to $45.9 Mln in 2020.
The acquisitions for the primary half this year were driven by a rise in transactions involving crypto exchanges and trading infrastructure, and native crypto companies still are the foremost active purchasers within the space.
The average amount of fundraising deals has also increased from $4.8 Mln in 2019 to $6.4 Mln within the primary half of this year, with an important emphasis on trading firms.
Most notably, cryptocurrency derivatives exchange Bakkt raked within a $300 Mln Series B in March.
Seed rounds still heavily dominate fundraising deals within the industry, making up 57% of 2019’s deals and half of H1 of this year deals.