A recap of blockchain/crypto M&A activity during Q3

Mergers and acquisitions (M&A) accounted for $152.6 million in Q3, or roughly 17% of the total reported value for the quarter. To date, the M&A activity within the blockchain/crypto vertical has primarily taken the form of consolidation among existing industry participants, with little involvement by external players. However, the third quarter of 2020 suggested that external players may start playing a larger role in the M&A scene.

Previously, boutique investment firms that provide M&A advisory services have been reluctant to enter the blockchain sector due to the lack of larger-value acquisitions. The relatively low-level acquisitions have not offered the kinds of fees that these firms are typically after.