Crypto M&A Surges to $7.23 Billion in Q2 2026 as Active Investors Fall to 651, 6-Year Low

According to Cryptorank data, active crypto investors fell to 651 in Q2 2026, the lowest level since 2020 and down from a peak of 2,564 in 2022. Meanwhile, capital deployed through M&A transactions surged to $7.23 billion in Q2 2026, up from $2.14 billion in Q1 and just $272 million in Q4 2025. The surge was driven largely by Bullish's $4.2 billion acquisition of Equiniti in May, when M&A accounted for 58% of all disclosed capital that month. The contrasting trends signal a shift from broad-based venture funding to larger strategic deals led by specialist funds and corporate buyers.
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