Crypto M&A Soared Almost 5,000% in 2021, PwC Report Says

The value of mergers and acquisitions in the cryptocurrency industry jumped 4,846% in 2021, PwC said in a report.

Joanna Ossinger

10 Feb 2022, 06:30 PM IST

Crypto M&A Soared Almost 5,000% in 2021, PwC Report Says

A collection of bitcoin, litecoin and ethereum tokens. (Photographer: Chris Ratcliffe/Bloomberg)

(Bloomberg) -- The value of mergers and acquisitions in the cryptocurrency industry jumped 4,846% in 2021, PwC said in a report.

The average deal size reached $179.7 million from $52.7 million, driven partly by special-purpose acquisition company -- or SPAC -- deals. Crypto fundraising deal value rose 645%. The top five investors by deal count were AU21, Genesis Block Ventures, Genblock Capital, Coinbase Ventures and Moonwhale.

There’s no sign of crypto fundraising slowing anytime soon, Henri Arslanian, PwC crypto leader, said in emailed comments Thursday, while adding some valuations have hit levels “that are often difficult to justify.”