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Leading accounting company PwC (PricewaterhouseCoopers) published a report on cryptocurrency mergers and acquisitions (M&A), and fundraising of 2021.
According to the report, the total M&A value in 2021 was due to the increase of 4,846% in cryptocurrency prices. The average deal size grew 3 times from $52 million to $179.7 million. One of the key drivers for this was the increased deals of Special Purpose Acquisition Companies (SPACs). It was noted in the report that various M&A deals were valued at more than $1 billion, with growing activity from larger companies, which is a sign that the crypto industry continues to mature.
By geography, the Americas lead M&A deals, with around 51% of deals occurring in the region.
Among the largest deals was the combination of digital assets-focused tech company Bullish and the SPAC Far Peak Acquisition Corporation. Another one was when Mike Novogratz's Galaxy Digital bought institutional digital asset custody, trading, and finance provider BitGo.
The amount that crypto companies attracted through fundraising events in 2021 reached $34 billion, which is 8 times more than the previous year.