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Expect a Wave of M&A as Crypto Market Crashes, Says Analyst

A researcher at Needham & Company said the continuous crash of the cryptocurrency market could lead to a wave of mergers and acquisitions.Non-crypto-native companies are...
Expect a Wave of M&A as Crypto Market Crashes, Says Analyst © Reuters. Expect a Wave of M&A as Crypto Market Crashes, Says Analyst

    • A researcher at Needham & Company said the continuous crash of the cryptocurrency market could lead to a wave of mergers and acquisitions.
    • Non-crypto-native companies are active acquirers of crypto firms like Animoca Brands.
    • The most significant crypto-to-crypto merger yet is that of Coincheck and Thunder Bridge Capital Partners IV.

John Todaro, a senior crypto and blockchain researcher at Needham & Company, said the continuous crash of the cryptocurrency market could lead to a wave of mergers and acquisitions in the second half of this year and into 2023.

He made the argument in a chat with Barron’s magazine on June 22. In his words:

Valuations for public crypto companies have fallen by about 70% this year. This means crypto companies are cheaper now than a year ago. This could present an opportunity for a traditional company to get their foot in the sector at a lower valuation than they could’ve six to nine months ago

Notably, traditional, non-crypto-native companies are active acquirers of crypto firms like Animoca Brands, a gaming investment company. Animoca holds portfolio investments worth $1.5 billion in crypto and blockchain gaming across 340 companies. In May, Cboe Global Markets (NYSE:CBOE) completed its acquisition of Eris Digital Holdings (ErisX), a US-based digital asset spot market.

Todaro further proposed that much dealmaking will be crypto-to-crypto, and most acquisitive companies will likely be the exchanges. The most significant yet is the merger of Coincheck, a Japanese crypto exchange, with Thunder Bridge Capital Partners IV, valued at $1.75 billion.

FTX, a crypto exchange, recently agreed to buy Bitvo, a Canadian crypto exchange, while its US affiliate FTX acquired Embed Financial Technologies, a stock trading platform. FTX also signs a Landmark Term Sheet with BlockFi to provide a $250 Million credit facility.

According to Todaro, Binance.US has made eight acquisitions, while Kraken has also completed a dozen deals. Galaxy Digital Holdings, a crypto-focused financial services firm, has completed three acquisitions since its inception in 2018 and has a pending agreement for BitGo. The four transactions exceed $1 billion in value.

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03-07-2022 15:46:35 (UTC+7)

EUR/USD

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Neutral

Moving Avg:

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EUR/USD

1.0429

-0.0053 (-0.51%)

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GBP/USD

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Adidas AG

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 EUR/USD1.0429Neutral
 GBP/USD1.2098↑ Buy
 USD/JPY135.21↑ Sell
 AUD/USD0.6816↑ Sell
 USD/CAD1.2888Buy
 EUR/JPY140.98Neutral
 EUR/CHF1.0007↑ Sell
 Gold1,812.90↑ Buy
 Silver19.823↑ Buy
 Copper3.6138Neutral
 Crude Oil WTI108.46↑ Sell
 Brent Oil111.48↑ Sell
 Natural Gas5.620↑ Sell
 US Coffee C223.95↑ Sell
 Euro Stoxx 503,448.31↑ Buy
 S&P 5003,825.33↑ Buy
 DAX12,813.03Buy
 FTSE 1007,168.65↑ Buy
 Hang Seng21,859.79Sell
 Small Cap 20001,727.76↑ Buy
 IBEX 358,176.10↑ Buy
 BASF41.270↑ Buy
 Bayer57.35↑ Buy
 Allianz182.00↑ Sell
 Adidas167.64↑ Sell
 Lufthansa5.566↑ Sell
 Siemens AG96.00↑ Buy
 Deutsche Bank AG8.053↑ Buy
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank6,800/ 6,860
(6,800/ 6,860) # 1,805
SJC HCM6,820/ 6,880
(0/ 0) # 1,766
SJC Hanoi6,820/ 6,882
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SJC Danang6,820/ 6,882
(0/ 0) # 1,768
SJC Nhatrang6,820/ 6,882
(0/ 0) # 1,768
SJC Cantho6,820/ 6,882
(0/ 0) # 1,768
Cập nhật 03-07-2022 15:46:37
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Cập nhật lúc 15:40:57 03/07/2022
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