Crypto-related acquisitions and public listings in the U.S. have soared in 2025. In just the first four months, deals have hit $8.2 billion across 88 transactions—triple the total seen in all of 2024.

This explosive growth signals a major shift: traditional finance (TradFi) and decentralized finance (DeFi) are merging faster than ever.

Five Key Trends Driving Crypto Mergers

These massive deals fall into five main categories:

• Companies buying Bitcoin for their treasuries, like Twenty One Capital.
• Traditional firms merging with crypto infrastructure providers.
• Acquisitions targeting institutional services, like Ripple’s Metaco buyout.
• Consolidation between crypto and traditional trading platforms.
• Mergers between token-based projects.

Among these, one deal stands out more than others.

Ripple’s Hidden Road Acquisition Steals the Spotlight

Pro-XRP attorney John Deaton praised Ripple’s $1.25 billion acquisition of prime brokerage firm Hidden Road. He called it “possibly the best example” of the ongoing TradFi-DeFi convergence.

Hidden Road processes over $3 trillion annually for more than 300 institutional clients. By integrating with Ripple’s XRP Ledger (XRPL), settlement times have plunged from 24 hours to just 3–5 seconds.

Ripple Expands Into Custody and Stablecoins

Ripple isn’t stopping there. Its RLUSD stablecoin now acts as collateral for trades, connecting blockchain tech directly to institutional workflows.

Deaton emphasized how this move positions Ripple at the forefront of institutional DeFi, blending DeFi’s speed with TradFi’s scale.

Ripple’s rapid expansion into crypto custody also stands out. Along with buying Metaco, Ripple acquired Standard Custody and launched its own “Ripple Custody” platform. This allows Ripple to offer everything — from payments and stablecoins to secure asset storage.

Ripple Prepares for the Tokenization Boom

Why is Ripple making such aggressive moves into custody?

Deaton believes the company is preparing for the coming tokenization boom. The custody market is projected to grow beyond $16 trillion by 2030. Ripple aims to provide the essential infrastructure banks will need to tokenize stocks, bonds, and real estate — all powered by XRPL and RLUSD.

“It looks like [CEO] Brad Garlinghouse is making up for lost time,” Deaton noted, referencing Ripple’s comeback after its long battle with the SEC.