Bitcoin's ongoing decline has triggered massive layoffs in the crypto industry, but M&A activity has surged to US$9.37 billion in H1 2026. Traditional financial institutions including Mastercard and Franklin Templeton are accelerating acquisitions of payment, custody, and compliance license infrastructure, focusing on stablecoin applications and institutional-grade use cases, while pure decentralized projects and utility-free public chains are being sidelined by capital.
Market Dynamics
Bitcoin's sustained downturn has prompted widespread layoffs across the crypto industry, yet merger and acquisition activity has risen sharply against the trend. According to market data, total crypto-related M&A transaction value reached US$9.37 billion in the first half of 2026, a new record. Traditional financial institutions such as Mastercard and Franklin Templeton are accelerating their acquisitions of payment, custody, and compliance license infrastructure, with a clear focus on stablecoin applications and institutional-grade deployment scenarios. In contrast, purely decentralized projects and public chains without real-world utility are being overlooked by capital, which is increasingly concentrating on areas with regulatory compliance and commercial viability.
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