Bitcoin's sustained decline has triggered mass layoffs across the crypto industry, yet M&A activity surged to $9.37 billion in H1 2026. Traditional financial institutions like Mastercard and Franklin Templeton are accelerating acquisitions of payment, custody, and compliance infrastructure, focusing on stablecoin applications and institutional-grade use cases. In contrast, pure decentralized projects and public chains without real utility are being shunned by capital.
The ongoing Bitcoin bear market has led to widespread layoffs across the cryptocurrency sector. However, capital has not exited; instead, it is flooding into M&A deals. In the first half of 2026, crypto M&A transaction volume reached $9.37 billion, with Wall Street traditional financial institutions emerging as the primary buyers.
Major players like Mastercard and Franklin Templeton are aggressively acquiring payment gateways, custody services, and compliance licensing infrastructure, with a strong focus on stablecoin applications and institutional-grade adoption scenarios. In contrast, pure decentralized projects and public chains lacking real-world utility are being ignored by capital, exacerbating market polarization.
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