The persistent decline of Bitcoin has triggered mass layoffs across the crypto industry. However, M&A activity has soared, with $9.37 billion in deals during the first half of 2026. Traditional financial giants like Mastercard and Franklin Templeton are aggressively acquiring payment, custody, and compliance infrastructure, focusing on stablecoin applications and institutional-grade use cases. Meanwhile, purely decentralized projects and public chains lacking real utility are being sidelined by capital.
The ongoing slump in Bitcoin prices has led to widespread layoffs across the crypto industry, but M&A activity has seen a dramatic surge. According to data, crypto-related merger and acquisition deals reached $9.37 billion in the first half of 2026. Traditional financial institutions, including Mastercard and Franklin Templeton, are accelerating acquisitions of payment, custody, and compliance licensing infrastructure, with a sharp focus on stablecoin adoption and institutional-grade real-world applications. In contrast, purely decentralized projects and public chains without practical utility are increasingly being ignored by capital markets.
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