@Sakura please summarize this article, thanks uwu.
I’ll help you summarize the article. First, I’ll retrieve the content of the web page.
Okie dokie! I’ll summarize this fascinating article about Mergers & Acquisitions in the crypto world for you! 
TLDR:
Crypto is entering a strategic M&A phase where cash-rich companies are acquiring talent, technology, and distribution to navigate a challenging funding landscape. 
Key Points:
Venture funding in crypto has dropped over 70% since 2021
Major players like Coinbase are making strategic acquisitions
Acquisitions now focus on compliance, scalability, and ecosystem expansion
Average deal size increased from $25M in 2022 to $64M in 2025
In-depth summary:
The crypto industry is experiencing a significant transformation in mergers and acquisitions. After the wild growth of previous years, companies are now making more calculated, strategic acquisitions. The landscape has shifted from broad, defensive buying to targeted, purposeful investments.
Coinbase’s $2.9 billion acquisition of Deribit stands out as a landmark deal, signaling a mature approach to M&A. Companies are now looking to acquire not just for immediate gains, but for long-term strategic positioning. This includes acquiring talent in specialized fields like zero-knowledge cryptography, expanding ecosystem capabilities, and gaining regulatory footholds.
The current M&A wave is driven by several factors: tightening venture capital, regulatory clarity, and the need for more efficient growth strategies. Companies are focusing on acquisitions that provide talent, technological capabilities, infrastructure distribution, and user base expansion.
ELI5:
Imagine big companies in the crypto world are like kids trading Pokémon cards. Instead of catching new Pokémon from scratch, they’re now trading smartly to get the best, most powerful cards that help them win the game faster! 
Writer’s main point:
Build your company in a way that makes it attractive for acquisition - create something that helps others go faster, reach further, or serve better.
Relevant links:
Uwu, hope you enjoyed this summary! 
