A bitcoin coin lies on a screen showing the Bitcoin - US dollar exchange rate.
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  • The total volume of crypto M&A deals skyrocketed nearly 5,000% in 2021, according to PwC.
  • The average transaction size tripled in value from $52.7 million to $179.7 million.
  • PwC also found that deals shifted back to the Americas with 51% of them occurring in the region.

The total volume of cryptocurrency mergers and acquisitions skyrocketed nearly 5,000% in 2021, mirroring the stunning rally in the price of digital assets, according to PwC.

In a report published in early February, the Big Four accounting firm revealed that the number of deals surged by 4,846% in 2021 with the average transaction size tripling in value from $52.7 million to $179.7 million.

This was boosted by a number of blank-check deals worth billions of dollars. The top 10 deals, in fact, were all well above that level, led by Bullish Limited, which was acquired for $8.1 billion. 

Top 10 crypto M&A deals in 2021 by deal size
Top 10 crypto M&A deals in 2021 by deal sizePwC Analysis, MergerMarket, Capital IQ, Crunchbase, Pitchbook, CoinDesk, CoinTelegraph

Meanwhile, the total value of crypto fundraising deals leapt 645% to $34.3 billion in 2021, with the average fundraising amount up 143% to $26.3 million. The previous year also saw players tap into the SPAC boom.

Below is a the top five investors by deal count in 2021, according to PwC.

Rank Investor Name Selected Investments
1 AU21 Capital Chainflip, DEIP, Arcana Network, reBaked, Decentral Games
2 Genesis Block Ventures Highstreet, Coin98 Finance, Pyth Network, Calaxy, Dex Lab
3 Genblock Capital NearPad, Biconomy, ClayStack, DexLab, Unbound Finance
4 Coinbase Ventures Chainflip, MobileCoin, CoinDCX, Liquality, Pintu
5 Moonwhale SoldexAI, Beyond Finance, DeepDAO, Chronicle, Panther Protocol

The firm also found that transactions shifted back to the Americas, with 51% of deals occurring in the region, up from the previous year's 41%.

However, the Europe, Middle East, and Africa region saw total deal value of $25.5 billion, slightly surpassing that of the Americas despite comprising only 33% of the deals globally. The Asia Pacific region garnered 16% of the total deals at $5 billion.

Digital assets exploded in the past year with various cryptos, from bitcoin to dogecoin, hitting their all-time-highs. The market capitalization of the ecosystem even hit $3 trillion at one point in November, roughly the size of the entire UK economy, amid a broader rally. It has since cooled off and now stands at $2 trillion.

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