Crypto Deals Balloon as Distressed-Financing Sharks Circle

Crypto deals and financings rose to an all-time high in the first six months of this year, but the activity is expected to slow down even as beleaguered companies seek a lifeline during the current crypto winter.

In the first half of the year, the industry had seen 92 mergers and acquisitions totaling $5.5 billion — handily surpassing the record 74 deals worth $3.5 billion for the same period of 2021, according to a new report from Architect Partners. Private financings were at $20.5 billion in the first half, very close to the $26.5 billion in financings during all of 2021, Architect, which advises crypto companies on M&A and strategic financing, said.