COVID has not slowed crypto M&A. To wit, the value of industry acquisitions in the first half of 2020 has already surpassed that of full year 2019, according to a report released Thursday by PricewaterhouseCoopers (PwC).
Around $597 million was spent in 60 deals in the first half of 2020, compared to $481 million spent in all of 2019 for 125 deals, according to data that PwC aggregated from M&A data firms MergerMarket, Capital IQ, Crunchbase and Pitchbook.
That said, the acquisition of CoinMarketCap by Binance for a reported $400 million was one of the largest buys ever recorded in the industry.
This year is on track to rival 2018’s $1.9 billion total spent on acquisitions in the crypto space. The average size of a deal in 2019 was $19.2 million compared to $45.9 million in 2020.
The acquisitions for the first half of this year were driven by an increase in transactions involving