Crypto Deals Hit a Record $8.6 Billion as Market Strains Grow

A record-breaking year for crypto mergers and acquisitions is facing a harsh reckoning since a recent rout in digital assets began to unravel industry gains spurred by a friendlier administration in the White House.

Capitalizing on political tailwinds, major crypto firms have pushed deal values past $8.6 billion this year through Nov. 20 — an all-time high and more than the four previous years combined, according to PitchBook Data. The trend fits with data from crypto advisory Architect Partners, which used a different methodology to find that related deals reached $12.9 billion so far this year, up sharply from $2.8 ...