Global virtual asset-related mergers and acquisitions (M&A) announcements reached $16.1 billion (approximately 23 trillion KRW) in the first half of this year. Traditional financial institutions and virtual asset companies have been acquiring infrastructure necessary for digital asset businesses, including payments, custody, derivatives, and tokenized securities.
According to the '2026 Q1 & Q2 Virtual Asset M&A and Investment Report' by global investment bank Architect Partners on the 21st, Q1 saw $3.2 billion in virtual asset-related M&A announcements, while Q2 recorded $12.9 billion—the second-largest figure ever.
The trend of financial institutions and virtual asset companies expanding into each other's domains has continued since last year. In the first half of this year, large-scale strategic deals repeatedly occurred, with a clear focus on directly securing payment, trading, and custody infrastructure.
There were 89 transactions announced in Q1 and 72 in Q2. Financial infrastructure dominated the M&A market in the first half. In Q1, payment infrastructure deals stood out, particularly those aimed at connecting stablecoins to cards, bank accounts, and cross-border remittances.
Mastercard acquired stablecoin payment firm BVNK for $1.8 billion. Blockchain company Polygon Labs purchased Sequence and Coinme for over $250 million, securing enterprise wallets, fiat on/off-ramps, and payment processing capabilities in the U.S. The focus was on acquiring processing systems, on/off-ramps, and financial licenses necessary for using stablecoins in real-world payments.
In Q2, large deals targeting capital market infrastructure—such as custody, derivatives, and tokenized securities—followed payment infrastructure acquisitions. Payment firm Nuvei acquired global remittance and payment company Payoneer for $2.75 billion, while Payward (Kraken) acquired Hong Kong-based enterprise payment firm Reap for up to $600 million.
In traditional finance, acquisitions of virtual asset custodians and exchanges continued. Standard Chartered acquired virtual asset custodian Zodia Custody, integrating the business into its banking and securities services division. SBI Holdings acquired Japanese virtual asset exchange bitbank for $289 million.
Virtual asset companies secured functions and infrastructure from existing financial markets. Virtual asset trading platform Bullish agreed to acquire global transfer agent Equiniti for $4.2 billion. Equiniti manages records for approximately 3,000 issuers and 20 million shareholders, handling annual payments worth $500 billion. Through this acquisition, Bullish secured shareholder registry management, dividend payments, and stock transfer capabilities necessary for tokenized securities post-issuance. Large-scale distribution of tokenized securities requires not only blockchain issuance technology but also existing capital market shareholder management and payment infrastructure.
Payward (Kraken) acquired U.S. derivatives exchange Bitnomial for up to $550 million, securing a derivatives exchange, clearinghouse, and brokerage business approved by the U.S. Commodity Futures Trading Commission (CFTC).
Domestically, collaborations between traditional financial institutions and virtual asset exchanges continued this year, following last year's trend. Mirae Asset Consulting, a subsidiary of Mirae Asset Group, acquired 92.06% of Korbit's shares for approximately 133.5 billion KRW. Korea Investment & Securities and OKX Ventures each secured 20% stakes in Coinone.
