Trump’s Crypto Revolution Ignites Billion-Dollar Deal Boom in America

Crypto deals are exploding across America as Donald Trump’s new pro-crypto stance shatters the old regulatory barriers. A wave of billion-dollar mergers and acquisitions is sweeping the market, with companies racing to cash in on the friendlier environment and fresh investor enthusiasm.

A major player just entered the scene: Twenty One Capital, a Bitcoin-focused firm aiming to go public through a $3.6 billion SPAC deal. The SPAC is led by Brandon Lutnick, son of Commerce Secretary Howard Lutnick — a key Trump ally. With backing from Tether and SoftBank Group, Twenty One plans to pile billions into Bitcoin, even borrowing heavily to expand its holdings — a high-risk, high-reward strategy first made famous by the software giant Strategy.

This massive $3.6 billion deal is the third crypto transaction above $1 billion in just the past two months. Earlier this month, Ripple struck a $1.25 billion agreement to acquire prime broker Hidden Road, positioning itself to better serve institutional crypto investors. Meanwhile, Kraken snapped up NinjaTrader for $1.5 billion in March, building one of the most significant bridges between crypto and traditional finance.

Crypto M&A Heats Up as Old Rules Crumble

While deal activity in other sectors lags, the crypto industry is surging. Galaxy Digital is now preparing for a Nasdaq direct listing after securing long-awaited SEC approval. Having been listed on the Toronto Stock Exchange since 2021, Galaxy will maintain both listings.

In total, 88 crypto deals worth $8.2 billion have closed so far this year — a dramatic jump from 2024, when 188 deals totaled just $2.9 billion. Eric Risley, founder of Architect Partners, said, “Optimism is back. Companies are in growth mode again, and acquisitions are the name of the game.” He added that 2025 could even surpass the record-setting $17 billion deal volume from 2021.

Two years ago, the FTX collapse triggered a sharp freeze in crypto deal-making, with regulators tightening the screws. But now, with Trump reshaping the regulatory landscape, the atmosphere has flipped. Bankers and advisers are bracing for a flood of new deals.

Trump’s administration is stacking regulatory agencies with crypto allies and pushing for legislation that would provide a clear legal framework for digital assets. Trump himself has vowed to make America the “undisputed Bitcoin superpower.”

Billion-Dollar Bets on Bitcoin

Backed by SoftBank, Twenty One Capital is starting strong — launching with nearly $4 billion worth of Bitcoin secured from Tether, Bitfinex, and SoftBank itself. Tether and Bitfinex will hold majority ownership, with additional plans to raise another $585 million for more Bitcoin buys.

The company’s approach is simple: stack Bitcoin on its balance sheet and borrow to buy even more. It’s a high-stakes move, banking on Bitcoin’s price continuing to climb. Strategy has already amassed over $50 billion in Bitcoin using a similar playbook, making it the biggest corporate Bitcoin holder on record.

The excitement is already showing in the markets. Shares of Cantor Equity Partners, the SPAC set to merge with Twenty One, have almost tripled since the announcement.

However, not everyone’s convinced. Wall Street veterans caution that relying heavily on Bitcoin’s volatile price swings is dangerous. Strategy recently reported a staggering $5.91 billion loss last quarter due to Bitcoin’s price dip. Tesla also disclosed a $125 million loss from its Bitcoin holdings earlier this week, underscoring the risk that comes with big crypto bets.

A New Crypto Era?

Despite the risks, momentum is clearly on crypto’s side. With Trump leading a regulatory overhaul and institutional money flowing back into the space, the crypto industry in America is looking at a future filled with bigger deals, bigger players — and bigger ambitions.