The crypto sector is witnessing a renewed interest in mergers and acquisitions (M&A), with predictions indicating that 2025 could mark a record year for such deals. Observations from recent meetings at the Digital Asset Summit (DAS) highlight a shift in sentiment, contrasting sharply with the prevailing attitudes on crypto social media. Industry experts note that major U.S. exchanges are competing to offer equities, while Asian exchanges are looking to enter or re-enter the U.S. market. Despite a slow start to M&A activity in the U.S. this year, with January's volumes being the lowest in a decade, February saw a 24% increase in spending on deals compared to January, suggesting a potential thaw in the market. Notably, four M&A deals exceeding $10 billion were announced in January alone. The regulatory environment is also influencing the cost of capital, with companies like Kraken and Robinhood (HOOD) emerging as key players in the evolving landscape. Overall, the sentiment is cautiously optimistic about the future of M&A in the crypto space, with experts emphasizing the need for consolidation to thrive in a competitive environment.