加密貨幣併購達86億美元新高，川普的友善監管成幕後推手
2025年加密貨幣併購總額飆升至創紀錄的86億美元，美國川普政府的友善監管政策被視為主要推力。本文深入分析Coinbase、Kraken等巨頭的重大收購案及其背後意涵。
加密貨幣產業正迎來併購狂潮。根據英國《金融時報》報導，2025年全球加密貨幣的併購（M&A）總額達到創紀錄的86億美元，與2024年的21.7億美元相比出現突飛猛進的增長。市場普遍認為，美國川普總統對該行業的擁抱態度及相關的監管鬆綁，是這波熱潮的關鍵催化劑。
華府政策轉向，點燃併購引擎
華府的政策轉變，為市場注入了強心針。川普政府支持的《GENIUS法案》為穩定幣建立了聯邦監管框架，並為金融機構結算代幣化資產鋪平了道路。監管環境的日漸明朗，顯著提振了市場信心，促使2025年的交易總數達到267筆，較前一年增長了18%。
指標性收購案重塑產業版圖
今年幾宗舉足輕重的交易，正重新定義產業的競爭格局。其中，Coinbase以29億美元收購加密衍生品平台Deribit，成為該領域有史以來最大規模的併購案。此外，Kraken以15億美元購入NinjaTrader，以及Ripple斥資12.5億美元買下Hidden Road，皆是備受矚目的重量級交易。
另一戰場：競逐合規牌照
然而，白宮的態度並非唯一驅動因素。法律專家指出，另一股強大的推力來自於「牌照競逐」。隨著全球新的合規法規（如歐盟的MiCA法案）陸續生效，傳統金融機構正透過收購已獲批准的加密公司，來加速其市場准入的步伐。此舉反映出，在加密貨幣賽道中，合規能力已成為企業的核心競爭力。
投資風險警示：加密貨幣市場以高波動性著稱，投資人應充分了解其風險。本文提及的併購趨勢雖可能反映產業的正面發展，但不構成任何投資建議，請務必謹慎決策。
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