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Specialist advisory for the acquisition and sale of blockchain infrastructure, exchanges, validators, and digital asset businesses globally.
Blockchain M&A is one of the most complex and fast-moving segments of the digital transactions market. Regulatory frameworks are evolving across jurisdictions, valuations are driven by factors unique to the sector, and the buyer universe is both global and highly specialised.
Acquiry has built deep expertise in this space, executing mandates across exchanges, validator operations, protocol-layer businesses, custody platforms, and blockchain infrastructure. We understand how these businesses are valued, who the active buyers are, and how to structure transactions in a sector where standard M&A frameworks often do not apply.
The current market is defined by consolidation. The speculative capital that fuelled the 2020 to 2022 cycle has largely retreated. What remains is a more disciplined buyer pool: financial institutions building digital asset capabilities, listed entities acquiring regulated infrastructure, and strategic operators seeking scale in specific verticals. These buyers move methodically, and the transactions that get done are the ones that are properly prepared and correctly positioned.
Acquiry operates across the full spectrum of blockchain and digital asset business types, from regulated exchanges to infrastructure-layer businesses and emerging tokenisation platforms.
CEX platforms with active user bases, regulatory licences, and established liquidity. High-value targets for institutional acquirers seeking market access and regulated distribution.
Validator node operators and staking infrastructure businesses generating yield-based revenue across proof-of-stake networks including Ethereum, Solana, and Cosmos ecosystem chains.
Digital asset custody platforms, wallet infrastructure, and key management solutions serving institutional and retail clients. Increasingly strategic targets as institutional adoption accelerates.
Decentralised finance protocols with established TVL, fee revenue, and governance structures. Increasingly attractive to institutional acquirers seeking on-chain yield infrastructure and user bases.
Node infrastructure, RPC providers, blockchain analytics, data indexing, and developer tooling businesses supporting the broader ecosystem. High strategic value to both Web3-native and traditional acquirers.
Businesses holding regulatory licences in key jurisdictions including MiCA (EU), MAS (Singapore), VARA (Dubai), AUSTRAC (Australia), and FCA (UK). Licence value is a primary acquisition driver.
Real-world asset (RWA) tokenisation infrastructure, tokenised fund platforms, and on-chain debt issuance businesses. A rapidly growing segment attracting significant institutional capital.
OTC desks, crypto brokerages, and digital asset prime brokers serving institutional and high-net-worth clients. Established client relationships and compliance infrastructure are key value drivers.
Crypto payment processors, fiat on/off ramp providers, and cross-border settlement infrastructure. High strategic value to both traditional payments companies and digital asset platforms.
Standard DCF and revenue multiple frameworks do not fully capture the value drivers in blockchain M&A. Regulatory licensing, network effects, token treasury positions, and jurisdictional access all contribute materially to enterprise value in ways that traditional models miss.
Acquiry applies a blockchain-specific valuation framework that accounts for these factors, providing clients with a defensible and market-calibrated view of value before they enter a transaction process.
The regulatory landscape for digital asset businesses is the single most important variable in blockchain M&A. Acquiry tracks regulatory developments across all major jurisdictions and advises clients on how regulatory positioning affects transaction value and structure.
The Markets in Crypto-Assets Regulation provides a harmonised licensing framework across all EU member states. MiCA-licenced businesses have passporting rights across the EU, making them high-value acquisition targets for firms seeking European market access.
Singapore's MAS has established one of the most respected digital asset regulatory frameworks globally. A Major Payment Institution licence under the PSA is a significant strategic asset, with a limited number of licences issued and a rigorous application process.
Dubai's Virtual Assets Regulatory Authority has positioned the UAE as a leading hub for digital asset businesses. VARA-licenced entities benefit from a clear regulatory framework, a favourable tax environment, and proximity to significant sovereign wealth capital.
FCA registration for crypto asset businesses is a significant barrier to entry given the regulator's stringent application requirements. Registered firms have access to the UK market and benefit from the credibility of FCA oversight with institutional counterparties.
AUSTRAC-registered digital currency exchange businesses operate within a well-established AML/CTF framework. Australia's regulatory environment is evolving toward a more comprehensive licensing regime, making early-mover compliance positioning strategically valuable.
Bahrain, Hong Kong, El Salvador, and several Southeast Asian jurisdictions are actively competing for digital asset business through favourable regulatory frameworks. Acquiry tracks regulatory developments across these markets and facilitates jurisdiction selection for new operations.
Blockchain M&A requires a process that accounts for the specific characteristics of the sector. Acquiry's approach is structured to address regulatory complexity, technical due diligence, and the unique valuation dynamics of digital asset businesses.
We work with clients to define precise acquisition or exit criteria, including sector, geography, regulatory requirements, revenue profile, and deal structure preferences. A well-defined mandate is the foundation of an efficient process.
Our blockchain-specific deal flow network surfaces both listed and off-market opportunities. We prioritise off-market sourcing to avoid competitive auction dynamics and create pricing advantages for buy-side clients.
Our diligence framework covers regulatory status and licence transferability, on-chain asset verification, smart contract audit history, AML/KYC compliance, custody architecture, and technical infrastructure. Each area requires specialist assessment beyond standard M&A due diligence.
We apply blockchain-specific valuation frameworks that account for licence value, token treasury positions, network effects, and regulatory premium. For sell-side mandates, we position the business to maximise competitive tension among qualified buyers.
Blockchain transactions frequently require non-standard structures: regulatory approval conditions, token consideration mechanics, escrow arrangements for on-chain assets, and earnout structures tied to post-close regulatory outcomes. We have experience navigating all of these.
We manage the transaction through to close, coordinating legal, technical, and regulatory workstreams. For regulated entities, we support the change-of-control approval process and advise on post-close transition planning.
Digital asset transactions require structural flexibility that goes beyond standard M&A. Acquiry has experience across the full range of blockchain transaction structures.
Acquisition of specific assets including technology, user base, domain, and IP, without assuming all liabilities of the corporate entity. Common for distressed situations or where regulatory licences are not transferable.
Full acquisition of the corporate entity, including all assets, liabilities, regulatory licences, and contractual relationships. The preferred structure when regulatory licences are a primary value driver and are transferable on change of control.
Transactions where part or all of the consideration is paid in cryptocurrency or native tokens. Requires specialist legal and tax structuring across relevant jurisdictions and careful attention to token valuation and lock-up arrangements.
Deferred consideration tied to post-close performance metrics. Common in blockchain transactions where regulatory approval timelines create uncertainty, or where the seller's continued involvement is required to maintain key relationships.
Minority stake acquisitions with defined rights, board representation, and a path to full acquisition. Used by acquirers who want to establish a relationship and optionality before committing to full control.
Combination of two entities to create a larger, more competitive platform. Increasingly common in the exchange and brokerage sector as the market consolidates around fewer, better-capitalised operators.
Acquiry publishes analysis on the trends, regulatory developments, and transaction dynamics shaping blockchain M&A.
How tokenised debt instruments are reshaping private credit markets and the M&A implications for acquirers in the digital finance space.
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How Gulf sovereign wealth funds are systematically acquiring blockchain infrastructure and what it means for digital asset M&A globally.
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Key considerations for buyers entering digital asset M&A: regulatory risk, custody, token economics, and deal structure for blockchain acquisitions.
Read More →Whether you are acquiring blockchain infrastructure, considering an exit from a digital asset business, or seeking capital for a blockchain venture, speak with our transaction team to discuss your mandate.
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