Blockchain & digital asset M&A

Buy, sell and fund blockchain businesses.

Specialist M&A and capital raising for exchanges, validators, custody, stablecoin rails, tokenisation and Web3 infrastructure. Off-market, confidential, licence-aware, and paid only when your deal closes.

Start a confidential mandateBuy-side, sell-side or raise
Deal size
$1M to $500M
Paid on close
Success fee
MiCA · MAS · VARA · FCA · AUSTRAC · EM
6 regimes
Every mandate
Strict NDA

The mandates we run, block by block

  • Block 01024Buy-side

    Licensed custody platform

    EU · MiCA

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  • Block 01025Sell-side

    Validator & staking operator

    Global · PoS

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  • Block 01026Capital

    Stablecoin payments rail

    UK · FCA

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  • Block 01027Buy-side

    Centralised exchange

    UAE · VARA

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  • Block 01028Sell-side

    RPC & node infrastructure

    North America

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  • Block 01029Capital

    RWA tokenisation platform

    Singapore · MAS

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  • Block 01030Buy-side

    OTC desk & prime broker

    APAC

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  • Block 01031Sell-side

    On/off ramp provider

    Australia · AUSTRAC

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  • Centralised exchanges
  • Validators & staking
  • Custody & wallets
  • DeFi protocols
  • Stablecoin infrastructure
  • RPC & node providers
  • Blockchain analytics
  • Tokenisation & RWA
  • Crypto brokerages & OTC
  • Payments & on/off ramps
  • Regulated digital asset firms
  • Web3 gaming
  • and so much more

The market now

Blockchain M&A has entered its consolidation era.

The speculative capital of the last cycle has given way to a disciplined buyer pool. These buyers move methodically and reward preparation: the deals that close are the ones with the licence, treasury and technical story told the way institutional capital underwrites it. That is the work we do.

Start a confidential mandate
Institutional digital asset custody vault with hardware security modules

Who is buying now

Active buyer pool
  • Financial institutionsBanks, brokers and asset managers building digital asset capability they would rather buy than build.
  • Listed entitiesPublic companies acquiring regulated infrastructure, licences and treasury operations.
  • Strategic operatorsExchanges, custodians and infrastructure providers buying scale in specific verticals.

Three ways we work

Whichever side of the deal you are on.

Analyst reviewing on-chain transaction graphs and market charts at night

Acquire with conviction

We find, diligence and land the blockchain asset your strategy needs.

Our buy-side mandates start with a sharp acquisition thesis and end with a closed deal. We go off-market first, so you meet owners before an auction exists, and we underwrite every target against the licence, on-chain and custody questions that standard M&A frameworks miss.

  • Thesis and target screenSector, jurisdiction, licence, revenue profile and structure preferences, defined precisely before a single call is made.
  • Off-market originationDirect approaches to owners through our blockchain deal network, avoiding competitive auction dynamics and creating pricing advantage.
  • Blockchain-grade diligenceLicence transferability, on-chain asset verification, smart contract audit history, AML/KYC frameworks and custody architecture.
  • Negotiation to change of controlValuation, structure and terms, then the regulatory change-of-control approval and the post-close transition plan.
Start a buy-side mandate

Valuation

Blockchain value lives where standard models don't look.

DCF and revenue multiples miss most of what makes a digital asset business valuable. Our framework prices each driver explicitly, so sellers capture it and buyers pay for what is real.

Regulatory licence

Licensed firms command 30 to 50% higher multiples in key jurisdictions.

MiCA, MAS, VARA, FCA and AUSTRAC status is often the single largest component of enterprise value. We assess transferability on change of control and price the premium accordingly.

Jurisdiction

The licence is often the asset.

Regulatory positioning is the single most important variable in blockchain M&A. We track every major regime and advise on how it shapes value, structure and timetable.

Flag of European Union

European Union

Markets in Crypto-Assets Regulation

MiCAPassport across 27 states

A harmonised licensing framework with passporting across all EU member states. MiCA-licensed businesses are high-value targets for firms seeking European market access.

How we execute

Six blocks from mandate to close.

  1. 01

    Mandate definition

    Criteria, objectives and structure agreed in writing.

  2. 02

    Origination

    Off-market targets or a curated buyer and investor list.

  3. 03

    Diligence

    Regulatory, on-chain, custody, AML/KYC and technical review.

  4. 04

    Valuation & positioning

    Licence value, treasury and network effects priced in.

  5. 05

    Structuring

    Approval conditions, token consideration, escrow, earnouts.

  6. 06

    Close & transition

    Change-of-control approval and post-close planning.

How blockchain deals get done

Structures we run across buy-side, sell-side and capital mandates

  • Share purchase

    Full acquisition including licences and contracts. Preferred where licences transfer on change of control.

  • Asset purchase

    Technology, users, domain and IP without the corporate entity. Useful where licences do not transfer.

  • Token consideration

    Part or all of the price paid in crypto or native tokens, with lock-ups and cross-border tax structuring.

  • Earnouts

    Deferred consideration tied to post-close performance or regulatory approval timelines.

  • Strategic investment

    A minority stake with board rights and a defined path to full acquisition.

  • Merger & consolidation

    Two platforms combined into a larger, better-capitalised operator.

Research & intelligence

Our latest thinking on blockchain M&A.

All research News & insightsDeal Intelligence
From Tokens to Takeovers: Why Consolidation is the Next Phase of Blockchain M&A

News · 4 min read

From Tokens to Takeovers: Why Consolidation is the Next Phase of Blockchain M&A

By Joash Boyton, Founder & Managing Director, Acquiry • August 2026

Questions

What clients ask first.

Anything else, ask us directly. Contact the team.

How are your fees structured?

We work on a success fee. You pay when your deal closes, so our incentives are aligned with yours from the first conversation.

What deal sizes do you advise on?

Transactions from $1M to $500M, across buy-side, sell-side and capital raising mandates.

Can a regulatory licence transfer to a buyer?

It depends on the jurisdiction and the structure. In many regimes a share purchase keeps the licence in place subject to change-of-control approval; where it does not, we structure around it. We assess this at the start of every mandate.

Can consideration be paid in tokens?

Yes. Token consideration is common in blockchain deals. We structure valuation, lock-ups and escrow with your legal and tax advisers across the relevant jurisdictions.

Do you only work in the segments listed?

No. Any sector, any market. If your mandate sits somewhere else in digital assets or beyond, bring it to us anyway.

How do you keep a process confidential?

Every mandate runs under strict NDA. Buyers and investors are approached selectively, and nothing identifying is shared until they have signed.

Limited intake · Q4 2026

Buying, selling or raising in blockchain? Let's talk.

Tell us what you are trying to achieve. A senior adviser replies personally, and every conversation runs under strict NDA.

Start a confidential mandateContact the team

We are not limited to blockchain.

Any sector, any market. Bring it to us anyway.