Areta

Continuing from our recent Investment Banking report, we also spent time on the catalysts behind this M&A wave. The deal counts are one thing, but the why behind them was the more interesting part for us. A lot of incumbents would rather plug into existing crypto infra than spend two years building the pipes themselves. It is quicker, cleaner, and they inherit liquidity and users on day one. - The buy versus build call came up in almost every founder and corp dev conversation. Teams are using M&A to skip slow product cycles, bring in talent they trust, and get to market faster. - Institutional requirements and distribution still shape most strategic decisions. Buyers want ready channels, onboarding flows, and geographic coverage. Acquiring it is usually the fastest path. - Regulation remains the toughest part. Licensed entities have become strategic assets. You either wait for approvals or buy someone who already has them, and most teams are opting for the latter. More in the full report: https://lnkd.in/gUuEcDAn

Sharing a brief look at the capital markets section from our recent Investment Banking report. The trends here were straightforward and a few points stood out that explain how private financing has been shifting. Private rounds have gotten fewer but larger raises. Investors are concentrating capital in higher conviction deals unlike the previous cycle. A few simple takeaways: - Investors are being more selective, but still willing to write meaningful checks for the right teams and sectors. - Early stage financing remains active, though the bar is higher than it was a year ago. - Public market activity is slowly returning, and that is starting to shape how later stage rounds are getting priced and structured. Access the full report here: https://lnkd.in/gUuEcDAn

Areta is pleased to have advised Bridgepoint Group one of the world’s leading and most renowned investment firms, on its majority acquisition of ht.digital, the leading specialist provider of financial audit, accounting, assurance, operational, and technology solutions to the digital-asset ecosystem. The transaction marks the first PE-led buyout of a digital assets company and highlights a clear step forward in the institutionalization of the sector. Leading private equity firms are now partnering with high-growth digital-asset infrastructure providers that combine crypto-native expertise with scalable operations. ht.digital, serving more than 700 global clients across proof of reserves, attestations, financial audits, and accounting operations, represents exactly this profile. We are pleased to support Bridgepoint Group on this milestone transaction and to continue shaping the institutional development of the digital-asset space as its #1 M&A advisor. Congratulations to the teams at Bridgepoint & ht.digital and all the best for the combined future! 

We recently released our Investment Banking report that looks at market trends, activity levels, and case studies across top digital asset M&A. The report circles back to a simple pattern we kept seeing in prior tradfi cycles, which signals a more mature M&A market taking shape. Our own mandate flow reflects the same shift. We worked on a number of significant deals this year, and early conversations for next year are already picking up across multiple verticals. What stood out in the data is how deal activity stayed strong even as disclosed value softened.  A few canceled transactions distorted the headline number, but Q3 still hit a record high in deal count. Full report here: https://lnkd.in/gUuEcDAn

Looking at the public markets section of our recent Investment Banking report, the DAT piece stood out the most. As we noted earlier in the report, the DAT boom pulled attention back to listed digital asset names, but what is interesting is how investors are starting to view these companies as hybrids rather than pure crypto exposure. You can already see the shift in what these vehicles hold. ETH, SOL and BNB are showing up more often, not just BTC. And the larger DATs have been under some mNAV pressure, which influenced sentiment through the quarter. It is not dramatic, but it does show a reset in expectations as the market figures out how these vehicles should trade in a more stable environment. If you'd like to learn more about it, access the full report here: https://lnkd.in/gUuEcDAn

Security remains one of the toughest challenges in scaling onchain ecosystems, less because of technology, and more because of how fragmented the audit process still is. We have our co-founder Bernard Schmid speaking at the DeFi Security Summit today at La Rural, Buenos Aires!  He’ll unpack how Areta is rethinking the audit process through a marketplace model that connects builders with top auditors across ecosystems like Uniswap, Solana, Base, and more! 

APAC continues to be one of the most dynamic markets for cross-border M&A and capital formation in the digital assets industry. As Areta deepens its footprint globally, we are pleased to re-introduce our APAC team driving our presence in the region across M&A, capital markets and onchain services. Do give them a follow for more market insights and deal analyses from the region coming soon. Joseph Goh | Russell Lui | Nihar Thummar

Despite recent market volatility, the digital assets ecosystem continues to advance, and Q3 reflected another period of meaningful sector progression. Our Q3 2025 State of the Digital Assets Industry Report highlights the key forces shaping the market this year including: -> Insights from several landmark M&A transactions we supported -> Trends in capital formation and corporate development activity -> The rising strategic importance of stablecoins and next-generation payment rails As more sophisticated market participants navigate this complex landscape, our analysis provides clear perspectives on where the sector is heading and the forces shaping its next phase of growth.

Buenos Aires, see you soon. Our co-founder Bernard Schmid will be in the city for Ethereum Devcon Argentina. He is speaking at the DeFi Security Summit and will also be around for meetings and conversations. We’re unpacking six months of Areta Market insights and sharing practical best practices builders can use across any ecosystem If you are building, feel free to reach out to Bernard. DM us or meet us onsite.

Four years of Areta. So many milestones, challenges, and learnings - but what I’m most proud of isn’t a metric or a milestone. It’s this team. Looking at this group, I see people who have grown together, who challenge and support one another, and who are united by the same mission. Operating in a cyclical, fast-paced environment can get hectic and overwhelming. Having this team around me, however, gives me a sense of stability and keeps me personally on the right track. The picture is from our global offsite last month in Istanbul - one of the most rewarding moments in Areta's history! 💙 If you could see yourself in this special group, please never hesitate to reach out.