Tiger Research's Q3 2026 report says crypto M&A deal count held near first-half levels (39, 36, 37 across Q1–Q3) but deal value fell 83% quarter-on-quarter, shifting from expansion deals to acquisitions of licenses and capabilities, such as Circle–Tazapay and MoonPay–North Capital. The five most active lead VCs averaged 2.0 deals per month, down from 3.7, while YZi Labs joined 14 deals and Coinbase Ventures 12. Seed deals fell to 15.0% of all deals, the lowest quarterly share since 2024, while Series A–C disclosed investment rose 29% monthly. Debt financing rose from $70 million to $190 million and listing proceeds from $80 million to $150 million.

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