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At a $753 million market cap, the licenses and custody infrastructure may now be worth more than the shrinking exchange inside them, and the Winklevoss twins alone decide whether any deal happens.
A few transactions are setting the sector's headline totals, so half-year comparisons need to be read through the lens of deal concentration.
Deal flow recovered from April's trough, but June's 17 announcements remained below the 18–23 monthly range seen through much of H2 2025.
Record value came from concentration, not a broad rise in deal volume: four deals accounted for 76% of disclosed value while the median stayed at $100M.
CoinDesk
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