As Crypto Prices Continue to Plunge, These Companies Are Preparing to Take Advantage The search for acquisitions in the crypto space is heating up.

By Amanda Breen

As cryptocurrency prices continue to plummet, some companies are ready to take advantage of the fall. Two top firms, Ripple and FTX, informed CNBC that they're searching for acquisitions — and hoping that the buyouts spur growth in the industry overall.

In an interview last week, Brett Harrison, president of cryptocurrency exchange FTX U.S., revealed the company is in "a very good spot in terms of our capital and cash" and plans to scope out possible merger and acquisition opportunities. Harrison also said the firm will seek companies that can help it gain additional users or regulatory licenses.

Related: Crypto Exchange Shuts Down Withdrawals After Hackers Reportedly Steal $33 Million in Bitcoin, Ethereum

The announcement follows FTX's 2020 acquisition of trading platform Blockfolio and CNBC's report earlier this month that the firm is searching for brokerage startups in an attempt to dive deeper into stock trading.

Similarly, cross-border payments company Ripple cited its "very strong balance sheet," believing an increase in mergers and acquisitions within the crypto industry is on the horizon. "I think there'll be an uptick in M&A in the blockchain and crypto space," CEO Brad Garlinghouse told CNBC last week. "We haven't seen that yet. But I think that's likely in the future. And I certainly think as that unfolds, we would consider things like that."

Related: Bitcoin Skyrockets After Biden Sign Executive Order to Regulate Crypto

Data on crypto's recent mergers and acquisition history also lends weight to Harrison's and Garlinghouse's assessments. Per PWC, the global value of such transactions in the crypto space totaled upwards of $55 billion in 2021 — a sharp increase over its $1.1 billion total in 2020.

Bitcoin was trading at $31,525.20 as of 10:25 a.m. EST, down more than 16% month over month — and far below its all-time high of over $68,000 in November 2021.

Wavy Line
Amanda Breen

Entrepreneur Staff

Features Writer

Amanda Breen is a features writer at Entrepreneur.com. She is a graduate of Barnard College and received an MFA in writing at Columbia University, where she was a news fellow for the School of the Arts.

Editor's Pick

A Father Decided to Change When He Was in Prison on His Son's Birthday. Now His Nonprofit Helps Formerly Incarcerated Applicants Land 6-Figure Jobs.
Lock
A Teen Turned His Roblox Side Hustle Into a Multimillion-Dollar Company — Now He's Working With Karlie Kloss and Elton John
Lock
3 Mundane Tasks You Should Automate to Save Your Brain for the Big Stuff
Lock
The Next Time Someone Intimidates You, Here's What You Should Do
5 Ways to Manage Your Mental Health and Regulate Your Nervous System for Sustainable Success

Related Topics

Business News

'Do You Hate Me?': High School Teacher Shares Wild Emails He Receives From Students

Jordan Baechler teaches high school students in Ontario, Canada.

Business News

After Being Told They Could Work From Home Forever, Employees Made Major Life Changes. Then, a New CEO Ordered Them Back to the Office.

Farmers Group CEO Raul Vargas is facing backlash for the change, but he says being in the office brings more "collaboration" and "innovation."

Starting a Business

Starting a New Business? Here's How to Leverage Transferable Skills From Your Prior Careers and Drive Success

Launching your own business can be daunting, but when you harness the skills from past jobs, there are a variety of things you must ask yourself. Here are three recipes for success using your prior experiences.

Growing a Business

Do You Say 'Like' Too Much? Don't Worry! I'm a Sociolinguist, and I Like 'Like.'

The modern use of the word is denigrated through and through. But it may be doing more communicative heavy lifting than we give it credit for.