Tom Farley, CEO of Bullish and former NYSE president, says the crypto industry is poised for “massive consolidation” as larger firms begin acquiring smaller projects, leading to a less fragmented market in coming months. Speaking to CNBC, Farley said the recent market drop will accelerate the process: Bitcoin is down roughly 45% from its October all-time high of $126,100 and was trading around $69,405 at the time he spoke.
Farley noted consolidation should have started earlier but was delayed by inflated valuations and unrealistic expectations. “People were still holding onto this hope that they’d get 2020 valuations,” he said, describing conversations where startups with modest revenue sought outsized buyout prices. “That dream is going to be over,” he added, predicting many teams will realize “they don’t have businesses, they have products” and will need to merge to scale.
While consolidation can strengthen surviving firms and streamline the sector, Farley acknowledged downsides: acquisitions and closures can cause redundancies, layoffs, and internal disruption as companies integrate or wind down operations.
Echoing a more selective capital environment, Eva Oberholzer, CIO at venture firm Ajna Capital, told Cointelegraph in September 2025 that venture investors are now much choosier, reflecting a maturing market that resembles later stages seen in other technology cycles.
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