New Era of Crypto: Tom Farley Forecasts a Wave of Large Acquisitions

Jakarta, Pintu News – The crypto industry is expected to enter a massive consolidation phase in the next few months. The CEO of Bullish exchange, Tom Farley, thinks that many small projects will be acquired by bigger players, making the market structure much less fragmented.

The sharp correction in the price of Bitcoin (BTC), which is now almost 45% below the October 2025 record, is said to be an important trigger. According to Farley, what used to happen in the traditional exchange sector will now repeat itself in the crypto industry.

The Great Delayed Consolidation

Tom Farley, former president of the New York Stock Exchange (NYSE), stated that this wave of consolidation should have happened one to two years ago. He believes that overly high valuations have led many companies to persist with unrealistic expectations, hoping to sell businesses at 2020-style prices. In practice, many companies with stagnant revenues of around US$10 million still ask for valuations of hundreds of millions of dollars.

According to Farley, the “pandemic valuation dream” phase is now over as crypto asset prices, including Bitcoin, have fallen to close to US$69,000 from a peak of US$126,100. This decline is forcing companies to be more realistic about the value of their business. He asserted that many entities will realize that what they have is not a complete business, but only a product that needs scale and integration to survive.

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From Many Projects to Few Big Players

Farley projects a similar pattern to the exchange sector: large players will absorb projects that are unable to stand on their own. Weaker-performing projects could potentially be acquired or merged into stronger platforms, thus improving efficiency and reducing duplication of services. For end users, consolidation could result in a more stable and standardized infrastructure.

However, this process also has socio-economic consequences that cannot be ignored. Mergers and acquisitions usually give rise to overlapping functions and lead to labor cuts. On the other hand, companies that do not find strategic partners may be liquidated. As such, the transition to a leaner ecosystem has the potential to bring about a period of internal disruption before a new, more established structure takes shape.

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Investors are Increasingly Selective in the Mature Phase

Eva Oberholzer, Chief Investment Officer of Ajna Capital, believes that this change is in line with the maturity of the crypto technology cycle. In a previous interview, she explained that venture capital firms are now much more selective in funding new projects. The focus of funding is shifting from fast growth narratives to real business models, revenue sustainability, and regulatory clarity.

Oberholzer emphasizes that this pattern is similar to that of other technology cycles, such as the internet and mobile, where initial euphoria was replaced by tighter capital discipline. With access to funding no longer cheap and easy, only projects with a clear value proposition and strong competitive position stand a chance. This naturally encourages consolidation as many teams choose to join larger entities rather than compete alone.

Conclusion

Bitcoin’s (BTC) price correction and tightening funding are pushing the crypto industry into a phase of “massive consolidation” according to Bullish CEO, Tom Farley. More rational valuations are forcing many companies to recognize that they need scale and integration through mergers or acquisitions.

Meanwhile, institutional and venture capital investors are becoming much more selective, only backing projects with strong fundamentals. In the short term, this process could trigger workforce reductions and project closures, but in the long term it has the potential to result in a leaner, more focused and sustainable crypto ecosystem.

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*Disclaimer

This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Crypto trading activities are subject to high risk and volatility, always do your own research and use cold hard cash before investing. All activities of buying and selling Bitcoin and other crypto asset investments are the responsibility of the reader.

Reference

• Cointelegraph. ‘Massive consolidation’ expected across crypto industry: Bullish CEO. Accessed February 9, 2026.
• Featured Image: Generated by AI