The Chief Executive Officer of cryptocurrency exchange Bullish, Tom Farley, predicts a wave of industry consolidation as market conditions shift. Farley, a former president of the New York Stock Exchange, stated that many projects will be acquired by larger companies, leading to a less fragmented sector.
The crypto industry will likely see a significant wave of consolidation according to Bullish CEO Tom Farley. Farley stated that more projects will be snapped up by larger companies, leading to a much less fragmented sector.
Farley compared the expected trend to consolidation he witnessed in the traditional exchange sector. He identified the recent market drop as a key catalyst for this change.
Bitcoin, according to market data, was trading at approximately $69,405 at the time of his comments. The leading cryptocurrency is down nearly 45% from its October all-time high of $126,100.
Farley argued this industry consolidation should have happened earlier. He claimed inflated valuations sustained false optimism that prevented mergers.
“It should have happened a year or two ago,” he stated. “People were still holding onto this hope that they’d get 2020 valuations.”
He gave an example of companies with $10 million in stagnant revenue demanding a $200 million purchase price. Farley predicted that such unrealistic expectations are ending as the market corrects.
“That dream is going to be over,” Farley said. “People are going to realize they don’t have businesses, they have products, and they need to merge up, and they need to scale.”
Eva Oberholzer, chief investment officer at venture capital firm Ajna Capital, noted a shift in investment strategy in September 2025. She said VC firms have become much more selective due to market maturation.
