Meet the top 5 busiest crypto funders of 2021, according to PwC

The average deal size of crypto mergers and acquisitions reached $180 million in 2021, surging from $53 million in 2020, PwC said.

Merger and acquisition deals in the cryptocurrency industry, simply known as M&As, have massively increased in 2021, with associated value jumping nearly 5,000%, according to PwC, one the largest accounting firms in the United States.

The total volume of crypto mergers and acquisitions soared 4,846% last year, with the average deal size reaching about $180 million from $53 million in 2020, PwC said in a new study, Bloomberg reported on Wednesday.

PwC detailed that crypto fundraising deal volumes surged 645% in 2021, with top-five investors by deal count including blockchain investor AU21, Genesis Block Ventures, Genblock Capital, Coinbase Ventures and Moonwhale.

The massive surge in crypto M&A in 2021 was partly driven by special-purpose acquisition company (SPAC) deals, the study noted. PwC crypto leader Henri Arslanian said that there’s no sign of crypto fundraising slowing anytime soon.

The new report comes shortly after PwC released its new study on global M&A trends in technology, media and telecommunications on Jan. 24. According to the study, 2021 was a record year in terms of crypto M&A, posting 600 crypto deals in total, more than double that in 2020.

Related: Cathie Wood’s ARK ETF reportedly buys more than 69K shares of SPAC merging with Circle

PwC emphasized that in 2021 the digital asset industry was gaining “broader mainstream acceptance,” with traditional finance companies seeking to move into crypto as part of their core businesses through M&A. Companies across industries were also attempting to incorporate and monetize non-fungible tokens as a component of their core businesses, the firm noted.

“We expect a continued acceleration in crypto-related IPOs and acquisitions in 2022 across trading platforms, digital payment applications and related products,” PwC wrote.