In our recent report, we unpacked a core structural reality behind crypto M&A. This slide from the report unpacks how tokens should be treated in M&A transactions, we looked at why traditional deal frameworks start to break down once token economics enter the picture. As crypto M&A accelerates, many teams are discovering that buying a “company” in this industry rarely means acquiring a single entity with clean ownership and control. The takeaway is simple: crypto businesses are not just companies, they are multi-entity systems tied together by tokens. Understanding how those layers interact is critical for both builders and acquirers. For a deeper breakdown of these dynamics and what they mean for crypto M&A, explore the full report here :