Are blockchain and cryptocurrency M&As harder to close?

Evrim Akdoğu and Serif Aziz Simsir

Finance Research Letters, 2023, vol. 52, issue C

Abstract: We investigate whether distinctive features of the blockchain/cryptocurrency industry led to different completion rates of the announced mergers and acquisitions (M&As), relative to other industries, during the years 2013–2022. Despite having a significantly lower deal closure rate on average, we find that this effect is contained only in a few years and does not span the entire decade. We also find that bitcoin prices are an important determinant of the industry's deal completion rate. Our findings may help give a glimpse into the eventual fate of the most recent deals announced during the crypto crash that started in early 2022.

Keywords: Blockchain; Cryptocurrency; Mergers & acquisitions; Deal completion (search for similar items in EconPapers)
JEL-codes: G34 (search for similar items in EconPapers)
Date: 2023
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Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:finlet:v:52:y:2023:i:c:s1544612322006766

DOI: 10.1016/j.frl.2022.103500

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