Are blockchain and cryptocurrency M&As harder to close?

Official URL: https://dx.doi.org/10.1016/j.frl.2022.103500

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.