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Market strategy briefQ2 2026Next refresh: mid-Nov 2026

Lower Spend Concentration + Accelerating posture

Financial Infrastructure, Credit & Asset Management

Lower Spend Concentration + Accelerating · $494B disclosed spend · led by Geographic Expansion plays · activity accelerating across 186 public buyers.

Useful acquirers add AUM, proprietary data, distribution, accounts, origination flow, or regulated market infrastructure that can be scaled across existing platforms.

Geographic Expansion dominantSpend HHI 536Accelerating +60

Disclosed acquisition spend is below the atlas median HHI (576), while recent activity is accelerating.

Public buyers

186

96 core (10+)

Recorded buys

1,661

265 last 3 yrs

Disclosed spend

$494B

$186.1B recent

Matched issuers

826

4 segments

Strategy fingerprint

How this market gets bought

Spend-weighted strategy mix from public buyers' 10-K language. Each archetype shows the buyers who lead it.

Geo 27%
Bolt 23%
Platform 22%
Horiz 14%
Tech 10%
Tuck InBolt OnPlatformGeographic ExpansionHorizontal ConsolidationVertical IntegrationTechnology AcquisitionTalent Acquisition

Tuck In

3% mix

Small additive deals folded directly into the existing business.

“There are other funds focused on renewable power and transition, infrastructure, private equity, real estate, and credit strategies that compete for investor capital.”

Brookfield Asset Management Ltd. (BAM) · FY2025

Bolt On

23% mix

Mid-sized acquisitions extending the existing product or service core.

“Selective bolt-on acquisitions that accelerate the ability to scale and grow Moody’s businesses;”

Moody’s Corporation (MCO) · FY2018

Platform

22% mix

Foundational deals establishing a new platform or business line.

“KKR plans to continue the existing strategy and business of KJRM.”

KKR & Co. Inc. (KKR) · FY2022

Geographic Expansion

27% mix

Buying density or new geographies to extend the footprint.

“acquired Featurespace Limited, a developer of real-time artificial intelligence payments protection technology”

Visa Inc. (V) · FY2025

Horizontal Consolidation

14% mix

Acquiring direct competitors to consolidate the market.

“consolidation and increasing competition among global markets for trading, clearing and listings.”

Intercontinental Exchange, Inc. (ICE) · FY2025

Vertical Integration

1% mix

Adding upstream or downstream capability inside the value chain.

Technology Acquisition

10% mix

Buying products, IP, or engineering depth for capability gain.

“Safeguard’s charter is to build value in growth-stage businesses by providing capital as well as strategic, operational and management resources.”

Safeguard Scientifics Inc. (SFES) · FY2012

Talent Acquisition

2% mix

Acquisitions led by team or human-capital rationale.

“We may incur significant expense in connection with expanding our existing businesses, recruiting financial advisors, or making strategic acquisitions or investments.”

Raymond James Financial, Inc. (RJF) · FY2016

Buyer landscape

Disclosed buyer scale by annual spend

Each bubble is a top public buyer with disclosed acquisition spend. X = average disclosed spend per active year. Y = total disclosed spend. Midlines are buyer medians. Color = dominant strategy archetype.

Below-median disclosed spend per active year, above-median total disclosed spend.Lower Annual Spend / Higher Total SpendAbove-median disclosed spend per active year, above-median total disclosed spend.Higher Annual Spend / Higher Total SpendBelow-median disclosed spend per active year, below-median total disclosed spend.Lower Annual Spend / Lower Total SpendAbove-median disclosed spend per active year, below-median total disclosed spend.Higher Annual Spend / Lower Total Spend$100K$1M$10M$100M$1B$10B$100K$1M$10M$100M$1B$10B$100Bmedian annual $100Mmedian total $282MAvg disclosed acquisition spend per active year (log) →Total disclosed spend (log)JPMJpmorgan Chase & Co. (JPM) Geographic Expansion $84B total · $7.6B / active year 11 active years · 6 buys reportedVVisa Inc. (V) Geographic Expansion $38.6B total · $2.6B / active year 15 active years · 6 buys reportedNDAQNasdaq, Inc. (NDAQ) Bolt On $34.2B total · $1.8B / active year 19 active years · 31 buys reportedICEIntercontinental Exchange, Inc. (ICE) Horizontal Consolidation $28.8B total · $2.2B / active year 13 active years · 23 buys reportedMSMorgan Stanley (MS) Bolt On $23.3B total · $7.8B / active year 3 active years · 2 buys reportedJEFJefferies Financial Group Inc. (JEF) Bolt On $16.9B total · $1.9B / active year 9 active years · 11 buys reportedGSThe Goldman Sachs Group, Inc. (GS) Geographic Expansion $14B total · $1.4B / active year 10 active yearsMAMastercard Incorporated (MA) Platform $12.8B total · $986M / active year 13 active years · 17 buys reportedGPNGlobal Payments Inc. (GPN) Geographic Expansion $12.6B total · $628M / active year 20 active years · 20 buys reportedPYPLPayPal Holdings, Inc. (PYPL) Bolt On $9.8B total · $1.4B / active year 7 active years · 17 buys reportedOMFOnemain Holdings, Inc. (OMF) Platform $9B total · $4.5B / active year 2 active years · 2 buys reportedCMECME Group Inc. (CME) Horizontal Consolidation $8.9B total · $1.3B / active year 7 active years · 9 buys reportedFRHCFreedom Holding Corp. (FRHC) Geographic Expansion $8.7B total · $1.2B / active year 7 active years · 17 buys reportedMCOMoody’s Corporation (MCO) Bolt On $8.6B total · $430M / active year 20 active years · 29 buys reportedIVZInvesco Ltd. (IVZ) Horizontal Consolidation $8.5B total · $1.1B / active year 8 active years · 6 buys reportedBBUCBrookfield Business Corporation (BBUC) Bolt On $8.2B total · $1.6B / active year 5 active years · 20 buys reportedKKRKKR & Co. Inc. (KKR) Platform $7.7B total · $1.1B / active year 7 active years · 5 buys reportedBMNRBitmine Immersion Technologies, Inc. (BMNR) Mixed strategy $7.4B total · $7.4B / active year 1 active yearsOWLBlue OWL Capital Inc. (OWL) Platform $7.2B total · $2.4B / active year 3 active years · 5 buys reportedSPGIS&P Global Inc. (SPGI) Bolt On $6.8B total · $520M / active year 13 active years · 34 buys reportedBLKBlackRock, Inc. (BLK) Bolt On $6.4B total · $3.2B / active year 2 active years · 6 buys reportedCOFCapital ONE Financial Corp. (COF) Geographic Expansion $5.7B total · $1.9B / active year 3 active years · 8 buys reportedNNINelnet, Inc. (NNI) Geographic Expansion $4.9B total · $448M / active year 11 active years · 25 buys reportedRJFRaymond James Financial, Inc. (RJF) Talent Acquisition $4.8B total · $479M / active year 10 active years · 8 buys reportedSTTState Street Corporation (STT) Geographic Expansion $4.6B total · $456M / active year 10 active years · 9 buys reportedGBDCGolub Capital BDC, Inc. (GBDC) Horizontal Consolidation $4.4B total · $889M / active year 5 active years · 3 buys reportedSCHWSchwab Charles Corp. (SCHW) Horizontal Consolidation $4.1B total · $688M / active year 6 active years · 6 buys reportedGLDICredit Suisse AG (GLDI) Horizontal Consolidation $4.1B total · $4.1B / active year 1 active years · 2 buys reportedBFHBread Financial Holdings, Inc. (BFH) Bolt On $4.1B total · $340M / active year 12 active years · 13 buys reportedLPLALPL Financial Holdings Inc. (LPLA) Bolt On $4B total · $308M / active year 13 active years · 93 buys reportedSYFSynchrony Financial (SYF) Bolt On $3.9B total · $2B / active year 2 active years · 7 buys reportedAXPAmerican Express Co. (AXP) Mixed strategy $3.6B total · $329M / active year 11 active yearsARESAres Management Corporation (ARES) Geographic Expansion $3.4B total · $569M / active year 6 active years · 10 buys reportedFDSFactset Research Systems Inc. (FDS) Bolt On $3.4B total · $210M / active year 16 active years · 17 buys reportedBENFranklin Resources, Inc. (BEN) Bolt On $3.3B total · $302M / active year 11 active years · 16 buys reportedNMRNomura Holdings, Inc. (NMR) Horizontal Consolidation $3.2B total · $319M / active year 10 active years · 6 buys reportedAMUBUBS AG (AMUB) Geographic Expansion $3.1B total · $515M / active year 6 active years · 8 buys reportedMSCIMsci Inc. (MSCI) Bolt On $3B total · $332M / active year 9 active years · 13 buys reportedJHGJanus Henderson Group PLC (JHG) Bolt On $2.8B total · $920M / active year 3 active years · 1 buys reportedVCTRVictory Capital Holdings, Inc. (VCTR) Bolt On $2.7B total · $679M / active year 4 active years · 4 buys reportedPRAAPRA Group, Inc (PRAA) Geographic Expansion $2.6B total · $216M / active year 12 active years · 5 buys reportedBXBlackstone Inc. (BX) Geographic Expansion $2.6B total · $284M / active year 9 active years · 8 buys reportedFDCTFdctech, Inc. (FDCT) Platform $2.5B total · $2.5B / active year 1 active years · 1 buys reportedALLYAlly Financial Inc. (ALLY) Platform $2.5B total · $415M / active year 6 active years · 9 buys reportedTROWPrice T Rowe Group Inc. (TROW) Platform $2.5B total · $1.2B / active year 2 active years · 2 buys reportedAMGAffiliated Managers Group, Inc. (AMG) Geographic Expansion $2.3B total · $281M / active year 8 active years · 10 buys reportedAMPAmeriprise Financial, Inc. (AMP) Bolt On $2.1B total · $430M / active year 5 active years · 10 buys reportedWUWestern Union CO (WU) Geographic Expansion $1.9B total · $216M / active year 9 active years · 9 buys reportedTPGTPG Inc. (TPG) Geographic Expansion $1.7B total · $434M / active year 4 active years · 1 buys reportedSFStifel Financial Corp. (SF) Horizontal Consolidation $1.7B total · $94M / active year 18 active years · 35 buys reportedARCCAres Capital Corp (ARCC) Horizontal Consolidation $1.6B total · $778M / active year 2 active years · 2 buys reportedPIPRPiper Sandler Companies (PIPR) Bolt On $1.5B total · $105M / active year 14 active years · 13 buys reportedIXORIX Corporation (IX) Bolt On $1.4B total · $282M / active year 5 active yearsTIGRUP Fintech Holding Limited (TIGR) Mixed strategy $1.3B total · $625M / active year 2 active yearsWTWisdomTree, Inc. (WT) Geographic Expansion $1.2B total · $175M / active year 7 active years · 6 buys reportedBGCBGC Group, Inc. (BGC) Bolt On $1.2B total · $67M / active year 18 active years · 37 buys reportedTWTradeweb Markets Inc. (TW) Bolt On $1.1B total · $379M / active year 3 active years · 5 buys reportedCOINCoinbase Global, Inc. (COIN) Technology Acquisition $1.1B total · $212M / active year 5 active years · 11 buys reportedABAlliancebernstein Holding L.p. (AB) Talent Acquisition $999M total · $125M / active year 8 active years · 6 buys reportedCGCarlyle Group Inc. (CG) Platform $965M total · $193M / active year 5 active years · 2 buys reportedSNEXStoneX Group Inc. (SNEX) Geographic Expansion $913M total · $54M / active year 17 active years · 37 buys reportedVRTSVirtus Investment Partners, Inc. (VRTS) Platform $910M total · $114M / active year 8 active years · 9 buys reportedSRLScully Royalty Ltd. (SRL) Horizontal Consolidation $727M total · $242M / active year 3 active years · 2 buys reportedMORNMorningstar, Inc. (MORN) Geographic Expansion $678M total · $48M / active year 14 active years · 37 buys reportedLMFALM Funding America, Inc. (LMFA) Technology Acquisition $667M total · $133M / active year 5 active years · 290 buys reportedBAMBrookfield Asset Management Ltd. (BAM) Tuck In $638M total · $319M / active year 2 active years · 1 buys reportedTREELendingTree, Inc. (TREE) Bolt On $633M total · $90M / active year 7 active years · 11 buys reportedABTCAmerican Bitcoin Corp. (ABTC) Geographic Expansion $630M total · $126M / active year 5 active years · 8 buys reportedRMRegional Management Corp. (RM) Geographic Expansion $604M total · $201M / active year 3 active years · 4 buys reportedHOODRobinhood Markets, Inc. (HOOD) Geographic Expansion $589M total · $196M / active year 3 active years · 5 buys reportedHLIHoulihan Lokey, Inc. (HLI) Platform $584M total · $58M / active year 10 active years · 3 buys reportedSFESSafeguard Scientifics Inc. (SFES) Technology Acquisition $584M total · $32M / active year 18 active years · 22 buys reportedSEICSEI Investments Company (SEIC) Geographic Expansion $554M total · $92M / active year 6 active years · 7 buys reportedBBTBeacon Financial Corporation (BBT) Geographic Expansion $532M total · $76M / active year 7 active years · 18 buys reportedBCARD. Boral ARC Acquisition I Corp. (BCAR) Platform $500M total · $500M / active year 1 active yearsGDOTGreen DOT Corp. (GDOT) Platform $487M total · $81M / active year 6 active years · 7 buys reportedINVInnventure, Inc. (INV) Platform $472M total · $472M / active year 1 active years · 1 buys reportedTRINTrinity Capital Inc. (TRIN) Platform $461M total · $154M / active year 3 active years · 6 buys reportedMKTXMarketaxess Holdings Inc. (MKTX) Bolt On $455M total · $46M / active year 10 active years · 10 buys reportedBACCBlue Acquisition Corp/Cayman (BACC) Platform $450M total · $450M / active year 1 active yearsCIFRCipher Digital Inc. (CIFR) Platform $385M total · $385M / active year 1 active years · 2 buys reportedMARAMARA Holdings, Inc. (MARA) Platform $385M total · $64M / active year 6 active years · 11 buys reportedFOAFinance of America Companies Inc. (FOA) Bolt On $385M total · $128M / active year 3 active years · 2 buys reportedLULufax Holding Ltd (LU) Mixed strategy $384M total · $128M / active year 3 active yearsPFLTPennantpark Floating Rate Capital Ltd. (PFLT) Mixed strategy $334M total · $167M / active year 2 active years · 2 buys reportedLAZLazard, Inc. (LAZ) Geographic Expansion $330M total · $66M / active year 5 active years · 4 buys reportedLPROOpen Lending Corporation (LPRO) Mixed strategy $329M total · $329M / active year 1 active years · 1 buys reportedMRXMarex Group plc (MRX) Geographic Expansion $328M total · $164M / active year 2 active yearsPSECProspect Capital Corporation (PSEC) Platform $320M total · $107M / active year 3 active years · 1 buys reportedOAK-PABrookfield Oaktree Holdings, LLC (OAK-PA) Platform $320M total · $160M / active year 2 active years · 1 buys reportedSLMSLM Corp (SLM) Bolt On $308M total · $154M / active year 2 active years · 3 buys reportedSSSSSuRo Capital Corp. (SSSS) Geographic Expansion $301M total · $151M / active year 2 active years · 68 buys reportedCPSSConsumer Portfolio Services, Inc. (CPSS) Horizontal Consolidation $284M total · $284M / active year 1 active yearsTCPCBlackrock TCP Capital Corp. (TCPC) Platform $281M total · $281M / active year 1 active years · 2 buys reportedLCLendingClub Corporation (LC) Platform $255M total · $127M / active year 2 active years · 3 buys reportedJSMNavient Corporation (JSM) Bolt On $251M total · $126M / active year 2 active years · 1 buys reportedGOLDGold.com, Inc. (GOLD) Bolt On $238M total · $48M / active year 5 active years · 3 buys reportedFHIFederated Hermes, Inc. (FHI) Geographic Expansion $230M total · $29M / active year 8 active years · 2 buys reportedMGLDTHE Marygold Companies, Inc. (MGLD) Bolt On $222M total · $22M / active year 10 active years · 8 buys reportedLIENChicago Atlantic BDC, Inc. (LIEN) Mixed strategy $220M total · $220M / active year 1 active years · 1 buys reportedSLRCSLR Investment Corp. (SLRC) Platform $217M total · $108M / active year 2 active years · 5 buys reportedPJTPJT Partners Inc. (PJT) Mixed strategy $215M total · $72M / active year 3 active years · 4 buys reportedBTCSBtcs Inc. (BTCS) Geographic Expansion $201M total · $201M / active year 1 active yearsRIOTRiot Platforms, Inc. (RIOT) Platform $199M total · $40M / active year 5 active years · 8 buys reportedENVAEnova International, Inc. (ENVA) Geographic Expansion $183M total · $46M / active year 4 active years · 5 buys reportedSTEPStepstone Group Inc. (STEP) Mixed strategy $182M total · $182M / active year 1 active years · 1 buys reportedXPXP Inc. (XP) Mixed strategy $157M total · $78M / active year 2 active yearsWRLDWorld Acceptance Corporation (WRLD) Geographic Expansion $148M total · $18M / active year 8 active years · 194 buys reportedHUTHut 8 Corp. (HUT) Bolt On $136M total · $136M / active year 1 active years · 1 buys reportedEVREvercore Inc. (EVR) Geographic Expansion $133M total · $17M / active year 8 active years · 11 buys reportedOPRTOportun Financial Corporation (OPRT) Platform $132M total · $132M / active year 1 active years · 2 buys reportedSOFISoFi Technologies, Inc. (SOFI) Platform $131M total · $65M / active year 2 active years · 1 buys reportedCCAPCrescent Capital BDC, Inc. (CCAP) Mixed strategy $127M total · $63M / active year 2 active years · 2 buys reportedHCXYHercules Capital, Inc. (HCXY) Mixed strategy $126M total · $126M / active year 1 active yearsMGTIMGT Capital Investments, Inc. (MGTI) Technology Acquisition $124M total · $41M / active year 3 active years · 5 buys reportedTPVGTriplePoint Venture Growth BDC Corp. (TPVG) Mixed strategy $122M total · $122M / active year 1 active years · 1 buys reportedLKSPLake Superior Acquisition Corp. (LKSP) Mixed strategy $115M total · $115M / active year 1 active years · 1 buys reportedPAXPatria Investments Limited (PAX) Mixed strategy $114M total · $57M / active year 2 active yearsCRBDCorebridge Financial, Inc. (CRBD) Mixed strategy $112M total · $56M / active year 2 active yearsUPSTUpstart Holdings, Inc. (UPST) Mixed strategy $106M total · $53M / active year 2 active years · 1 buys reportedWHGWestwood Holdings Group, Inc. (WHG) Horizontal Consolidation $105M total · $15M / active year 7 active years · 7 buys reportedBCICBCP Investment Corporation (BCIC) Bolt On $101M total · $34M / active year 3 active years · 6 buys reportedSCE-PGSOUTHERN CALIFORNIA EDISON Co (SCE-PG) Mixed strategy $100M total · $100M / active year 1 active years · 4 buys reportedSIEBSiebert Financial Corp. (SIEB) Technology Acquisition $100M total · $11M / active year 9 active years · 9 buys reportedAPOApollo Global Management, Inc. (APO) Platform $99M total · $99M / active year 1 active years · 1 buys reportedWULFTerawulf Inc. (WULF) Bolt On $98M total · $33M / active year 3 active years · 2 buys reportedHNOIHNO International, Inc. (HNOI) Mixed strategy $83M total · $83M / active year 1 active years · 1 buys reportedNRDSNerdWallet, Inc. (NRDS) Vertical Integration $82M total · $27M / active year 3 active years · 2 buys reportedATLCAtlanticus Holdings Corp (ATLC) Platform $80M total · $40M / active year 2 active years · 2 buys reportedAIHSSenmiao Technology Limited (AIHS) Horizontal Consolidation $74M total · $37M / active year 2 active years · 3 buys reportedFINVFinVolution Group (FINV) Mixed strategy $72M total · $36M / active year 2 active yearsJFJ & Friends Holdings Ltd (JF) Mixed strategy $70M total · $35M / active year 2 active years · 1 buys reportedTONXTON Strategy Company (TONX) Bolt On $69M total · $14M / active year 5 active years · 4 buys reportedHNNAHennessy Advisors, Inc. (HNNA) Bolt On $67M total · $11M / active year 6 active yearsZSTKZeroStack Corp. (ZSTK) Geographic Expansion $65M total · $22M / active year 3 active years · 2 buys reportedSAMGSilvercrest Asset Management Group Inc. (SAMG) Geographic Expansion $64M total · $16M / active year 4 active years · 2 buys reportedOPYOppenheimer Holdings Inc. (OPY) Platform $62M total · $16M / active year 4 active years · 7 buys reportedPIACPrinceton Capital Corporation (PIAC) Mixed strategy $60M total · $60M / active year 1 active yearsBBXIABBX Capital, Inc. (BBXIA) Geographic Expansion $57M total · $19M / active year 3 active years · 2 buys reportedMIAXMiami International Holdings, Inc. (MIAX) Horizontal Consolidation $57M total · $57M / active year 1 active years · 1 buys reportedAIJTYJianpu Technology Inc. (AIJTY) Mixed strategy $51M total · $17M / active year 3 active yearsMAASMAASE Inc. (MAAS) Geographic Expansion $50M total · $17M / active year 3 active yearsMLCIMount Logan Capital Inc. (MLCI) Platform $47M total · $47M / active year 1 active years · 1 buys reportedAIOSAIOS Tech Inc. (AIOS) Mixed strategy $45M total · $15M / active year 3 active years · 3 buys reportedPMTSCPI Card Group Inc. (PMTS) Bolt On $44M total · $44M / active year 1 active years · 2 buys reportedBTBTBIT Digital, Inc. (BTBT) Geographic Expansion $39M total · $39M / active year 1 active years · 1 buys reportedHKHCHorizon Kinetics Holding Corporation (HKHC) Bolt On $39M total · $10M / active year 4 active years · 2 buys reportedOMCCOLD Market Capital Corporation (OMCC) Geographic Expansion $39M total · $13M / active year 3 active years · 3 buys reportedMBNKOMedallion Financial Corp. (MBNKO) Platform $36M total · $36M / active year 1 active years · 2 buys reportedNOAHNoah Holdings Ltd (NOAH) Mixed strategy $35M total · $12M / active year 3 active yearsSUIGSUI Group Holdings Limited (SUIG) Mixed strategy $34M total · $17M / active year 2 active years · 1 buys reportedSWKHSWK Holdings Corporation (SWKH) Platform $33M total · $16M / active year 2 active years · 5 buys reportedCURRCurrenc Group Inc. (CURR) Bolt On $32M total · $32M / active year 1 active years · 1 buys reportedNCPLNetcapital Inc. (NCPL) Platform $30M total · $15M / active year 2 active years · 2 buys reportedVIRTVirtu Financial, Inc. (VIRT) Platform $28M total · $9M / active year 3 active years · 3 buys reportedMNTRMentor Capital, Inc. (MNTR) Technology Acquisition $26M total · $13M / active year 2 active years · 1 buys reportedCNSCohen & Steers, Inc. (CNS) Platform $25M total · $12M / active year 2 active years · 2 buys reportedDFINDonnelley Financial Solutions, Inc. (DFIN) Technology Acquisition $23M total · $6M / active year 4 active years · 3 buys reportedETOReToro Group Ltd. (ETOR) Mixed strategy $21M total · $21M / active year 1 active yearsPWPPerella Weinberg Partners (PWP) Mixed strategy $19M total · $19M / active year 1 active years · 1 buys reportedVINPVinci Partners Investments Ltd. (VINP) Mixed strategy $17M total · $9M / active year 2 active yearsHLNEHamilton Lane Inc (HLNE) Mixed strategy $17M total · $6M / active year 3 active years · 2 buys reportedFUTUFutu Holdings Ltd (FUTU) Mixed strategy $15M total · $15M / active year 1 active yearsNEWTNewtekone, Inc. (NEWT) Mixed strategy $14M total · $14M / active year 1 active years · 1 buys reportedAHGAkso Health Group (AHG) Mixed strategy $13M total · $13M / active year 1 active years · 1 buys reportedHGBLHeritage Global Inc. (HGBL) Geographic Expansion $13M total · $3M / active year 5 active years · 6 buys reportedBURBurford Capital Limited (BUR) Mixed strategy $9M total · $9M / active year 1 active yearsCDIXCardiff Lexington Corporation (CDIX) Bolt On $8M total · $2M / active year 4 active years · 7 buys reportedOFSOFS Capital Corporation (OFS) Mixed strategy $8M total · $8M / active year 1 active years · 1 buys reportedGLXYGalaxy Digital Inc. (GLXY) Mixed strategy $8M total · $8M / active year 1 active years · 2 buys reportedCITRCitrotech Inc. (CITR) Mixed strategy $7M total · $2M / active year 3 active years · 3 buys reportedDOMHDominari Holdings Inc. (DOMH) Platform $7M total · $1M / active year 5 active years · 4 buys reportedSBETSharplink, Inc. (SBET) Horizontal Consolidation $7M total · $7M / active year 1 active years · 1 buys reportedALTIAlTi Global, Inc. (ALTI) Bolt On $7M total · $7M / active year 1 active years · 4 buys reportedAMTDAmtd Idea Group (AMTD) Horizontal Consolidation $4M total · $4M / active year 1 active yearsWNLVWinvest Group Ltd. (WNLV) Mixed strategy $3M total · $1M / active year 2 active years · 2 buys reportedYRDYiren Digital Ltd. (YRD) Mixed strategy $2M total · $2M / active year 1 active yearsCOHNCohen & Co Inc. (COHN) Platform $2M total · $2M / active year 1 active years · 3 buys reportedTWAVTaoWeave, Inc. (TWAV) Technology Acquisition $2M total · $2M / active year 1 active years · 2 buys reportedLXLexinFintech Holdings Ltd. (LX) Mixed strategy $1M total · $1M / active year 1 active yearsWAITOP Kingwin Ltd. (WAI) Horizontal Consolidation $600K total · $600K / active year 1 active years · 1 buys reportedSLMTBrera Holdings PLC (SLMT) Platform $500K total · $500K / active year 1 active years · 1 buys reportedMWAIMedwellai, Inc. (MWAI) Bolt On $200K total · $200K / active year 1 active years · 5 buys reportedRHNORhino Bitcoin Inc. (RHNO) Mixed strategy $200K total · $200K / active year 1 active years · 1 buys reportedGROWU.s. Global Investors, Inc. (GROW) Geographic Expansion $200K total · $200K / active year 1 active years · 1 buys reportedCRCLCircle Internet Group, Inc. (CRCL) Mixed strategy $100K total · $100K / active year 1 active years · 2 buys reported
BuyerDominant playDisclosed spendSpend / yrBuys3-yr spend trend
Jpmorgan Chase & Co.JPMGeographic Expansion
$84B
$7.6B6

New cycle

$81.8B recent

Visa Inc.VGeographic Expansion
$38.6B
$2.6B6

Steady

-14%

Nasdaq, Inc.NDAQBolt On
$34.2B
$1.8B31

Accelerating

+881%

Intercontinental Exchange, Inc.ICEHorizontal Consolidation
$28.8B
$2.2B23

Steady

+7%

Morgan StanleyMSBolt On
$23.3B
$7.8B2

Paused

$20.6B prior

Jefferies Financial Group Inc.JEFBolt On
$16.9B
$1.9B11

New cycle

$1.4B recent

The Goldman Sachs Group, Inc.GSGeographic Expansion
$14B
$1.4BN/A

Steady

no signal

Mastercard IncorporatedMAPlatform
$12.8B
$986M17

Winding down

$5.4B → $30M

Global Payments Inc.GPNGeographic Expansion
$12.6B
$628M20

Accelerating

+149%

PayPal Holdings, Inc.PYPLBolt On
$9.8B
$1.4B17

Winding down

$6.4B → $19M

Onemain Holdings, Inc.OMFPlatform
$9B
$4.5B2

Steady

+0% (count)

CME Group Inc.CMEHorizontal Consolidation
$8.9B
$1.3B9

Paused

$410M prior

Freedom Holding Corp.FRHCGeographic Expansion
$8.7B
$1.2B17

Cooling

-25%

Moody’s CorporationMCOBolt On
$8.6B
$430M29

Cooling

-86%

Invesco Ltd.IVZHorizontal Consolidation
$8.5B
$1.1B6

Paused

$5.6B prior

Brookfield Business CorporationBBUCBolt On
$8.2B
$1.6B20

New cycle

$2.1B recent

KKR & Co. Inc.KKRPlatform
$7.7B
$1.1B5

Accelerating

+26%

Bitmine Immersion Technologies, Inc.BMNRN/A
$7.4B
$7.4BN/A

New cycle

$7.4B recent

Blue OWL Capital Inc.OWLPlatform
$7.2B
$2.4B5

Winding down

$6.8B → $445M

S&P Global Inc.SPGIBolt On
$6.8B
$520M34

Accelerating

+538%

BlackRock, Inc.BLKBolt On
$6.4B
$3.2B6

New cycle

$6.4B recent

Capital ONE Financial Corp.COFGeographic Expansion
$5.7B
$1.9B8

Steady

+100% (count)

Nelnet, Inc.NNIGeographic Expansion
$4.9B
$448M25

Accelerating

+215%

Raymond James Financial, Inc.RJFTalent Acquisition
$4.8B
$479M8

Paused

$3.4B prior

State Street CorporationSTTGeographic Expansion
$4.6B
$456M9

Steady

-17%

Golub Capital BDC, Inc.GBDCHorizontal Consolidation
$4.4B
$889M3

New cycle

$3.1B recent

Schwab Charles Corp.SCHWHorizontal Consolidation
$4.1B
$688M6

Paused

$3.2B prior

Credit Suisse AGGLDIHorizontal Consolidation
$4.1B
$4.1B2

New cycle

$4.1B recent

Bread Financial Holdings, Inc.BFHBolt On
$4.1B
$340M13

Paused

$342M prior

LPL Financial Holdings Inc.LPLABolt On
$4B
$308M93

Accelerating

+879%

Synchrony FinancialSYFBolt On
$3.9B
$2B7

New cycle

$3.9B recent

American Express Co.AXPN/A
$3.6B
$329MN/A

Accelerating

+78%

Ares Management CorporationARESGeographic Expansion
$3.4B
$569M10

Steady

+20%

Factset Research Systems Inc.FDSBolt On
$3.4B
$210M17

Cooling

-82%

Franklin Resources, Inc.BENBolt On
$3.3B
$302M16

Steady

-13%

Nomura Holdings, Inc.NMRHorizontal Consolidation
$3.2B
$319M6

Winding down

$113M → $100K

UBS AGAMUBGeographic Expansion
$3.1B
$515M8

Steady

+0% (count)

Msci Inc.MSCIBolt On
$3B
$332M13

Steady

-20%

Janus Henderson Group PLCJHGBolt On
$2.8B
$920M1

New cycle

$129M recent

Victory Capital Holdings, Inc.VCTRBolt On
$2.7B
$679M4

Accelerating

+146%

PRA Group, IncPRAAGeographic Expansion
$2.6B
$216M5

Accelerating

+27%

Blackstone Inc.BXGeographic Expansion
$2.6B
$284M8

Paused

$500K prior

Fdctech, Inc.FDCTPlatform
$2.5B
$2.5B1

New cycle

$2.5B recent

Ally Financial Inc.ALLYPlatform
$2.5B
$415M9

Paused

$1.7B prior

Price T Rowe Group Inc.TROWPlatform
$2.5B
$1.2B2

Paused

$2.5B prior

Affiliated Managers Group, Inc.AMGGeographic Expansion
$2.3B
$281M10

Paused

$363M prior

Ameriprise Financial, Inc.AMPBolt On
$2.1B
$430M10

Cooling

-82%

Western Union COWUGeographic Expansion
$1.9B
$216M9

Steady

+0% (count)

TPG Inc.TPGGeographic Expansion
$1.7B
$434M1

New cycle

$1.7B recent

Stifel Financial Corp.SFHorizontal Consolidation
$1.7B
$94M35

Steady

+25%

Ares Capital CorpARCCHorizontal Consolidation
$1.6B
$778M2

Steady

+0% (count)

Piper Sandler CompaniesPIPRBolt On
$1.5B
$105M13

Cooling

-87%

ORIX CorporationIXBolt On
$1.4B
$282MN/A

Winding down

$755M → $600K

UP Fintech Holding LimitedTIGRN/A
$1.3B
$625MN/A

Cooling

-60%

WisdomTree, Inc.WTGeographic Expansion
$1.2B
$175M6

New cycle

$271M recent

BGC Group, Inc.BGCBolt On
$1.2B
$67M37

New cycle

$385M recent

Tradeweb Markets Inc.TWBolt On
$1.1B
$379M5

Accelerating

+347%

Coinbase Global, Inc.COINTechnology Acquisition
$1.1B
$212M11

Accelerating

+212%

Alliancebernstein Holding L.p.ABTalent Acquisition
$999M
$125M6

Paused

$818M prior

Carlyle Group Inc.CGPlatform
$965M
$193M2

Paused

$780M prior

StoneX Group Inc.SNEXGeographic Expansion
$913M
$54M37

Accelerating

+76%

Virtus Investment Partners, Inc.VRTSPlatform
$910M
$114M9

Steady

-4%

Scully Royalty Ltd.SRLHorizontal Consolidation
$727M
$242M2

Steady

+0% (count)

Morningstar, Inc.MORNGeographic Expansion
$678M
$48M37

Accelerating

+584%

LM Funding America, Inc.LMFATechnology Acquisition
$667M
$133M290

Winding down

$247M → $12M

Brookfield Asset Management Ltd.BAMTuck In
$638M
$319M1

New cycle

$638M recent

LendingTree, Inc.TREEBolt On
$633M
$90M11

Steady

-100% (count)

American Bitcoin Corp.ABTCGeographic Expansion
$630M
$126M8

Cooling

-72%

Regional Management Corp.RMGeographic Expansion
$604M
$201M4

Steady

+0% (count)

Robinhood Markets, Inc.HOODGeographic Expansion
$589M
$196M5

Accelerating

+243%

Houlihan Lokey, Inc.HLIPlatform
$584M
$58M3

Cooling

-75%

Safeguard Scientifics Inc.SFESTechnology Acquisition
$584M
$32M22

Cooling

-86%

SEI Investments CompanySEICGeographic Expansion
$554M
$92M7

Accelerating

+383%

Beacon Financial CorporationBBTGeographic Expansion
$532M
$76M18

Steady

+100% (count)

D. Boral ARC Acquisition I Corp.BCARPlatform
$500M
$500MN/A

New cycle

$500M recent

Green DOT Corp.GDOTPlatform
$487M
$81M7

Steady

+0% (count)

Innventure, Inc.INVPlatform
$472M
$472M1

New cycle

$472M recent

Trinity Capital Inc.TRINPlatform
$461M
$154M6

Paused

$461M prior

Marketaxess Holdings Inc.MKTXBolt On
$455M
$46M10

Accelerating

+494%

Blue Acquisition Corp/CaymanBACCPlatform
$450M
$450MN/A

New cycle

$450M recent

Cipher Digital Inc.CIFRPlatform
$385M
$385M2

Paused

$385M prior

MARA Holdings, Inc.MARAPlatform
$385M
$64M11

New cycle

$372M recent

Finance of America Companies Inc.FOABolt On
$385M
$128M2

New cycle

$356M recent

Lufax Holding LtdLUN/A
$384M
$128MN/A

Cooling

-56%

Pennantpark Floating Rate Capital Ltd.PFLTN/A
$334M
$167M2

Steady

+0% (count)

Lazard, Inc.LAZGeographic Expansion
$330M
$66M4

New cycle

$11M recent

Open Lending CorporationLPRON/A
$329M
$329M1

Paused

$329M prior

Marex Group plcMRXGeographic Expansion
$328M
$164MN/A

New cycle

$328M recent

Prospect Capital CorporationPSECPlatform
$320M
$107M1

Steady

+0% (count)

Brookfield Oaktree Holdings, LLCOAK-PAPlatform
$320M
$160M1

Steady

+0% (count)

SLM CorpSLMBolt On
$308M
$154M3

Steady

-100% (count)

SuRo Capital Corp.SSSSGeographic Expansion
$301M
$151M68

Steady

+0% (count)

Consumer Portfolio Services, Inc.CPSSHorizontal Consolidation
$284M
$284MN/A

Steady

no signal

Blackrock TCP Capital Corp.TCPCPlatform
$281M
$281M2

New cycle

$281M recent

LendingClub CorporationLCPlatform
$255M
$127M3

Paused

$145M prior

Navient CorporationJSMBolt On
$251M
$126M1

Paused

$16M prior

Gold.com, Inc.GOLDBolt On
$238M
$48M3

Accelerating

+86%

Federated Hermes, Inc.FHIGeographic Expansion
$230M
$29M2

Cooling

-58%

THE Marygold Companies, Inc.MGLDBolt On
$222M
$22M8

Accelerating

+62%

Chicago Atlantic BDC, Inc.LIENN/A
$220M
$220M1

New cycle

$220M recent

SLR Investment Corp.SLRCPlatform
$217M
$108M5

Paused

$217M prior

PJT Partners Inc.PJTN/A
$215M
$72M4

New cycle

$11M recent

Btcs Inc.BTCSGeographic Expansion
$201M
$201MN/A

New cycle

$201M recent

Riot Platforms, Inc.RIOTPlatform
$199M
$40M8

Cooling

-44%

Enova International, Inc.ENVAGeographic Expansion
$183M
$46M5

Paused

$139M prior

Stepstone Group Inc.STEPN/A
$182M
$182M1

Paused

$182M prior

XP Inc.XPN/A
$157M
$78MN/A

New cycle

$157M recent

World Acceptance CorporationWRLDGeographic Expansion
$148M
$18M194

Cooling

-39%

Hut 8 Corp.HUTBolt On
$136M
$136M1

New cycle

$136M recent

Evercore Inc.EVRGeographic Expansion
$133M
$17M11

Steady

+100% (count)

Oportun Financial CorporationOPRTPlatform
$132M
$132M2

Paused

$132M prior

SoFi Technologies, Inc.SOFIPlatform
$131M
$65M1

Steady

+24%

Crescent Capital BDC, Inc.CCAPN/A
$127M
$63M2

Winding down

$118M → $9M

Hercules Capital, Inc.HCXYN/A
$126M
$126MN/A

Steady

no signal

MGT Capital Investments, Inc.MGTITechnology Acquisition
$124M
$41M5

Steady

+0% (count)

TriplePoint Venture Growth BDC Corp.TPVGN/A
$122M
$122M1

Steady

+0% (count)

Lake Superior Acquisition Corp.LKSPN/A
$115M
$115M1

New cycle

$115M recent

Patria Investments LimitedPAXN/A
$114M
$57MN/A

New cycle

$114M recent

Corebridge Financial, Inc.CRBDN/A
$112M
$56MN/A

Winding down

$107M → $5M

Upstart Holdings, Inc.UPSTN/A
$106M
$53M1

Cooling

-81%

Westwood Holdings Group, Inc.WHGHorizontal Consolidation
$105M
$15M7

Cooling

-98%

BCP Investment CorporationBCICBolt On
$101M
$34M6

Accelerating

+155%

SOUTHERN CALIFORNIA EDISON CoSCE-PGN/A
$100M
$100M4

Steady

+0% (count)

Siebert Financial Corp.SIEBTechnology Acquisition
$100M
$11M9

Cooling

-99%

Apollo Global Management, Inc.APOPlatform
$99M
$99M1

New cycle

$99M recent

Terawulf Inc.WULFBolt On
$98M
$33M2

Cooling

-72%

HNO International, Inc.HNOIN/A
$83M
$83M1

New cycle

$83M recent

NerdWallet, Inc.NRDSVertical Integration
$82M
$27M2

Cooling

-80%

Atlanticus Holdings CorpATLCPlatform
$80M
$40M2

New cycle

$73M recent

Senmiao Technology LimitedAIHSHorizontal Consolidation
$74M
$37M3

Paused

$73M prior

FinVolution GroupFINVN/A
$72M
$36MN/A

Accelerating

+1043%

J & Friends Holdings LtdJFN/A
$70M
$35M1

Paused

$70M prior

TON Strategy CompanyTONXBolt On
$69M
$14M4

Cooling

-79%

Hennessy Advisors, Inc.HNNABolt On
$67M
$11MN/A

Steady

no signal

ZeroStack Corp.ZSTKGeographic Expansion
$65M
$22M2

Accelerating

+64400%

Silvercrest Asset Management Group Inc.SAMGGeographic Expansion
$64M
$16M2

Paused

$58M prior

Oppenheimer Holdings Inc.OPYPlatform
$62M
$16M7

New cycle

$5M recent

Princeton Capital CorporationPIACN/A
$60M
$60MN/A

Steady

no signal

BBX Capital, Inc.BBXIAGeographic Expansion
$57M
$19M2

Cooling

-65%

Miami International Holdings, Inc.MIAXHorizontal Consolidation
$57M
$57M1

New cycle

$57M recent

Jianpu Technology Inc.AIJTYN/A
$51M
$17MN/A

Paused

$21M prior

MAASE Inc.MAASGeographic Expansion
$50M
$17MN/A

Accelerating

+9020%

Mount Logan Capital Inc.MLCIPlatform
$47M
$47M1

New cycle

$47M recent

AIOS Tech Inc.AIOSN/A
$45M
$15M3

Cooling

-98%

CPI Card Group Inc.PMTSBolt On
$44M
$44M2

New cycle

$44M recent

BIT Digital, Inc.BTBTGeographic Expansion
$39M
$39M1

New cycle

$39M recent

OLD Market Capital CorporationOMCCGeographic Expansion
$39M
$13M3

Steady

-10%

Horizon Kinetics Holding CorporationHKHCBolt On
$39M
$10M2

Accelerating

+31%

Medallion Financial Corp.MBNKOPlatform
$36M
$36M2

Steady

+0% (count)

Noah Holdings LtdNOAHN/A
$35M
$12MN/A

Cooling

-87%

SUI Group Holdings LimitedSUIGN/A
$34M
$17M1

Steady

+0% (count)

SWK Holdings CorporationSWKHPlatform
$33M
$16M5

Steady

-100% (count)

Currenc Group Inc.CURRBolt On
$32M
$32M1

New cycle

$32M recent

Netcapital Inc.NCPLPlatform
$30M
$15M2

Paused

$30M prior

Virtu Financial, Inc.VIRTPlatform
$28M
$9M3

Steady

+0% (count)

Mentor Capital, Inc.MNTRTechnology Acquisition
$26M
$13M1

Steady

+0% (count)

Cohen & Steers, Inc.CNSPlatform
$25M
$12M2

Steady

+0% (count)

Donnelley Financial Solutions, Inc.DFINTechnology Acquisition
$23M
$6M3

Paused

$6M prior

eToro Group Ltd.ETORN/A
$21M
$21MN/A

New cycle

$21M recent

Perella Weinberg PartnersPWPN/A
$19M
$19M1

New cycle

$19M recent

Vinci Partners Investments Ltd.VINPN/A
$17M
$9MN/A

New cycle

$17M recent

Hamilton Lane IncHLNEN/A
$17M
$6M2

Cooling

-85%

Futu Holdings LtdFUTUN/A
$15M
$15MN/A

New cycle

$15M recent

Newtekone, Inc.NEWTN/A
$14M
$14M1

Steady

+0% (count)

Akso Health GroupAHGN/A
$13M
$13M1

New cycle

$13M recent

Heritage Global Inc.HGBLGeographic Expansion
$13M
$3M6

Paused

$2M prior

Burford Capital LimitedBURN/A
$9M
$9MN/A

New cycle

$9M recent

Cardiff Lexington CorporationCDIXBolt On
$8M
$2M7

Paused

$2M prior

OFS Capital CorporationOFSN/A
$8M
$8M1

Steady

+0% (count)

Galaxy Digital Inc.GLXYN/A
$8M
$8M2

New cycle

$8M recent

Citrotech Inc.CITRN/A
$7M
$2M3

New cycle

$4M recent

Dominari Holdings Inc.DOMHPlatform
$7M
$1M4

Cooling

-45%

Sharplink, Inc.SBETHorizontal Consolidation
$7M
$7M1

New cycle

$7M recent

AlTi Global, Inc.ALTIBolt On
$7M
$7M4

New cycle

$7M recent

Amtd Idea GroupAMTDHorizontal Consolidation
$4M
$4MN/A

New cycle

$4M recent

Winvest Group Ltd.WNLVN/A
$3M
$1M2

Accelerating

+186%

Yiren Digital Ltd.YRDN/A
$2M
$2MN/A

New cycle

$2M recent

Cohen & Co Inc.COHNPlatform
$2M
$2M3

Steady

+0% (count)

TaoWeave, Inc.TWAVTechnology Acquisition
$2M
$2M2

Steady

-100% (count)

LexinFintech Holdings Ltd.LXN/A
$1M
$1MN/A

New cycle

$1M recent

TOP Kingwin Ltd.WAIHorizontal Consolidation
$600K
$600K1

New cycle

$600K recent

Brera Holdings PLCSLMTPlatform
$500K
$500K1

New cycle

$500K recent

Medwellai, Inc.MWAIBolt On
$200K
$200K5

New cycle

$200K recent

Rhino Bitcoin Inc.RHNON/A
$200K
$200K1

New cycle

$200K recent

U.s. Global Investors, Inc.GROWGeographic Expansion
$200K
$200K1

Steady

+0% (count)

Circle Internet Group, Inc.CRCLN/A
$100K
$100K2

New cycle

$100K recent

Playbook theatre

The language of consolidation, by archetype

Direct sentences from public buyers' 10-K filings, grouped by the strategy they describe.

“acquired Featurespace Limited, a developer of real-time artificial intelligence payments protection technology”

Visa Inc.VFY2025

“The acquisition aligns with our technology-enabled payments strategy”

Global Payments Inc.GPNFY2025

“The Firm believes that the First Republic acquisition is complementary to the Firm's existing franchises.”

Jpmorgan Chase & Co.JPMFY2023

“Strategic Initiatives includes the Ares SSG platform subsequent to the completion of the acquisition on July 1, 2020.”

Ares Management CorporationARESFY2020

“goodwill impairment charge and higher legal collection costs and fees associated with expanded activity in our legal collections channel”

PRA Group, IncPRAAFY2025

“the acquisition of Great Lakes Educational Loan Services, Inc. ("Great Lakes") on February 7, 2018 and the ability to successfully integrate technology and other activities”

Nelnet, Inc.NNIFY2018

Submarkets

Where the cadence lives

Activity intensity, lead buyers, and footprint per segment within this market.

Asset & Wealth Management

387

Asset managers, wealth platforms, BDCs, investment managers, and advisor networks.

Buyers

76

Core

37

Spend

$175.8B

2006–2025 · last year 24

Credit, Payments & Non-Bank Finance

691

Credit services, specialty finance, consumer lending, payments, and receivables platforms.

Buyers

44

Core

25

Spend

$119.4B

2006–2025 · last year 13

Capital Markets & Brokerage

418

Brokerage, trading, market making, advisory, wholesale financial, and capital-markets platforms.

Buyers

56

Core

25

Spend

$103.3B

2006–2025 · last year 70

Financial Data & Exchanges

205

Market data, indexes, exchanges, clearing, trading infrastructure, and workflow platforms.

Buyers

10

Core

9

Spend

$95.5B

2006–2025 · last year 14

Accelerators

Recent 3-yr cadence above prior

8

Coolers

Recent 3-yr cadence below prior

8

Trajectory

20 years of cadence and spend

Annual recorded buys and disclosed spend across the matched buyer set.

01673342006: 80 buys · $12.7B spend · 21 buyers2007: 89 buys · $25.2B spend · 20 buyers2008: 62 buys · $13.7B spend · 24 buyers2009: 31 buys · $6.2B spend · 20 buyers2010: 48 buys · $10.4B spend · 29 buyers2011: 70 buys · $6.8B spend · 27 buyers2012: 116 buys · $4.5B spend · 31 buyers2013: 35 buys · $16.6B spend · 19 buyers2014: 73 buys · $14B spend · 38 buyers2015: 47 buys · $21.7B spend · 30 buyers2016: 334 buys · $32.6B spend · 25 buyers2017: 57 buys · $15.5B spend · 27 buyers2018: 61 buys · $9.7B spend · 31 buyers2019: 67 buys · $20.1B spend · 33 buyers2020: 98 buys · $39.7B spend · 36 buyers2021: 79 buys · $40.3B spend · 52 buyers2022: 49 buys · $18.2B spend · 34 buyers2023: 68 buys · $45.8B spend · 35 buyers2024: 82 buys · $98.1B spend · 40 buyers2025: 115 buys · $42.3B spend · 54 buyers2006: 80 buys · $12.7B spend · 21 buyers2007: 89 buys · $25.2B spend · 20 buyers2008: 62 buys · $13.7B spend · 24 buyers2009: 31 buys · $6.2B spend · 20 buyers2010: 48 buys · $10.4B spend · 29 buyers2011: 70 buys · $6.8B spend · 27 buyers2012: 116 buys · $4.5B spend · 31 buyers2013: 35 buys · $16.6B spend · 19 buyers2014: 73 buys · $14B spend · 38 buyers2015: 47 buys · $21.7B spend · 30 buyers2016: 334 buys · $32.6B spend · 25 buyers2017: 57 buys · $15.5B spend · 27 buyers2018: 61 buys · $9.7B spend · 31 buyers2019: 67 buys · $20.1B spend · 33 buyers2020: 98 buys · $39.7B spend · 36 buyers2021: 79 buys · $40.3B spend · 52 buyers2022: 49 buys · $18.2B spend · 34 buyers2023: 68 buys · $45.8B spend · 35 buyers2024: 82 buys · $98.1B spend · 40 buyers2025: 115 buys · $42.3B spend · 54 buyers20062011201620212025
Recorded buysDisclosed spend (rescaled)