
Searching for Mana with Lloyd Wahed · 2026-05-07 · 30 min
"A business needs to get bought. Not sold." In this episode of Searching for Mana - O n Location , Malak Alba is joined by Bernard Schmid at the Digital Assets Forum in London, catching him at the centre of the industry he's helping to build. Bernard is Co-Founder of Areta, the leading crypto-native M&A advisory firm by deal count, and spent years at the Blackstones and Deutsche Banks of the world before making a deliberate bet that crypto would eventually need the same professional financial infrastructure that traditional markets take for granted. That moment, he decided, was worth leaving for. 2025 was a record year for crypto M&A, $8.6 billion across 267 transactions, four times the volume of 2024. Bernard has been at the centre of it. From the Kraken-Breakout deal to the first ever private equity acquisition in digital assets, Areta has been advising on the transactions that are quietly reshaping how the industry consolidates.