1/ How should tokens be treated in an M&A transaction? In 2025, we saw crypto M&A activity surge to record levels, driven by a shift toward a more constructive legislative posture and renewed strategic confidence. We at @areta_io have advised numerous leadership teams on equity and token transactions. While equity deals are typically straightforward, the involvement of tokens adds significant complexity. We’ve put our insights into a concise report covering, follow along 🧵