Quick Takeaways
- Coinbase has finished 40+ acquisitions, investing billions in crypto startups and unicorns.
- Its 2025 mess includes Deribit ($2. 9B) and Echo ($375M).
- Coinbase sees M&A as fundamental to becoming an “everything exchange”.
Coinbase’s Billion-Dollar Acquisition Playbook
Coinbase, the largest cryptocurrency exchange in the United States, continues to expand its conglomerate through an aggressive acquisition strategy. With over $10 billion in cash reserves and a market evaluation near $100 billion, the company is dependent on the time to come of crypto infrastructure.
In 2025 alone, Coinbase spent billions acquiring high-profile acquisitions that align with its long-term goals, signaling a calculated push to dominate every nook of the digital asset ecosystem.
Recent Big-Ticket Deals
In August, Coinbase finalized a $. 9 billion acquisition of Deribit, a live crypto pick trading platform. The hatful solidified Coinbase’s say-so in the derivatives market, a sector long dominated by seaward exchanges.
Two months later, the company made headlines again with a $375 million acquisition of Echo, an on-chain capital raising platform. The move was bolstered by a marketing boost from Echo’s founder, crypto influencer Cobie, who received an additional $25 million to relaunch his popular UpOnly podcast.
These acquisitions reflect Coinbase’s dual strategy: strengthen its institutional services and expand its on-chain ecosystem.
A Calculated Approach: The Power Law of M&A
According to Aklil Ibssa, Coinbase’s head of corporate development and M&A, the company’s acquisition strategy follows a “power law distribution.”
“You take a lot of shots on goal. Not everyone is a winner, but the biggest hits pay for the rest,” Ibssa said during an interview on Chain Reaction Live.
He pointed to Coinbase’s $41 million purchase of Tagomi, which later became the foundation of Coinbase Prime, as a defining success. Another standout was the 2019 acquisition of Xapo’s institutional business, which transformed Coinbase into the world’s largest crypto custodian at the time.
Building the ‘Everything Exchange’
Ibssa describes Coinbase’s M&A strategy as mission-driven, with every deal serving as a building block toward becoming an “everything exchange.”
“We have a very clear direction for the business,” Ibssa said. “M&A is just a tool to get there faster. ”With billions in cash and a growing appetite for innovation, Coinbase shows no signs of slowing down. For startups, the message is clear: being acquired by Coinbase may be the ultimate win in crypto.
