With an estimated value of $100 billion, it’s hard to believe that a company like Coinbase needs to acquire new businesses to grow. But with $10 billion in cash on hand, the largest US cryptocurrency exchange continues to look for the next big opportunity in the sector.
Coinbase isn’t shy about writing checks in 2025. The exchange reportedly paid $2.9 billion in a cash-and-stock acquisition of cryptocurrency options trading platform deribit in August.
Then came the headline-grabbing $375 million Acquisition of the Onchain Capital Echo growth platform in October. Crypto Twitter is buzzing with the news, thanks to some genius Marketeering involving Echo founder and influencer Cobie, who received an additional $25 million from Coinbase to relaunch his long-running podcast.
The titles tell a story of fortune-making handshakes between Coinbase and Unicorn founders, but there is significant desire, research and convincing behind these multimillion dollar moves.
So how? @Coinbasea $100B company with $10B cash on hand, decide what companies to invest in?
Coinbase has made 40+ acquisitions over the years, most recently shelling out $375 to acquire @echodotxyz.
Here’s the secret playbook for Coinbase mergers and acquisitions… pic.twitter.com/pwgoej5uuf
– Gareth Jenkinson (@gazza_jenks) October 28, 2025
To unpack how Coinbase invests billions in specific companies, Cointelegraph spoke to Aklil Ibbsa, head of Corporate Development and M&A, on its daily “chain reaction” livestream show on x.
Related: Coinbase launders $25m to survive a podcast from the last bull run
Distribution of Power Law
IBSSA has been leading global corporate development at Coinbase since 2019 and has been closely involved in all of the company’s major acquisitions.
“In many ways, it’s a power law distribution. If you’re thinking about how to continue to grow Coinbase or grow any potential acquirer that you’re working with, you’re going to take a lot of shots on goal. Not every one is going to be a great shot on goal, but the winners really start to pay off for the rest of the portfolio,” IBSSA said.
Related: Coinbase Bets $375m that Onchain ICO crowdfunding is the next wave of crypto
IBSSA highlighted mergers and acquisitions as a prime example of this approach. Depicting their moves like an “ESPN Highlight” reel, the company has enjoyed several successful and not-so-successful business deals over the past six years.
IBSSA said a handful remain top of mind, including Coinbase’s reported $41 million deal for Tagomi, which formed the basis of Coinbase Prime.
“Coinbase Prime, in our institutional business, now generates a significant portion of our revenue so I’ll throw that on the ESPN Highlight Reel.”
IBSSA is also highlighted in the company 2019 deals to get Xapo institutional businesses. He described the impact of that deal as “single-handedly making us the largest crypto custodian on the planet at that time.”
The The $2.9 billion acquisition of Exchange by Deribit is at its largest in 2025, and IBSA said that post-close, the deal showed “really strong financial performance.”
“Who doesn’t want to be acquired by Coinbase?”
“What does the desk look like? Coinbase is a nearly $100 billion company with close to $10 billion in cash, so who wouldn’t want to be acquired by Coinbase?” Ibsa said.
He describes the work as “very fast-paced,” with many potential M&A deals stacked on his desk at any given time. Deciding what deals to pursue is based on opportunities that can be extensions of Coinbase’s overall product strategy.
“We have a clear strategy and direction for the business and M&A is just a tool for us to help accelerate getting there faster.”
Coinbase’s overall strategy follows this mantra: identify and back companies, products and services that accelerate its goal of becoming an “everything exchange.”
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