Coinbase Acquires Over 40 Crypto Startups in $10B Expansion Drive

Coinbase has embarked on an aggressive acquisition spree in 2025, purchasing more than 40 crypto startups as part of a strategic push to become the leading all-in-one cryptocurrency platform. Backed by a $10 billion war chest, the exchange has made significant moves to diversify its ecosystem, with standout deals including the $2.9 billion acquisition of Deribit, a top crypto derivatives exchange, in August 2025, and the $375 million purchase of Echo, a privacy-focused blockchain messaging protocol, in October 2025.

These acquisitions are aimed at expanding Coinbase's offerings beyond basic trading to include derivatives, DeFi, privacy tools, and advanced messaging services. According to Aklil Ibssa, Coinbase's Head of Corporate Development and M&A, the strategy follows a "power law distribution" approach, where the company takes multiple shots on goal, with successful deals like the Tagomi acquisition—which formed the basis of Coinbase Prime—driving significant revenue. Ibssa highlighted that the Deribit deal has shown "really strong financial performance" post-close, reinforcing Coinbase's position in institutional markets.

Coinbase's goal is to create a "universal platform" for crypto users, integrating trading, staking, custody, and more into a single ecosystem. This expansion comes amid rising competition from rivals like Binance and Kraken, but Coinbase's public status and regulatory edge give it a strategic advantage. The company continues to deploy its reserves to accelerate growth, with Ibssa noting that M&A is a key tool to achieve this vision faster.