Key Takeaways
- • Coinbase Global Inc. said Friday, March 3, 2023, that it acquired One River Digital, the crypto unit of One River Asset Management, according to the Wall Street Journal.
- • The acquisition is intended to help Coinbase attract institutional investors interested in digital assets.
- • Terms of the transaction were not disclosed.
Summary
Coinbase Global Inc. said Friday that it has bought the crypto investments business of One River Asset Management, according to the Wall Street Journal. The unit, One River Digital, is the crypto arm of the asset manager. Coinbase said the deal is designed to help it attract institutional investors interested in digital assets.
The Wall Street Journal reported that the purchase price and other terms were not disclosed. The source material available for this report is limited to the publisher's brief announcement, so further detail on the assets under management, the strategy of the acquired business, or the people involved in the transaction is not available here.
The move signals Coinbase's push beyond its retail trading franchise toward institutional clients, a strategic priority for the exchange as it seeks to deepen its relationships with allocators and professional investors in the digital asset market.
The Wall Street Journal reported that the purchase price and other terms were not disclosed. The source material available for this report is limited to the publisher's brief announcement, so further detail on the assets under management, the strategy of the acquired business, or the people involved in the transaction is not available here.
The move signals Coinbase's push beyond its retail trading franchise toward institutional clients, a strategic priority for the exchange as it seeks to deepen its relationships with allocators and professional investors in the digital asset market.
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