Coinbase is buying crypto investment platform Echo for $375 million
Quick Take
- Coinbase struck a deal to buy onchain investment platform Echo for $375 million, marking its eight purchase this year, according to the Wall Street Journal.
- It is using a mixture of cash and stocks to fund the deal, the WSJ said.
- Echo founder Jordan Fish confirmed the deal on X.
Coinbase Global has struck a deal to acquire Echo, an onchain private investment platform, for $375 million, the Wall Street Journal reported Tuesday, citing company executives.
The WSJ report said Coinbase is using a combination of cash and stocks to fund the acquisition, with details to be revealed later today.
Following the report, Echo founder Jordan Fish, better known for his online pseudonym Cobie, confirmed the deal on social media platform X.
"I certainly didn't think echo would be sold to coinbase, but, here we are: today coinbase bought echo for ~$375m," Cobie wrote.
The Echo founder said it will remain a standalone platform under its current brand for now, but plans to integrate Echo's public token sale product Sonar into Coinbase.
This marks Coinbase's eighth acquisition this year, others including Deribit and LiquiFi. Most recently, the crypto exchange spent $25 million to acquire an NFT to revive the popular crypto podcast UpOnly.
The Block's stock price data shows that Coinbase's stock closed up 2.31% at $343.78 on Monday, while it is up 33% year-to-date. The company holds a market capitalization of $88.3 billion.
The Block has reached out to Coinbase for further information.
Story updated with comment from Cobie.
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