- Coinbase Global, Inc COIN acquired One River Digital Asset Management (ORDAM), a leading institutional digital asset manager and SEC-registered investment advisor.
- The financial terms of the transaction remained the same not announced.
- “This is about wanting to bring more institutional capital into the crypto world,” Greg Tusar, Coinbase’s head of institutional product, told Bloomberg reports citing an interview. “We anticipate building a great wealth management business on the other side of this crypto winter.”
- ORDAM will become Coinbase Asset Management (CBAM) and will operate as an independent company and wholly owned subsidiary of Coinbase.
- The acquisition is in line with Coinbase’s long-term strategy to explore more opportunities for institutions to participate in the crypto economy.
- Eric Peters will continue to serve as CEO/CIO of ORDAM (now CBAM) and as CEO/CIO of One River Asset Management.
- Alan Howard, the co-founder of Brevan Howard Asset Management, was one of the early supporters. A funding round in 2021, Coinbase added, Goldman Sachs Group, Inc GSAnd Liberty Mutual Group Inc as investors. This deal valued One River Digital at $186 million.
- In February, Coinbase reported fourth-quarter revenue of $629.1 million, up from a Street estimate of $586.2 million.
- Coinbase reported a $2.46 per share loss in the fourth quarter that missed a street Loss estimate of $2.39 per share.
- Coinbase held $5.5 billion in cash and equivalents as of December 31.
- Price promotion: COIN shares traded 0.27% lower at $63.48 on the last check Friday.
- Photo via Wikimedia Commons
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