The largest US cryptocurrency exchange Coinbase is discussing the acquisition of a minority stake in Bybit — the world's second-largest crypto platform by trading volume. According to Wu Blockchain's report on March 14, the potential deal values Bybit at approximately $25 billion and could open a long-awaited path for the offshore exchange into the United States market.
Potential Deal Details
Crypto journalist Wu Blockchain reported on March 14, citing three independent sources with direct knowledge of the situation, that Coinbase is considering the acquisition of a minority equity stake in Bybit. Neither party has officially confirmed the negotiations, and the specific stake percentage has not been disclosed.
The $25 billion valuation matches a precedent set earlier this year when Intercontinental Exchange (ICE) — the parent company of the New York Stock Exchange — invested in offshore exchange OKX at a similar valuation. Two comparable deals with identical price tags within just a few months suggest a new market standard is emerging for major crypto exchanges.
Bybit: From a $1.4 Billion Hack to a European License
Bybit holds the second position in the global crypto exchange rankings by trading volume according to CoinGecko. The Dubai-headquartered platform specializes in derivatives and spot trading, primarily serving clients outside the United States.
In February 2025, the exchange suffered what was then the largest hack in crypto history — attackers stole assets worth $1.4 billion. Despite the unprecedented scale of the incident, Bybit managed to restore full liquidity without any losses to customers. This episode paradoxically strengthened trust in the platform among traders by demonstrating the resilience of its reserve infrastructure.
The company recently obtained MiCAR authorization in the European Union — a key regulatory approval confirming Bybit's strategic commitment to compliance in developed jurisdictions. An investment from Coinbase could serve as the final step toward entering the most lucrative cryptocurrency market on the planet.
Coinbase's "Everything Exchange" Strategy
For Coinbase, the potential deal is a logical extension of its ambitious "Everything Exchange" strategy announced in early 2026. The program envisions transforming Coinbase into a single platform for all types of crypto financial operations: from spot trading and derivatives to institutional custody, stablecoin payments, and offshore volume processing.
In 2025, the company already made a significant move in this direction by acquiring Deribit — the world's largest crypto options exchange — for $2.9 billion. This purchase secured Coinbase a dominant position in the crypto derivatives market. In early March 2026, the exchange also launched so-called agentic wallets that enable AI agents to autonomously execute crypto transactions without human intervention.
A minority stake in Bybit would add a global distribution network and millions of active traders to this strategy. Those looking to exchange Bitcoin for US dollars could potentially gain access to significantly deeper liquidity through the combined infrastructure of both platforms.
Market Reaction and Expert Opinions
Coinbase shares (ticker COIN) rose 1.18% to $195.53 on the day the news was published. Over the course of March, COIN has appreciated by nearly 20%, reflecting investor optimism about the company's strategic initiatives amid a broader crypto market recovery.
OKX founder Star Xu offered a cautiously positive comment: "If it's true — good for the industry. Higher standards, less regulatory arbitrage." Notably, even direct competitors acknowledge that consolidation under regulatory oversight is a positive signal for the entire sector and could boost overall trust in the cryptocurrency space.
Implications for the Crypto Market
A potential Coinbase-Bybit alliance could significantly reshape the competitive landscape. Bybit would gain what it lacks most: federal licenses, institutional credibility, and direct access to American investors. Coinbase, in turn, would establish a foothold in the offshore derivatives market, where a significant share of global crypto asset trading is concentrated today.
For Bitcoin and Ethereum, this potentially means growing institutional liquidity and narrower spreads between regulated and offshore venues. However, the CLARITY Act — a bill intended to clearly regulate the status of crypto exchanges in the United States — remains stalled in the Senate. Without transparent rules, even the most ambitious deals continue to carry significant regulatory risks.
The Coinbase-Bybit negotiations are a clear signal of a new phase of crypto industry consolidation. Regulated and offshore players are increasingly choosing partnership over confrontation. If the deal is completed successfully, it will set the standard for global exchanges entering the American market throughout 2026 and beyond.
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