Summary
- Coinbase has acquired One River Digital Asset Management, a digital asset manager.
- One River will help Coinbase expand its services to offer more institutional-grade products and services.
- Coinbase is also launching a new suite of products, including a crypto index fund, to further its institutional offering.
Coinbase, the US-based cryptocurrency exchange, has acquired One River Digital Asset Management, a subsidiary of One River Asset Management, to form Coinbase Asset Management. The newly acquired digital asset manager will operate as an independent business and a “wholly owned” subsidiary of Coinbase.
Eric Peters, the founder of One River, will continue to serve as the CEO/CIO of the firm. Coinbase said that the acquisition of One River will help bridge the gap between institutions and the crypto economy.
The acquisition follows Coinbase’s recent end of partnership with crypto-friendly bank Silvergate due to the financial institution delaying filing its annual financial report. Coinbase claims it holds “minimum” exposure to Silvergate.
In addition, One River will be a consultant for Coinbase and its services following the recent crypto crackdown by the SEC and regulators in the US jurisdiction. Coinbase and One River had previously worked together in February 2022 when the asset manager offered the ONE digital SMA solution for wealth managers.
COIN’s shares are trading at $63.91 on the Nasdaq Stock Market. After trading sideways since the opening bell, COIN shares have gained a slight margin of 0.03% over the past 24 hours and 0.05% over the past seven days.
The acquisition of One River is a strategic move by Coinbase to expand its reach to more customers and offer industry-leading products and services to the institutions it supports. It is a sign of the exchange’s commitment to bridge the gap between the traditional financial world and the crypto economy.