Coinbase in talks with Bybit for investment partnership to help Bybit enter the US compliant market.
Ecosystem ·
Coinbase is negotiating an investment partnership with Bybit, according to reporting from WuBlockchain, with the offshore exchange seeking to leverage the deal to establish a compliant presence in the US market. Three individuals with knowledge of the discussions confirmed the talks to the outlet.
The valuation framework under discussion appears to align with recent precedents in the sector. ICE's investment in OKX positioned that platform at a $25 billion valuation, and Bybit's valuation is anticipated to reach a comparable level. Coinbase itself acquired Deribit in a prior year for $2.9 billion, demonstrating its pattern of expanding derivatives capabilities through acquisition.
The specifics of deal structure, timing, and any conditions tied to US regulatory compliance remain undisclosed. It is also unclear whether negotiations will progress to a completed transaction or what form Bybit's US-market entry would ultimately take under such an arrangement.