Coinbase Snaps Institutional Digital Asset Manager One River For Undisclosed Terms

Coinbase Global, Inc COIN acquired One River Digital Asset Management (ORDAM), a premier institutional digital asset manager and SEC-registered investment adviser.
The financial terms of the transaction remained undisclosed.
"This is about wanting to bring more institutional capital into the world of crypto," Greg Tusar, Coinbase's head of institutional product, Bloomberg reports citing an interview. "We expect to build — on the other side of this crypto winter — an awesome asset-management business."
ORDAM will transition to become Coinbase Asset Management (CBAM) and will operate as an independent business and wholly-owned subsidiary of Coinbase.
The acquisition aligns with Coinbase's long-term strategy to unlock further opportunities for institutions to participate in the crypto economy.
Eric Peters will continue to serve as the CEO/CIO of ORDAM (now CBAM) and the CEO/CIO of One River Asset Management.
Alan Howard, the co-founder of Brevan Howard Asset Management, was an early backer. A financing round in 2021 added Coinbase, Goldman Sachs Group, Inc GS, and Liberty Mutual Group Inc as investors. That deal valued One River Digital at $186 million.
In February, Coinbase reported fourth-quarter revenue of $629.1 million, which came in ahead of a Street estimate of $586.2 million.
Coinbase reported a loss of $2.46 per share in the fourth quarter, which missed a Street estimate of a loss of $2.39 per share.
Coinbase held $5.5 billion in cash and equivalents as of December 31.
Price Action: COIN shares traded lower by 0.27% at $63.48 on the last check Friday.
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