Coinbase in Talks to Buy Asset Manager Osprey Funds: Sources

The talks are at a high level and informal at this stage, said one of the sources.

AccessTimeIconMay 20, 2021 at 8:10 p.m. UTC
Updated May 9, 2023 at 3:19 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Publicly traded cryptocurrency exchange Coinbase is in the process of acquiring asset management firm Osprey Funds, according to two people with knowledge of the deal.

The talks are at a high level and informal at this stage, said one of the sources. 

Osprey Funds declined to comment. A Coinbase spokesperson said the company doesn’t comment on “rumors and speculation.”

There’s no doubt that Coinbase has deep pockets following its April public listing and last week’s announcement of a $1.25 billion offering of convertible notes. The exchange has been on a steady acquisition trail in recent years, having purchased such crypto companies as prime broker Tagomi, infrastructure shop Bison Trails and data platform Skew

But asset management would be a new business for Coinbase, which has billions of dollars in institutional assets under custody. The Osprey deal hasn't been finalized, both sources said.

Osprey, which is known for its bitcoin fund, was in the news recently for launching a fund specializing in Polkadot, which is an alternative public blockchain to Ethereum. Coinbase is the custodian for Osprey’s DOT fund.

Although small in comparison, Osprey Funds competes with Grayscale, whose assets are also under Coinbase's custody. (Grayscale is owned by CoinDesk parent company Digital Currency Group.)

“There’s clearly a desire for asset management from the perspective of Coinbase,” a second person who asked to remain anonymous said.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk offers all employees above a certain salary threshold, including journalists, stock options in the Bullish group as part of their compensation.

Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to to register and buy your pass now.