Coinbase in Talks to Acquire BtcTurk for About $3.2B: Report

The target is one of Turkey's oldest crypto exchanges.

Apr 21, 2022 at 11:30 a.m. UTC
Updated Apr 21, 2022 at 7:16 p.m. UTC

Eliza Gkritsi is CoinDesk's crypto mining reporter based in Asia.

Crypto exchange Coinbase (COIN) is in talks to buy Turkey’s BtcTurk, Bloomberg reported on Thursday, citing a paywalled article by MergerMarket.

  • The deal could be worth around $3.2 billion, MergerMarket’s five sources said, according to Bloomberg. A term sheet has been signed and the company is doing its due diligence.
  • At least part of the deal could be a share swap, one of the sources told MergerMarket.
  • Other crypto exchanges including Binance, OKX and Bybit have set up operations in Turkey, where crypto has been a popular investment because of the local currency’s decline.
  • Last month, Brazil's Estadão newspaper said Coinbase was in talks to acquire 2TM, the owner of Mercado Bitcoin, the country's largest crypto exchange. According to the report, which didn't cite sources, negotiations between Coinbase and 2TM had been taking place since last year and an agreement could be announced in late April. After a funding round in November, 2TM was valued at $2.1 billion.
  • Founded in 2013, BtcTurk is one of the Turkey's oldest crypto exchanges and counts 4.5 million professional users, according to one of Turkey’s top newspapers, Cumhuriyet. It has recorded $200 million in trading volume in the past 24 hours, compared with $179 million for its biggest local competitor, Paribu, according to CoinMarketCap data.
  • Coinbase and BtcTurk didn't immediately respond to requests for comment.

UPDATE (April 21, 13:55 UTC): Adds report of talks in Brazil in fourth bullet point.

The Festival for the Decentralized World
Thursday - Sunday, June 9-12, 2022
Austin, Texas
Save a Seat Now

DISCLOSURE

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

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Eliza Gkritsi is CoinDesk's crypto mining reporter based in Asia.

Eliza Gkritsi is CoinDesk's crypto mining reporter based in Asia.

Trending

1
US Appeals Court Orders SEC to Bring Enforcement Actions to Jury Trials

The 5th Circuit Court of Appeals found that the targets of SEC enforcement actions had their constitutional rights violated by the use of in-house judges.

The 5th Circuit Court of Appeals found that the targets of SEC enforcement actions had their constitutional rights violated by the use of in-house judges.

2
First Mover Asia: Pine Wants to Test the Liquidity of the NFT Market; Cryptos Are Well-Red

The number of users on NFT markets is at its lowest point this year, but still higher than in 2021. The crypto lending platform sees an opportunity.

The number of users on NFT markets is at its lowest point this year, but still higher than in 2021. The crypto lending platform sees an opportunity.

3
CFTC Chair Indicates Agency Will Increase Crypto Enforcement: Report

Rostin Behnam said the agency was facing a rapidly increasing number of cases and would add resources to address crypto fraud.

Rostin Behnam said the agency was facing a rapidly increasing number of cases and would add resources to address crypto fraud.

4
LimeWire Signs Deal With Universal Music for Music NFT Licensing, Blockchain Gaming in Focus

The most valuable crypto stories for Wednesday, May 18, 2022.

The most valuable crypto stories for Wednesday, May 18, 2022.