Talos acquires Coin Metrics in $100M deal

Talos, a platform that provides trading infrastructure and technology for institutions trading digital assets, has agreed to acquire Coin Metrics, a popular blockchain analytics platform.

A source told Fortune that the deal closed at over $100 million, though at the time of writing, it remains unclear how much was paid in cash versus equity.

The acquisition will enable Talos to incorporate Coin Metric’s crypto market data, benchmark indexes and analytics tools into its platform.

Tim Rice, co-founder and CEO of Coin Metrics, said the future of digital assets will require strong infrastructure capable of supporting institutional-scale trading, investment and risk management.

The Coin Metrics acquisition is Talos’s largest, but not its first. In 2023, it acquired D3X Systems, a portfolio construction platform, followed by risk management company Cloudwall in April 2024 and institutional DeFi platform Skolem in May. The financial terms for those deals were not disclosed.

Despite the recent bear market and uncertainty around crypto regulation in the United States — which has likely prevented many potential institutional investors from investing in Talos — the company has led successful funding rounds in recent years.

In 2021, Talos raised $40 million in a round backed by Andreessen Horowitz. The following year, it secured $105 million in funding led by Stripes, bringing its valuation to $1.3 billion. Other major institutional investors include BNY Mellon, PayPal, Citi and Wells Fargo Strategic Capital.

The deal arrives at a time when mergers and acquisitions (M&As) are gaining momentum in the crypto space. On Monday, the CEO of Tokyo-based Metaplanet was part of a consortium negotiating a controlling stake in SGA, a public software service company. If completed, the deal would enable SGA to acquire Bitcoin and become a Bitcoin treasury company like Metaplanet — which is seeking to expand its strategy throughout Asia.

In May, the brokerage fintech platform Robinhood said it would acquire Canadian crypto company WonderFi in the second half of 2025 for about $179 million. In the same month, Alchemy, a Web3 developer platform, acquired California-based NFT launchpad HeyMint for an undisclosed amount.

Magazine: How crypto laws are changing across the world in 2025