Coinbase negotiates discounted deal to acquire CoinDCX for under $1 billion

Coinbase is reportedly in the final stages of negotiations to acquire Indian cryptocurrency exchange CoinDCX, with an offer that would value the platform at under $900 million. This marks a sharp decline from CoinDCX’s peak valuation of $2.2 billion in 2021, amid the overall downturn in the global crypto market.

Sources familiar with the talks suggested that Coinbase views this acquisition as a critical step in its long-term strategy to gain a significant presence in India’s rapidly expanding cryptocurrency space. Coinbase, which already holds a registration with India’s Financial Intelligence Unit (FIU), sees the Indian market as a key growth opportunity despite recent regulatory hurdles.

CoinDCX’s response to the acquisition rumors

CoinDCX has firmly denied any plans to sell the company, with CEO Sumit Gupta taking to X to address the rumors directly. Gupta confirmed that CoinDCX is “super focused” on building its presence in India and that it is “not up for sale.” He further reassured stakeholders that the company’s priority remains the development of India’s crypto ecosystem, and more details will follow soon.

Despite these statements, the rumors of the acquisition have generated significant attention in the industry, as Coinbase has already expressed interest in increasing its influence in India. Coinbase’s previous exit from the Indian market in 2023 due to regulatory pressures did not signal a complete withdrawal, and the company has since been working on resuming its operations.

Coinbase’s India strategy and regulatory environment

Coinbase originally launched its services in India in 2022, only to suspend operations following pressure from the Reserve Bank of India (RBI). However, with the regulatory registration with the FIU in place, Coinbase has received the green light to resume crypto trading in India. A spokesperson for Coinbase reiterated the company’s intention to continue its global expansion strategy, which includes increasing its presence in India.

As part of its ongoing growth efforts, Coinbase is reportedly considering consolidating its stakes in both CoinDCX and CoinSwitch. However, sources close to the situation have emphasized that discussions are still in the preliminary stages, and no formal agreement has been reached.

CoinDCX faces challenges after major hack but continues to push forward

In addition to the speculation around the potential Coinbase acquisition, CoinDCX has been grappling with the aftermath of a major security breach on July 19, 2025, where $44 million was stolen. The hack, which cybersecurity experts attribute to the North Korean-backed Lazarus Group, follows a similar exploit that targeted WazirX in 2023.

Despite this setback, CoinDCX has assured users that all customer funds are secure, and the company has launched a recovery bounty program offering up to 25% of any recovered funds. The bounty could potentially total up to $11 million, incentivizing the crypto community to assist in tracing and retrieving the stolen assets.