The Nasdaq-listed bitcoin exchange Coinbase is in talks to acquire asset manager Osprey Funds. CoinDesk reports, citing sources familiar with the matter.
One of the publication’s sources stressed that talks are at a high level and unofficial in nature. The deal with Osprey Funds has not yet been signed, he noted.
“It is evident that Coinbase wants to enter the asset management market,” said the second source.
Osprey Funds oversees two crypto funds: one based on Bitcoin and one on Polkadot. The former’s assets are valued at $113.538 million, the latter at $9.358 million.
The custodian of the Osprey Bitcoin Trust is Fidelity Investments’ digital-asset unit. The assets of the Osprey Polkadot Trust are held by Coinbase Custody.
Previously, Coinbase acquired the cryptocurrency prime broker Tagomi. According to reports, the deal was valued at between $70 million and $100 million.
In January 2021, the company acquired the blockchain infrastructure solutions provider Bison Trails.
In April 2021, Coinbase announced the planned acquisition of a provider of data on cryptocurrency derivatives markets Skew.
In May, the bitcoin exchange announced a private placement of convertible bonds worth $1.25 billion with maturity in 2026.