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This is a segment from the Empire newsletter. To read full editions, subscribe. M&A season is in full swing.  Sheraz Ahmed, managing partner at STORM Partners, told me that the acquisitions — and potential futures buys — “signal a shift.” “We’re moving from a fragmented ecosystem to one where a few dominant players are absorbing the best tech. That brings legitimacy, sure, but it also raises questions about decentralization,” he added. One big player looking to make a few more acquisitions is Coinbase.  “We are looking at acquisition opportunities, doesn’t mean we swing at every pitch,” CEO Brian Armstrong told Bloomberg earlier this month. He was careful to add that it doesn’t mean that they’re going to be interested in every opportunity, however. One of the biggest potential targets is obviously Circle, especially now that there have been multiple reports that firms including Ripple are interested in the stablecoin issuer. Coinbase and Circle obviously have a pretty close working relationship, so it would make sense that if Circle were to sell itself, Coinbase might be one of the top contenders to buy it.  “I definitely believe that Coinbase will go after Circle,” Bitwise’s Ryan Rasmussen told me because of the “attractive opportunity” that Circle presents. Coinbase has roughly $9 billion in cash, he noted, which means that the firm is ready to deploy capital. “They already clearly leaned into USDC as the go-to stablecoin across the Base ecosystem, and really across Coinbase…You get yield on USDC just for holding it in your account. So I think from an issuer perspective, it makes a lot of sense.” A bid for the stablecoin issuer goes towards a larger goal that both he and Bitwise think Coinbase has: Becoming the Amazon of crypto.  “When you look at it through that lens, it opens up…

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Filed under: News - @ May 26, 2025 2:28 pm