Talos Acquires Coin Metrics for $100 Million to Boost Institutional Crypto Services

Talos, a New York-based crypto infrastructure firm, has acquired blockchain data provider Coin Metrics in a deal valued at over $100 million. This acquisition is a strategic move by Talos to enhance its position as a leading platform for institutions navigating the digital asset space. The deal, which closed after four months of negotiations, did not require any new capital to be raised.

Talos, founded by Anton Katz and Ethan Feldman in 2018, offers trading infrastructure that integrates with both centralized exchanges like Coinbase and decentralized venues like Uniswap. The firm was last valued at $1.25 billion following a 2022 Series B funding round. The acquisition of Coin Metrics, based in Boston, brings a wealth of historical and on-chain data to Talos, which is seen as crucial for meeting the demands of institutional clients who require a comprehensive trading and analytics stack.

Coin Metrics, which raised $35 million in 2022 from investors including BNY Mellon, Goldman Sachs, Brevan Howard Digital, and Cboe Global Markets, sees this deal as a natural fit as digital asset markets continue to scale and mature. The acquisition aligns with Talos' vision of becoming the go-to platform for institutions in the digital asset space, providing support throughout the entire investment lifecycle.

This move by Talos comes at a time when crypto mergers and acquisitions (M&A) are accelerating, driven by improving regulatory clarity in the U.S. and a push to consolidate infrastructure before the next bull cycle. Other notable acquisitions in the crypto space this year include Coinbase's purchase of Deribit for $2.9 billion, Kraken's acquisition of NinjaTrader for $1.5 billion, and Ripple's buyout of Hidden Road for $1.25 billion. Additionally, Stripe entered the stablecoin market with a $1.1 billion acquisition of Bridge, while Robinhood sealed a $200 million deal for Bitstamp and announced plans to acquire WonderFi in Canada for $179 million.

Talos has also been active in the M&A space, acquiring portfolio platform D3X Systems, risk firm Cloudwall, and DeFi infrastructure player Skolem in the past 18 months. Despite the challenges of the 2022–2033 bear market and ongoing caution from some U.S. institutions, Talos has built a strong investor base, including Citi, a16z, PayPal Ventures, BNY Mellon, Castle Island Ventures, and Wells Fargo Strategic Capital.

When asked about the possibility of an initial public offering (IPO), particularly following Circle’s successful debut, Talos CEO Anton Katz remained noncommittal, stating that the company is not ready to make any strong commitments. This acquisition underscores Talos' ambition to become a leading player in the digital asset space, providing a comprehensive platform for institutions to navigate the complexities of the market.