Coinbase has acquired token management platform Liquifi, marking its fifth acquisition in 2025 and signalling a continued push into infrastructure services beyond token listings.
It’s worth noting that the terms of the transaction were not disclosed, but the move comes in the context of a noticeable trend of increasing consolidation within the cryptocurrency sector. Earlier this year, Coinbase also acquired the teams behind Iron Fish and Roam, a crypto-focused ad platform Spindl, and most notably, crypto derivatives platform Deribit in a deal valued at USD 2.9 billion, which was also one of the largest acquisitions in the industry to date.
In contrast to Binance and OKX, which have long operated ‘launchpads’ that allow projects to issue their own tokens, Coinbase had previously limited its role to exchange listings. The acquisition of Liquifi brings Coinbase closer to offering more comprehensive token lifecycle support, including services before a coin is officially listed on an exchange.
Regulatory context and industry positioning
Coinbase is publicly listed in the United States and regulated by the Securities and Exchange Commission. Under prior SEC leadership, the agency maintained that many cryptocurrencies fall under securities laws. According to representatives from Coinbase, the company would have proceeded with the Liquifi acquisition regardless of the regulatory environment, though they acknowledged that the current administration’s stance on crypto makes it easier to pursue larger strategic moves.
Liquifi offers services that facilitate token ownership tracking, post-vesting distribution, and tax-related processes, functions relevant to companies managing token-based capital structures. Previously, Liquifi raised USD 5 million in a 2022 seed round led by venture capital firm Dragonfly, with participation from various well-known figures and companies in the crypto space, including Uniswap Foundation, OP Labs, Ethena, and Zora.
