Talos Acquires Coin Metrics for Over $100M in Major Crypto M&A Deal

Talos, a provider of institutional digital asset trading infrastructure, has acquired blockchain data provider Coin Metrics for more than $100 million, according to Forbes , marking the latest major consolidation move in the rapidly evolving cryptocurrency industry.

The acquisition combines Talos's institutional trading and portfolio management platform with Coin Metrics' extensive crypto market data and blockchain analytics capabilities, creating what the companies describe as the industry's first fully integrated data and investment management platform for digital assets, according to a statement .

The deal, which reportedly did not require additional capital raises, will see Coin Metrics fully integrated into Talos's team and platform. The combined entity will serve clients across 32 countries through offices in New York, London, Cyprus, and Singapore.

Building the Crypto One-Stop Shop

The deal represents the largest acquisition in Talos's history and aligns with CEO Anton Katz's vision of building a comprehensive solution for institutional digital asset workflows. In an interview with Fortune, Katz emphasized that the acquisition reflects Talos's ambitions to become a "one-stop shop" for institutional players entering digital asset trading and portfolio management.

"Digital assets are actually changing how finance is doing things behind the scenes," Katz told Fortune, pointing to recent developments like Robinhood's tokenized stock offerings. "This is the next evolution for us."

The combination will provide institutions with streamlined access to advanced portfolio analytics, sophisticated risk monitoring, premium indexes, and industry-leading execution capabilities, all within a single integrated platform.

Founded in 2018 by Wall Street veterans Katz and CTO Ethan Feldman, Talos has built its reputation by providing trading infrastructure that connects institutional clients to liquidity providers ranging from centralized exchanges like Coinbase to decentralized platforms such as Uniswap. The company also offers white-label solutions for brokerages and financial apps.

Coin Metrics, launched just a year before Talos, brings complementary strengths in historical and on-chain data access, as well as enhanced client servicing capabilities. Boston-based Coin Metrics CEO Tim Rice emphasized the strategic alignment: "Both companies believe in a future where digital assets are pervasive, requiring robust infrastructure to support trading, investment, and risk management at scale."

Crypto M&A Momentum Accelerates

The Talos-Coin Metrics deal continues a wave of major acquisitions sweeping the crypto industry. The trend began with Stripe's $1.1 billion acquisition of stablecoin company Bridge last year and has accelerated with multiple deals from leading U.S. crypto exchange Coinbase and other major players seeking to consolidate market position.

Talos has been particularly active in the acquisition space, having previously acquired risk management provider Cloudwall, DeFi trading platform Skolem, and portfolio construction platform D3X Systems to enhance its institutional offerings.

The acquisition comes amid a more favorable regulatory environment under US President Donald Trump's administration, which has promised crypto-friendly policies. Katz noted that regulatory clarity has shifted the institutional conversation from whether major financial firms will enter crypto to how they will implement digital asset strategies.

"I don't know if there are any large financial institutions left that we are not in conversations with," Katz told Fortune, reflecting the broad institutional interest in digital asset infrastructure.

Talos has attracted substantial venture investment throughout the crypto industry's volatile cycles, including a $40 million round in 2021 led by Andreessen Horowitz and a $105 million round in 2022 that valued the company at $1.25 billion. Investors include PayPal and Fidelity's venture arms, as well as traditional financial giants Citi and BNY.

Looking ahead, Katz believes the digital asset opportunity extends far beyond popular cryptocurrencies like Bitcoin and Ethereum. The combined platform will target tokenized versions of traditional assets, including public equities, private company shares, and private credit funds—essentially wrapping traditional financial instruments with blockchain technology to facilitate trading, settlement, and ownership.

"Our bet is that digital assets are going to be the underlying technology of financial markets," Katz explained, positioning the enlarged Talos as a platform for the broader tokenization of traditional finance.

While Katz declined to make firm commitments about taking Talos public, he acknowledged that an IPO remains "one of the considerations" as crypto companies increasingly file with the Securities and Exchange Commission. The acquisition strengthens Talos's market position ahead of potential public offering plans.