Coinbase, the top U.S. crypto exchange, has acquired Echo—a blockchain platform for onchain fundraising—for $375 million in cash and stock. This marks Coinbase’s eighth buyout in 2025, announced October 21 amid booming crypto adoption under pro-industry Trump policies, including a national bitcoin reserve. Founded by crypto influencer Cobie (Jordan Fish), Echo has raised over $200 million across 300 deals, enabling builders to skip middlemen for efficient token sales via private rounds for VCs and public Sonar launches for communities. It streamlines tokenized securities and real-world assets (RWAs), boosting liquidity and access. Integration will embed Echo’s tools into Coinbase’s ecosystem, creating a full-stack hub for early-stage investing, listings, and management. This builds on recent deals like $2.9 billion for Deribit and LiquiFi, plus a $25 million NFT tie to Cobie’s UpOnly podcast. The move signals crypto’s maturation, democratizing capital formation and unlocking trillions in tokenized value for inclusive growth.
Long Version
Coinbase Acquires Echo in $375 Million Deal: Pioneering Onchain Capital Formation in Crypto
In a landmark acquisition that underscores the rapid evolution of the cryptocurrency landscape, Coinbase Global, the leading U.S.-based crypto exchange, has bought Echo, a innovative startup platform specializing in blockchain-based capital raising, for approximately $375 million. This deal, structured as a combination of cash and stock, marks Coinbase’s eighth acquisition in 2025 alone and positions the company to dominate onchain fundraising, token sales, and digital-asset management. Announced on October 21, 2025, the move comes amid a surge in crypto adoption, fueled by pro-industry policies under President Trump’s administration, including the establishment of a national bitcoin reserve.
Echo, founded by prominent crypto trader Jordan Fish—better known by his pseudonym Cobie—emerged as a game-changer in the crypto-investing space since its debut last year. As a community-driven platform, Echo enables builders and project creators to conduct crypto fundraising directly on the blockchain, bypassing traditional intermediaries for greater efficiency and transparency. The startup has facilitated over $200 million in capital across roughly 300 deals, empowering economic freedom by democratizing access to investment opportunities. Cobie, a longtime figure in the industry and host of the UpOnly podcast, designed Echo to revolutionize capital formation, allowing startups to align fundraising with their user bases while providing investors access to early-stage ventures that were once gated behind exclusive networks.
At its core, Echo operates as a versatile crypto fundraising tool, supporting both private sales and public sales. Private sales target qualified investors like venture capitalists, while public sales open opportunities to the broader community, often in the final fundraising stages. A standout feature is Sonar, Echo’s public sale product, which lets founders host self-hosted token sales directly onchain, streamlining token management and distribution. This blockchain-based approach extends to tokenized securities and real-world assets (RWA), where digital-asset representations of traditional investments can be traded seamlessly, fostering ecosystem growth and enhancing liquidity. For instance, Sonar powered the recent XPL token sale for Plasma, demonstrating its efficacy in community-driven capital raising. By integrating onchain mechanics, Echo reduces barriers, enabling faster valuation assessments and more inclusive participation in token sales, whether through private or public channels.
Coinbase’s decision to buy Echo aligns with its aggressive expansion strategy, aiming to create a full-stack solution for investing and capital management in the crypto space. With a market valuation hovering around $90 billion and shares up 40% this year, the exchange views this acquisition as a pathway to offer more services to early-stage companies, from fundraising to listing and distribution. Shan Aggarwal, Coinbase’s chief business officer, emphasized the goal: “Our goal is to make capital markets more open and accessible.” Post-acquisition, Echo will initially remain a standalone platform under its brand, but integration plans include embedding Sonar’s public sale capabilities directly into Coinbase’s ecosystem. This will introduce novel ways for founders to connect with investors and for investors to gain access to premium opportunities, all while leveraging Coinbase’s vast user base for broader adoption.
The deal builds on Coinbase’s recent momentum in mergers and acquisitions, including the $2.9 billion purchase of Deribit, the world’s largest bitcoin and ether options trading platform, earlier in May. Notably, it complements the acquisition of LiquiFi, a token management platform bought for an undisclosed sum, which enhances Coinbase’s capabilities in handling digital assets and tokenized securities. Just prior to the Echo announcement, Coinbase invested $25 million in reviving Cobie’s UpOnly podcast through an NFT purchase, signaling a personal and strategic tie to the founder. Cobie himself addressed the transition, stating that the mission endures: to deliver superior fundraising options for builders and expanded access for investors, now amplified by Coinbase’s resources. As one user noted, this $375 million deal—potentially $350 million plus the $25 million NFT—cements Cobie’s status as a “final boss” in the crypto arena.
The implications of this acquisition extend far beyond the immediate parties, signaling a maturation in the crypto ecosystem. By prioritizing onchain capital raising, Coinbase is fostering community-driven growth, where startups can achieve higher valuations through direct token sales and RWAs, while investors gain unprecedented access to diverse digital-asset opportunities. This shift promotes economic freedom by lowering entry barriers, encouraging innovation among builders, and accelerating ecosystem growth in a market increasingly supportive of blockchain-based solutions. Industry observers see it as a bet on the future of tokenized securities and RWAs, where traditional capital markets intersect with crypto, potentially unlocking trillions in value. As Cobie succinctly put it, “Just getting started,” hinting at further integrations that could redefine crypto investing and fundraising.
In summary, this $375 million acquisition not only bolsters Coinbase’s position as a premier exchange but also propels the industry toward a more inclusive, efficient model of capital formation, blending startup ingenuity with institutional scale for sustained expansion.
