Three people familiar with the matter told Wu Blockchain that Coinbase, the largest U.S. compliant exchange, is in advanced talks to invest in Bybit, the world's second-largest offshore crypto exchange. Bybit hopes to gain a foothold in the regulated U.S. market through this partnership. Bybit declined to comment.
Sources indicate Bybit's current valuation could be comparable to that of OKX, which recently secured a $25 billion valuation from Intercontinental Exchange (ICE), parent company of the New York Stock Exchange. If the deal materializes, Bybit's valuation would be equally significant.
Coinbase's Sequential Moves: From Deribit to Bybit
This is not Coinbase's first expansion. Last year, Coinbase acquired Deribit, the world's largest crypto options exchange, for $2.9 billion — a strategic shift from pure spot trading to a full-spectrum financial infrastructure. The reported investment in Bybit is seen as part of a systematic effort to absorb the user base and market share of leading offshore exchanges.
Founded by Ben Zhou in 2018 and headquartered in Dubai, Bybit excels in derivatives trading and ranks second in offshore trading volume. Its biggest hurdle to entering the U.S. has always been regulatory compliance. A partnership with Coinbase would provide ready-made regulatory resources and brand endorsement, potentially slashing both cost and time needed to launch in America.
OKX founder Star (Xu Mingxing) publicly responded on X: "If true, it's good for the industry — higher standards, less regulatory arbitrage." His comment signals industry endorsement of consolidation that elevates compliance norms.
Details of the talks remain undisclosed, and Bybit has yet to issue an official statement. We will continue to follow developments.