The Indian cryptocurrency exchange CoinDCX has denied any public report of a potential sale to Coinbase. Its CEO, Sumit Gupta, said the company is not seeking a sale and is currently not in any discussion with Coinbase for a $1 billion acquisition deal, which would have seen the company sold at a 60% discount.
The news comes two weeks after CoinDCX suffered a $44 million hack on July 19. The hack kick-started the rumor, which Gupta has firmly denied, stating that CoinDCX is fully focused on advancing India’s cryptocurrency ecosystem. The acquisition would have been one of Coinbase’s numerous investments in 2025, as the publicly traded exchange continues its expansion plans.
Gupta Clears the Air on X on Coinbase Acquisition
Rumors from the Indian news outlet, Mint, revealed that Coinbase was in advanced talks with CoinDCX for a potential sale of around $900 million, far lower than its $2.2 billion peak three years ago. The news outlet claims that two unnamed sources were familiar with the matter.
According to the sources, Coinbase views the deal as a long-term investment in the Indian market. Gupta, on his X account, denied the report, dismissing it as a mere rumor. “Ignore the rumors! CoinDCX is super focused on building for India’s crypto story and not up for sale.” Coinbase declined to comment on the acquisition rumors when DIQ correspondents asked.
CoinDCX Initiates a Swift Response to Mitigate the Crypto Hack
The crypto exchange suffered an exploit on July 19, leading to the loss of $44 million. According to the latest findings, attackers breached an operational wallet and drained it of its funds within minutes. The CoinDCX management initiated a Swift response that ensured customers’ funds were safe.
In his message regarding the hack, Gupta wrote that the exchange remains financially strong, fully operational, and firmly committed to building for the long term. “For us, it’s business as usual,” he said.
This is the second time a top Indian crypto exchange has suffered a theft incident in over a year. Popular exchange WazirX suffered a crypto hack in mid-2024, losing a huge sum of $240 million, regarded as one of the biggest thefts in the crypto space last year. With India’s crypto landscape evolving, security breaches are also rising, indicating a stronger cybersecurity measure to counter potential attacks.
Coinbase Maintains Its Crypto Expansion Plans
Earlier this year, Coinbase registered with India’s Financial Intelligence Unit, signalling expansion into the Asian market. This news fueled the rumors of CoinDCX’s potential sale to Coinbase, which has now been clarified. If the acquisition had gone through, the company would have had the edge, as its presence in Asia would be solidified.
However, that wouldn’t stop Coinbase from its future acquisitions. A Coinbase spokesperson revealed that the company has a goal of increasing economic freedom globally. “We will continue to explore opportunities around the world to build, buy, partner, and invest to accelerate our roadmap.”
Currently, the exchange is trying to secure an EU license to expand its presence in the region. It has already secured a Markets in Crypto-Assets (MiCA) license from Luxembourg to offer its services to crypto users across EU countries. This move made the country its new European headquarters for facilitating crypto dealings.
Coinbase Has Been Busy in 2025
Coinbase has made several acquisitions this year, reiterating its commitment to expanding cryptocurrency globally. The company’s buying spree began in May, following its $2.9 billion acquisition of Deribit to expand access to the derivatives market. In July, it followed with the acquisition of Liquifi, a platform focused on tokenization and token management.
Coinbase also made a talent acquisition earlier this month. The crypto company acquired the core leadership of DeFi derivatives protocol Opyn, as part of its derivatives strategy. Coinbase also hired former Binance lead Alex to head the company’s crypto Twitter (CT) communications.
The company officially joined the S&P 500 in May, becoming the first crypto company to achieve such a feat. Coinbase stock is currently bullish, with COIN up 48% year-to-date.
