Digital asset trading firm Talos has completed its largest acquisition to date, buying blockchain data provider Coin Metrics for more than $100 million.
The deal represents a major consolidation move in the crypto industry as companies race to build comprehensive platforms for institutional investors.
Creating the First Integrated Crypto Platform
The acquisition combines Talos’s trading and portfolio management technology with Coin Metrics’ blockchain analytics and market data services. This merger creates what the companies call the industry’s first fully integrated data and investment management platform for digital assets.
“By bringing our platforms together, we’re creating a fully integrated, one-stop solution that benefits the clients of both firms,” said Anton Katz, CEO and co-founder of Talos, in a press release.
The deal addresses a key problem in crypto markets: fragmented data and unreliable market intelligence. Traditional finance relies on standardized data and transparent pricing, but crypto markets operate across multiple exchanges with inconsistent metrics. By combining trading infrastructure with comprehensive data analytics, Talos aims to provide institutional clients with a unified platform similar to Bloomberg Terminal for traditional markets.
Strong Financial Backing Supports Growth Strategy
Talos brings significant financial resources to the acquisition. The New York-based company has raised over $145 million from major investors including Andreessen Horowitz, PayPal, Fidelity, Citi, BNY Mellon, and General Atlantic. The company reached a valuation of over $1.2 billion in its 2022 funding round.
According to Fortune’s exclusive reporting, discussions between the companies began about four months ago. Talos did not need to raise additional capital to finance the acquisition, demonstrating the company’s strong cash position.
The deal marks Talos’s fourth major acquisition as it builds out its institutional platform. Previous purchases included Cloudwall for risk management, Skolem for DeFi infrastructure, and D3X Systems for portfolio construction.
Regulatory Environment Drives M&A Activity
The timing of this acquisition reflects broader changes in the crypto regulatory landscape. Under President Trump’s administration, the industry expects a more favorable regulatory environment compared to the previous administration’s enforcement-focused approach.
“With a regulatory thaw under President Trump, Katz believes the debate is settled as to whether major institutions will move into crypto and need software like Talos’,” Fortune reported. Katz told the publication, “I don’t know if there are any large financial institutions left that we are not in conversations with.”
The Securities and Exchange Commission recently launched a “Crypto 2.0” task force to develop clearer regulations for the industry. This shift away from enforcement-driven regulation has encouraged more M&A activity across the crypto sector.
Part of Broader Industry Consolidation Wave
This acquisition joins a series of major crypto deals in 2025. Coinbase acquired derivatives exchange Deribit for $2.9 billion, while Stripe bought stablecoin platform Bridge for $1.1 billion. Kraken purchased NinjaTrader for $1.5 billion, and Ripple acquired Hidden Road for $1.25 billion.
The trend reflects the industry’s maturation as companies seek to build comprehensive platforms for institutional adoption. Rather than competing on individual services, firms are creating integrated solutions that address multiple needs within single platforms.
Industry experts expect this consolidation to continue. Global M&A activity is projected to exceed $4 trillion in 2025, with crypto positioned to benefit from improved regulatory clarity and institutional interest.
Company Backgrounds and Strategic Fit
Talos was founded in 2018 by Wall Street veterans Anton Katz and Ethan Feldman, who previously built trading systems for traditional financial assets at Broadway Technology. The platform serves institutional clients across 32 countries, connecting them to both centralized exchanges like Coinbase and decentralized platforms through a single interface.
Coin Metrics, established in 2017 in Boston, began as an open-source blockchain analysis project and has raised $64.6 million. The company provides network data and risk solutions to major financial institutions seeking accurate crypto market intelligence.
Both companies serve similar institutional client bases, making the integration strategically logical. When asked about potential public offerings, Katz told Fortune, “Without a doubt, it’s one of the considerations. Talos is in a great position in the market.”
Looking Forward
This acquisition signals crypto’s evolution from a fragmented collection of services to mature, integrated platforms that can compete with traditional financial infrastructure. As regulatory clarity improves and institutional adoption accelerates, deals like this may become the blueprint for how crypto companies build comprehensive solutions for professional investors.
