The Competition Commission of India (CCI) has formally approved Coinbase’s acquisition of a minority stake in DCX Global Limited, the parent company of India’s CoinDCX exchange. The regulatory clearance validates a strategic investment made at a post-money valuation of approximately $2.45 billion, cementing a foothold for the U.S. giant in the world’s most populous crypto market.
Coinbase Chief Legal Officer Paul Grewal confirmed the approval, characterizing the deal as a deepening of a “long-term partnership” rather than a takeover. The clarification effectively kills rumors from earlier this year that Coinbase sought a full $1 billion acquisition of the Indian unicorn.
The Pivot Back to India
This stake is the financial anchor of Coinbase’s second attempt to crack the Indian market. After a disastrous exit in 2023, triggered by a clash with the National Payments Corporation of India (NPCI) over UPI payments, the exchange has quietly reactivated its app for Indian users. As of December, the platform supports crypto-to-crypto trading, with regional fiat on-ramps (INR deposits) slated for 2026 according to APAC Director John O’Loghlen.
Valuation & Risk
The $2.45 billion valuation comes despite a turbulent year for CoinDCX. In July, the exchange suffered a $44 million security breach involving a hot wallet, a loss it absorbed directly through its treasury to protect customer funds. Despite the hit, CoinDCX generated roughly $141 million in annualized revenue as of mid-2025, serving a user base of over 20 million.
Coinbase (COIN) shares reacted mutedly to the news, trading down 3.3% to $244.19 amid broader sector weakness.
