Halfway through 2025, Coinbase has completed four major acquisitions, from acquiring Deribit for $2.9 billion to acquiring Liquifi. What secrets are hidden behind this wave of "buying"? As we piece together the acquisition puzzle, a strategic blueprint emerges - Coinbase wants to transform from an exchange to an on-chain "financial operating system", creating an Apple-like ecosystem in the crypto world.
Recently, while browsing the news, a message caught my eye: Coinbase announced the acquisition of token management platform Liquifi.
At first, I thought this was just an ordinary industry development, but then I felt something familiar... I quickly reviewed it, and indeed! This is already the fourth important acquisition by Coinbase since entering 2025.
One acquisition might just be a business supplement, but repeatedly "buying" suggests a deeper logic. This sparked my great curiosity. So, I decided to take some time to review Coinbase's shopping list this year and let us glimpse the true strategic intent behind this series of acquisitions.
Spoiler: Coinbase is no longer satisfied with being just a leading cryptocurrency exchange, but wants to build a "financial operating system" serving the entire on-chain world.
