Coinbase Acquires One River Digital Asset Management

With over $130 billion of quarterly institutional trading volume and over $50 billion of institutional assets on platform, Coinbase (NASDAQ:COIN) claims it “operates at the center of the institutional digital asset market.”

Their products are purpose-built “to provide secure access to digital assets and Web3. Premier global institutions including asset managers, corporations, financial institutions, and other market participants entrust Coinbase as their platform of choice in the crypto-economy.”

As of Q4 2022, roughly 25% of the 100 largest hedge funds in the world “by reported assets under management have chosen to onboard with Coinbase.”

In furthering their goal of bridging the gap between institutions and the crypto-economy, we’re excited to announce that Coinbase has “acquired One River Digital Asset Management, a subsidiary of One River Asset Management.”

An SEC-registered investment adviser, ORDAM will “form the foundation of Coinbase Asset Management and offer investment advisory services to a range of new and existing institutional clients.”

ORDAM claims it is “a leading digital asset manager focused on providing institutional clients exposure to digital assets via robust investment products. Coinbase and ORDAM have a history of close partnership.”

ORDAM leverages Coinbase Prime “to deliver differentiated investment solutions to sophisticated institutions and we’re partnering to build innovative digital asset management infrastructure such as ONE Digital SMA, a suite of digital investment strategies and indexes in an easy-to-use separately managed account (SMA) platform powered by Coinbase Prime and Coinbase Custody, a New York DFS qualified custodian. Coinbase Ventures was also an early investor in ORDAM.”

Coinbase and ORDAM share an ethos “grounded in prudent risk management, a trait which has enabled both firms to successfully navigate the recent market turmoil. Culturally, our two organizations are strongly aligned on pursuing the opportunity in digital assets with an uncompromising priority on safety and soundness.”

With this acquisition, they are excited “to welcome ORDAM’s best-in-class team to Coinbase and to partner more deeply to expand institutional access to digital assets.”

Eric Peters will “continue to serve as the CEO/CIO of ORDAM (now CBAM) as well as the CEO/CIO of One River Asset Management, an unaffiliated and independent business.”

Eric has “over 30 years of experience in the asset management industry and founded One River Asset Management in 2013.”

ORDAM will “continue to operate as an independent entity under Coinbase, segregated from our trading and exchange businesses, with minimal disruption to current business activities and standard controls implemented among well-regulated and diversified financial institutions.”

The firm welcomes top talent at Coinbase, and the One River Digital Asset Management team represents “the best expertise in their field.”

Coinbase looks forward to “working with them in building our asset management business and providing industry-leading products and services to the institutions we support.”

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