Key Takeaways
- • Coinbase has acquired One River Digital Asset Management (ORDAM), a premier institutional digital asset manager and SEC-registered investment adviser, according to the Latham & Watkins LLP deal announcement dated March 6, 2023.
- • ORDAM will be rebranded as Coinbase Asset Management (CBAM) and will operate as an independent business and wholly-owned subsidiary of Coinbase.
- • The transaction is designed to expand institutional participation in the cryptoeconomy, aligning with Coinbase's long-term strategy.
- • Latham & Watkins LLP advised Coinbase with a multidisciplinary, cross-border team spanning corporate, investment funds, tax, regulatory, and compliance practices.
Summary
Coinbase has announced that it acquired One River Digital Asset Management (ORDAM), a digital asset manager that is registered with the U.S. Securities and Exchange Commission as an investment adviser. Following the deal, ORDAM will transition to Coinbase Asset Management (CBAM) and will continue as an independent business that is a wholly-owned subsidiary of Coinbase. Coinbase described the acquisition as consistent with its long-term strategy of expanding opportunities for institutions to participate in the cryptoeconomy.
Latham & Watkins LLP represented Coinbase in the transaction. The corporate deal team was led by Bay Area partner Mark Bekheit and Chicago partner Owen Alexander, supported by associates Edward Brennan, Michael Magstadt, Lou Jeffers, and Claudia Wang. According to the firm's announcement, additional advice was provided across a range of practice areas, including investment funds, benefits and employment, tax, intellectual property, data privacy, commodities and derivatives regulation and enforcement, anti-money laundering, FCPA and anti-corruption, and sanctions.
The firm's announcement was also referenced by other outlets, including CryptoSlate and ai-cio.com, which reported on the acquisition. The primary source does not disclose the purchase price or other financial terms of the transaction.
Latham & Watkins LLP represented Coinbase in the transaction. The corporate deal team was led by Bay Area partner Mark Bekheit and Chicago partner Owen Alexander, supported by associates Edward Brennan, Michael Magstadt, Lou Jeffers, and Claudia Wang. According to the firm's announcement, additional advice was provided across a range of practice areas, including investment funds, benefits and employment, tax, intellectual property, data privacy, commodities and derivatives regulation and enforcement, anti-money laundering, FCPA and anti-corruption, and sanctions.
The firm's announcement was also referenced by other outlets, including CryptoSlate and ai-cio.com, which reported on the acquisition. The primary source does not disclose the purchase price or other financial terms of the transaction.
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