CCI Approves Coinbase’s Minority Stake in CoinDCX Parent DCX

Key Highlights

CCI approves Coinbase’s acquisition of a non-controlling minority stake in DCX Global.
Coinbase’s October investment valued CoinDCX at a post-money valuation of $2.45 billion.
CoinDCX reported higher FY25 revenue and profit despite a major security breach in July.

The Competition Commission of India (CCI) on Tuesday approved US-based cryptocurrency exchange Coinbase Global Inc’s proposal to acquire a minority shareholding in DCX Global Limited, the entity that owns the CoinDCX brand, technology, and intellectual property.

The regulator said the approval relates to the proposed combination involving the acquisition of a non-controlling minority stake in DCX Global by Coinbase Global Inc.

Transaction detail

DCX Global Limited is incorporated in Mauritius and owns the technology, brand and other relevant intellectual property of the CoinDCX crypto exchange business in India. The CoinDCX exchange is operated by Neblio Technologies Pvt Ltd.

Coinbase Global Inc, incorporated in the United States, operates cryptocurrency exchange platforms in more than 100 countries globally and has recently commenced operations in India.

Confirming the decision, the regulator said, “Commission approves the proposed combination involving acquisition of minority shareholding in DCX Global Limited by Coinbase Global Inc.”

Coinbase’s investment in CoinDCX

In October, Coinbase announced a fresh investment in CoinDCX at a post-money valuation of $2.45 Bn. The investment followed Coinbase’s earlier backing of CoinDCX through Coinbase Ventures.

Coinbase first invested in CoinDCX in 2020, when the Indian exchange raised $3 Mn as part of its Series A funding round.

At the time of the October announcement, Coinbase said it is making an investment in CoinDCX, a leading crypto exchange in India and the Middle East, building on its prior investments in the company.

CoinDCX operations and scale

Founded in 2018 by Sumit Gupta and Neeraj Khandelwal, CoinDCX is one of India’s largest cryptocurrency exchanges. The company became India’s first crypto unicorn in 2021 and has raised over $240 million in funding to date.

The platform claims to have more than 2 crore users and over 500 listed crypto assets. Quarterly trading volumes exceed Rs 2.4 lakh crore. CoinDCX operates across India and the UAE and entered the Middle East market through the acquisition of Dubai-based BitOasis last year.

As of July 2025, CoinDCX’s annualised group revenue stood at Rs 1,179 crore ($141 million). Annualised transaction volumes across products stood at Rs 13.7 lakh crore ($165 billion). Assets under custody were more than Rs 10,000 crore ($1.2 billion), while the platform’s user base crossed 20.4 million.

Financial performance

For FY25, CoinDCX reported a 15% increase in net profit to Rs 1.7 Crore (about $0.2 million) from Rs 1.5 Crore (around $0.18 million) in FY24.

Operating revenue rose 43% on a year-on-year basis to Rs 559.6 Crore ($67 million), compared with Rs 391.8 Crore ($47 million) in the previous financial year.

Security breach in 2025

CoinDCX faced a major security incident during the year. In July, the exchange suffered a $44 million (Rs 378 Crore) breach, one of the largest crypto hacks in India after the $234 million (Rs 2,000 Crore) incident at WazirX.

The breach targeted an internal hot wallet used for liquidity operations. Following the incident, CoinDCX launched a bug bounty programme and said it absorbed the financial impact through its internal treasury.

The incident led to senior leadership exits, including the company’s chief technology officer, chief human resources officer, and chief information security officer.

Other CCI approvals

Separately, the CCI also approved the acquisition of a 19.9% equity stake in Logisteed Holdings Ltd by Japan Post Co Ltd.

Japan Post Co Ltd is engaged globally in postal operations, logistics, real estate, international cargo transport, and bank and insurance agency services. Logisteed Holdings Ltd, through its affiliates, operates in third-party logistics, contract logistics, heavy machinery transportation and freight forwarding.

Deals crossing specified thresholds require approval from the competition regulator, which monitors market concentration and unfair business practices while promoting fair competition.