CCI Clears Coinbase’s Minority Stake in CoinDCX Parent, Valuation Hits $2.45Bn

The Competition Commission of India (CCI) on Tuesday cleared Coinbase Global Inc’s proposal to acquire a minority, non-controlling stake in DCX Global Ltd, the Mauritius-incorporated holding company that owns the CoinDCX brand, its technology and related intellectual property.

The approval follows Coinbase’s announcement in October that it had invested in CoinDCX as part of its broader strategy to scale operations in India and the Middle East. Coinbase, a US-based crypto exchange operating in more than 100 countries, first invested in the Indian platform in 2020 and has now deepened the partnership through the latest tranche, which values DCX Global at about $2.45 billion on a post-money basis.

Deal Importance

The CCI’s clearance removes a key competition-law hurdle for Coinbase as it looks to deepen its strategic presence in a market where Indian crypto platforms are facing increased regulatory scrutiny and shifting user demand.

For Coinbase, the minority investment builds on an existing partnership and supports its plans to scale products and operations across South Asia and the Middle East, regions where CoinDCX already has an established footprint, including through its acquisition of Dubai-based BitOasis last year.

Separately, the regulator also approved Japan Post Co. Ltd’s proposed acquisition of a 19.9% stake in Logisteed Holdings Ltd, highlighting the CCI’s ongoing role in reviewing cross-border transactions that meet merger control thresholds.

CoinDCX Scale & Performance

Founded in 2018 by Sumit Gupta and Neeraj Khandelwal, CoinDCX is among India’s largest cryptocurrency exchanges. The platform says it serves more than 20 million users and offers trading in over 500 crypto assets.

According to company filings cited by the media, CoinDCX reported operating revenue of ₹559.6 crore in FY25 and a net profit of ₹1.7 crore for the year. On an annualised basis, group revenue stood at around ₹1,179 crore, with yearly transaction volumes of about ₹13.7 lakh crore and assets under custody exceeding ₹10,000 crore.

The investment and regulatory approval come after a turbulent period for the exchange in 2025. In July, CoinDCX disclosed a security breach in which attackers siphoned off roughly $44 million from an internal hot wallet used for liquidity operations, making it one of the larger hacks to hit an Indian crypto platform. The company said it absorbed the loss from its treasury, launched a bug-bounty programme, and subsequently saw senior exits from its technology and security teams.