's crypto OTC trading desk acquisition closed at $250 million: source

Quick Take

  • bought Altonomy’s crypto OTC desk this month.
  • A source with knowledge of the process said the deal was valued at $250 million in cash and stock. 
  • The desk is said to have traded $16 billion in 2021. 

Last week, crypto exchange and wallet service announced the acquisition of Altonomy’s over-the-counter trading desk.

A source with knowledge of the process told The Block that the deal topped $250 million in a transaction involving both cash and stock.

Such a deal exceeds the value of past acquisition deals in the crypto space, including FTX’s $150 million acquisition of Blockfolio and Coinbase’s reported acquisition of prime brokerage Tagomi, said to have weighed in at around $90 million.

The deal speaks to a broader trend of larger market participants making “product-based” acquisitions with a focus on obtaining “regulatory licenses” and “new products,” including those in decentralized finance and the metaverse, according to Architect Partners, an advisory firm.

FTX.US’s acquisition of LedgerX offers a good example of the latter. The firm acquired the options exchange partially for the licenses it holds from the Commodities Futures Trading Commission to launch a futures platform.

As for, the acquisition of Altonomy’s OTC business, which traded $16 billion last year, will help the firm expand its trading operation and presence in Asia, according to the source. traded $10 billion last year across its OTC and other trading businesses. The core systems of Altonomy have been integrated into’s existing trading platform.

In Architect Partners’ view, the deal will help meet the needs of institutional clients who are keen to trade a more wide-range of coins.


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"Altonomy’s expertise in altcoin and OTC trading will expand’s presence in this space, while also expanding their product suite," the firm said in a recent alert, adding:

"As Institutions flood into crypto trading, they require certain products to enhance altcoin trading. Because of this, reputable crypto trading exchanges like will seek to expand their trading capabilities of low liquidity crypto assets." is not acquiring the entirety of Altonomy’s business. Altonomy was founded by Ricky Li, who previously worked in the hedge fund world.

Looking to the future, Architect expects M&A to continue to ramp up, driven by large exchanges.

“Gobbling small firms—with over 400 active exchanges, there’s plenty of ripe picking to acquire accounts by buying smaller firms,” the firm noted.

© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

About Author

Frank Chaparro is the Editor At Large at The Block. Chaparro started his career at Business Insider, where he specialized in the intersection of digital assets and Wall Street, market structure, and financial technology. Soon after joining Business Insider out of Fordham University, Chaparro was interviewing top finance and tech executives, including billionaire Mark Cuban, “Flash Boys” star Brad Katsuyama, Cboe Global Markets CEO Ed Tilly, and New York Stock Exchange President Tom Farley. In 2018, he become a sought after reporter in the crypto world, interviewing luminaries such as Tyler Winklevoss, the cofounder of Gemini, Jeremy Allaire, the CEO of Circle, and Fundstrat head Tom Lee. He runs his own podcast The Scoop and writes a biweekly eponymous newsletter. He leads special projects, including The Block's flagship podcast, The Scoop. Prior to The Block, he held roles at Business Insider, NPR, and Nasdaq. For inquiries or tips, email [email protected].