It is stated that Coinbase, the largest cryptocurrency exchange in the USA, is in talks regarding strategic investment and cooperation with Bybit, which is the second largest offshore exchange by global transaction volume. Since Bybit does not currently operate legally in the US, this partnership is seen as an important step in its plans to expand into the US market.
Content of Possible Collaboration
In the negotiations, it is envisaged that Coinbase will join Bybit as an investor and that Bybit will enter the market in accordance with the legislation in the USA. US users cannot currently trade directly on Bybit due to regulatory hurdles. However, a possible partnership between the two companies could enable Bybit to gain legal access to the US market.
Bybit wants to evaluate investor interest in the US market through this potential partnership with Coinbase.
Bybit’s technical and commercial value in this process is evaluated with reference to the performance of OKX, in which Intercontinental Exchange has recently invested in a similar manner and reached a valuation of approximately 25 billion dollars. If Bybit is based on a similar valuation, a significant capital commitment from Coinbase could come to the fore in this collaboration. However, so far there has been no statement from either company regarding financial conditions or a clear timetable.
Coinbase’s Goals
This step seems to be in line with Coinbase’s recent strategic direction. The company’s acquisition of derivatives platform Deribit in 2025 for approximately $2.9 billion shows that US-compliant exchanges prefer to cooperate with large offshore players. Coinbase, which has increased its claim in the options market with the acquisition of Deribit, can reach a stronger position on a global scale in spot and futures transaction volumes if it acts with Bybit.
Coinbase’s inclusion in the S&P 500 index in 2025 has strengthened its reputation in corporate circles. The fact that the company will start commission-free stock transactions in the US market in 2026 shows its desire to become a direct competitor to traditional financial institutions. The Bybit partnership also aims to bridge offshore volumes from a platform that complies with US regulations.
Strategic Meaning for Bybit
Bybit was unable to gain direct access to the US market by maintaining its offshore status, which it considered secure. The US market is still the most important and high-value region for institutions. The Coinbase collaboration could offer Bybit the opportunity to bypass regulatory hurdles and access institutional capital in the US.
Bybit is only behind Binance in terms of global trading volume. Legal proceedings on the Binance front in recent years and the guilty plea of Changpeng Zhao (CZ) have weakened the exchange’s position in the United States. In this environment, Bybit’s legal operation in the USA in cooperation with Coinbase could reshape the offshore stock market balances.
Uncertain Aspects of the Process
So far, no official confirmation has been made about the collaboration, financial details have not been disclosed and no clear timetable has been determined. Bybit’s comparison with OKX has analyst rating status. A US exchange’s development of a strategic partnership with an offshore platform may be subject to inspection by various institutions, especially regulatory authorities.
Although the general direction of the talks has begun to become clear, there is no final development regarding the details and official approvals yet.
