Coinbase Is Buying Echo. Why the Crypto Exchange Is on a Dealmaking Spree.

Coinbase confirmed on Tuesday that it would buy blockchain platform Echo for $375 million. (Samyukta Lakshmi/Bloomberg)

Key Points

• Coinbase Global announced its acquisition of blockchain platform Echo for approximately $375 million.
• This marks Coinbase’s eighth acquisition this year, aligning with the Trump administration’s digital-assets industry support.
• Coinbase stock was down Tuesday, but up 38% for the year, outpacing the S&P 500’s 15% rise.

Coinbase Global said it would buy the blockchain platform Echo on Tuesday, extending the crypto exchange’s recent dealmaking spree.

Coinbase confirmed it would buy Echo, a platform that allows crypto companies to quickly raise capital directly on the blockchain, for approximately $375 million. The deal was first reported by The Wall Street Journal, which cited Coinbase executives.

It’s Coinbase’s eighth acquisition of the year so far as it bids to take advantage of the Trump administration’s embrace of the digital-assets industry.

Coinbase stock was down 1.6% to $338.38 in early trading. As of Monday’s close, it was up 38% for the year, compared with a 15% rise for the benchmark S&P 500 .

Write to George Glover at george.glover@dowjones.com