According to Fortune, Coinbase has agreed to acquire Solana trading platform Vector.fun in what will be its ninth acquisition of 2025. The deal is expected to close by year-end, though terms weren’t disclosed. Coinbase will hire Vector.fun’s 13 employees but shut down its mobile and desktop trading apps. The crypto giant plans to use Vector.fun’s technology to expand decentralized trading beyond its own Base blockchain to include Solana assets. This continues an aggressive M&A streak that includes the $2.9 billion Deribit acquisition and $375 million Echo purchase earlier this year.
The Everything Exchange Strategy
Here’s the thing about Coinbase right now: they’re playing offense. After surviving the brutal crypto winter of 2022-2023, they’re using their profitable 2024 and 2025 to basically buy everything that moves. And they’re not being subtle about it either. Nine acquisitions in a single year? That’s three times more than 2024. They’re clearly trying to become what they call the “everything exchange” – one platform where you can trade any crypto asset through any method, centralized or decentralized.
Why Solana Matters
This Vector.fun deal is particularly interesting because it’s about Solana integration. Currently, Coinbase only lets users trade tokens through exchanges built on their own Base blockchain. But Solana has become the memecoin and decentralized trading hub, especially for the retail crowd that Coinbase desperately wants to keep engaged. By bringing Solana trading directly into their app, they’re essentially saying “you don’t need to leave our ecosystem to get the hottest action.” It’s a smart defensive move against platforms that specialize in Solana trading.
The Bigger M&A Picture
Coinbase isn’t alone in this shopping spree. According to Architect Partners’ recent report, there were 96 M&A transactions in Q3 2025 alone totaling over $10 billion. That’s the largest quarter on record. We’re seeing similar moves from competitors too – Kraken just acquired NinjaTrader to expand into professional trading. The entire industry is consolidating at a breathtaking pace. Basically, the crypto winter forced startups to mature, and now the survivors are either getting bought or doing the buying.
What Comes After The Buying Spree?
The real question is: can Coinbase actually integrate all these acquisitions successfully? Buying nine companies in a year is one thing – making them work together seamlessly is another. They’re also facing increasing regulatory scrutiny while trying to become this “everything” platform. And let’s not forget they walked away from that $2 billion BVNK deal in November, which suggests even they have their limits. Still, with their recent Echo acquisition and now Vector.fun, they’re clearly building something ambitious. Whether it becomes the dominant crypto super-app or an overextended mess remains to be seen.
