Coin Metrics
Coin Metrics sells institutional grade crypto market data, now folded into trading platform Talos.
On the record
Checkpoint: First public disclosure or leak of Talos financials showing health of the combined data business
The call
Coin Metrics' data and reference rate role look hard to replace, but the company itself has already disappeared into Talos, with no public numbers to show how that merger is going.
Coin Metrics collects and cleans information about cryptocurrency prices and on-chain activity, selling it to traders and financial firms. The company built real advantages by working directly with 40+ exchanges and partnering with Goldman Sachs and MSCI to set industry standards. However, large data companies like Bloomberg and LSEG could copy this by buying competitors or hiring teams, and AI tools are starting to commoditize the research and commentary that rides on top of this data (though they cannot replace the raw data itself). The biggest question mark is what happens now that Talos owns Coin Metrics: will the brand survive, will customers stay, and can it keep growing when crypto markets are volatile and budgets tighten?
Why
01
AI pressure: None apparent. LLMs and AI agents need clean on-chain and price data to function, they consume Coin Metrics feeds rather than replace them. Could AI do the core job? Unlikely.
02
Bigger players: Bloomberg, LSEG/Refinitiv, MSCI, FactSet. MSCI already co-authors the datonomy classification with Coin Metrics, giving it a path to build or buy a substitute in house. Could a giant copy it? Probably.
03
What protects it. Direct exchange integrations at 40+ venues plus reference rate status with Goldman Sachs and MSCI make its data hard to quietly swap out.
What would change this call
MSCI announces in-house crypto classification or acquires a Coin Metrics rival like Kaiko or Amberdata. Would show TradFi incumbents bypassing Coin Metrics's taxonomy role rather than partnering.
Talos discloses financials or keeps Coin Metrics brand/team distinct within a year of the 2025 acquisition. Would confirm the data business survived integration intact rather than being absorbed.
LSEG or Bloomberg announces acquisition of a crypto data firm (Kaiko, Amberdata, CCData). Would show TradFi giants moving from partnering to directly outflanking Coin Metrics on distribution.
Talos discloses financials or keeps Coin Metrics brand/team distinct within a year of the 2025 acquisition. Would confirm the data business survived integration intact rather than being absorbed.
LSEG or Bloomberg announces acquisition of a crypto data firm (Kaiko, Amberdata, CCData). Would show TradFi giants moving from partnering to directly outflanking Coin Metrics on distribution.
Key numbers
- Talos paid over $100M for Coin Metrics
- Coin Metrics had raised about $64.6M total
- Data covers 40+ exchange integrations
Named risks
- Coin Metrics brand/team absorption into Talos could erase standalone identity and workflow lock-in.
- Talos's own financials are undisclosed, so equity value backing former Coin Metrics assets is unverified.
- Crypto-cyclical demand: Q4 2025 -23.7% correction and $19B liquidation could shrink institutional data budgets.
- TradFi giants like MSCI or LSEG could take taxonomy/reference-rate work in-house or acquire a rival.
- Revenue was never disclosed even pre-acquisition, limiting external verification of business health.
Rivals, as read in July 2026
| Rival | Direction | Evidence |
|---|---|---|
| Kaiko | contesting | Named direct competitor with balance-sheet-backed rivals like LSEG able to acquire it, per July 2025 analysis |
| Amberdata | contesting | Listed as direct institutional-data competitor by CB Insights, June 19, 2026 |
| MSCI | gaining on | MSCI co-authors datonomy taxonomy with Coin Metrics, risk it takes classification in-house, 2026-07-13 |
| LSEG/Refinitiv | gaining on | TradFi giant with balance sheet to acquire Kaiko/Amberdata and outflank via distribution, per 2025 analysis |
| Bloomberg | contesting | TradFi incumbent encroaching into crypto data space via partnership model, not direct attack, 2025 |
| Chainalysis | contesting | Grouped with Coin Metrics as CB Insights 'Highflier' in adjacent blockchain analytics space, 2026-06-19 |
Questions people ask
- Is Coin Metrics still an independent company?
- No. Coin Metrics was acquired by Talos, a crypto trading infrastructure firm backed by General Atlantic and a16z, in a deal worth over $100 million announced July 16, 2025. It now operates as a wholly owned data subsidiary/brand under Talos rather than as a standalone company.
- Is Coin Metrics profitable?
- Coin Metrics never publicly disclosed revenue as an independent company, per Architect Partners on July 20, 2025. Unverified third-party estimates put revenue near $6.3 million, but with institutional clients like Goldman Sachs, BNY Mellon and Fidelity, profitability status remains undisclosed and unconfirmed.
- Who owns Coin Metrics now?
- As of July 16, 2025, Coin Metrics is a wholly owned subsidiary of Talos Global, a New York-based institutional digital-asset trading infrastructure firm backed by General Atlantic and a16z, which acquired it for more than $100 million.
- Could AI replace Coin Metrics' data products?
- Unlikely to fully replace it. AI can commoditize commentary and newsletter-style analysis, but Coin Metrics' proprietary cleaned on-chain datasets, direct integrations with 40+ exchanges, and its Goldman Sachs/MSCI co-built datonomy taxonomy are licensed data pipes that generic AI models cannot replicate.
- Who are Coin Metrics' biggest competitors?
- CB Insights (June 19, 2026) names Kaiko, Amberdata, Glassnode, CryptoCompare/CCData, IntoTheBlock, CoinAPI, Four Pillars and TokenInsight as direct competitors, grouping Coin Metrics as a 'Highflier' alongside Chainalysis and Elliptic rather than a sole category leader.
- How much funding did Coin Metrics raise before being acquired?
- Coin Metrics raised approximately $64.6 million total across roughly 4 to 7 rounds, according to Architect Partners on July 20, 2025, including a $35 million Series C in April 2022 at a $315 million post-money valuation led by Acrew Capital and BNY Mellon.
Timeline
- 2026-07-15Talos publishes piece on DTCC tokenization pilot involvement for tokenized securities
- 2025-12-16Talos and FactSet publish joint 2025 Digital Assets Report
- 2025-11-11Talos details Super Validator status on Canton Network and network-intelligence app
- 2025-07-16Talos acquires Coin Metrics for over $100 million, no new capital raised
- 2025-07Talos launches Canton Network intelligence app for institutional data
- 2025-03-25Coin Metrics receives dYdX grant to build institutional analytics for dYdX v4
- 2025-03Talos becomes a Super Validator on the Canton Network
- 2023-10Coin Metrics raises approximately $6.7 million Series C extension
- 2022-04Coin Metrics raises $35 million Series C at $315 million post-money valuation
- 2017Coin Metrics founded in Boston, Massachusetts
Revision history
21 July 2026
First assessed. Protection under test. The text above is fixed as of this date and is not edited afterwards.
In the same band
Sources
- Crypto infrastructure giant Talos acquires Coin Metrics for more than $100 million (2025-07-16)
- Talos to Acquire Coin Metrics for over $100M, Architect Partners (2025-07-20)
- Products, Competitors, Financials, Employees, Headquarters Locations (2026-06-19)
- Digital Asset Classification System (2026-07-13)
- Q1 2025 Bitcoin Data Special (2025-03-25)
- Talos Becomes Super Validator on Canton Network, Advancing Institutional Markets (2025-11-11)
- Management and Employees List
- 2025 Annual Crypto Industry Report (2026-05-02)
- Talos Quarterly Highlights Q3 2025 (2025)
- Behind the Scenes of Moving Finance On-Chain with Tokenized Securities (2026-07-15)
- Talos and FactSet 2025 Digital Assets Report (2025-12-16)
- Talos to Acquire Coin Metrics Creating Industry's First Integrated Data and Investment Management Platform (2025-07-15)