Coinbase Buys Crypto Asset Manager to Tap Institutional Demand

Coinbase Global Inc., still reeling from a plunge in trading volume on its exchanges, is expanding into a less-volatile corner of the cryptocurrency ecosystem with the purchase of One River Digital Asset Management.

Unlike most of the prominent names in crypto, One River Digital, founded by macro trader Eric Peters as a unit of his hedge fund, has built a business to serve only the needs of institutional clients such as pension funds, avoiding retail customers altogether. That focus on long-term capital and money management over trading has left it less exposed to the kinds of wild swings ...