CoinDCX CEO Shuts Down Talk of a Post-Hack Sale to Coinbase

Sumit Gupta, the CEO of Indian cryptocurrency exchange CoinDCX, has publicly rejected claims that the platform is in talks to be acquired by the U.S.-based exchange Coinbase.

The denial follows growing speculation that Coinbase was seeking to purchase CoinDCX at a discount, rumors that emerged after a recent $44 million hack impacted CoinDCX’s operations.

Sumit Gupta: “CoinDCX is not for sale”

In a statement posted on the social media platform X, Gupta directly addressed the reports, stating that CoinDCX is not for sale and remains committed to its mission in India.

Related: CoinDCX CEO Vows a “Stronger” Comeback and Launches a 25% Bounty

He wrote, “Ignore the rumours! CoinDCX is super focused on building for India’s crypto story and not up for sale!”

The clarification comes after reports claimed Coinbase was exploring an acquisition deal valued at approximately $900 million. This would be markedly below CoinDCX’s peak valuation of $2.2 billion, which was set three years ago. Two individuals familiar with the matter stated that Coinbase viewed the potential acquisition as a key entry point into India’s expanding crypto market.

Related: CoinDCX CEO Counters $44.2M Hack Fears Revealing $136 Million in Annual Revenue

CoinDCX’s recent security breach, in which it lost $44 million from an internal wallet, has added complexity to its current market position. Despite the incident, the company has not signaled any intention to change its ownership or operational direction.

Coinbase remains silent on its India strategy

While CoinDCX has directly denied the acquisition claims, Coinbase has declined to confirm or deny the reports. A spokesperson for the U.S. exchange responded to questions by affirming that the company does not comment on market speculation.

However, Coinbase’s activities in India show an ongoing strategic interest in the region. The company is registered with India’s Financial Intelligence Unit (FIU) and already holds equity stakes in both CoinDCX and another local exchange, CoinSwitch.

In a prior statement, a Coinbase spokesperson said the company remains open to building, buying, or partnering globally as part of its business roadmap.