Coinbase and BiT Global Bury the Hatchet After wBTC Delisting Drama

Two crypto heavyweights finally call a truce—because nothing says 'decentralized future' like lawyers drafting settlement paperwork.

After months of legal posturing, Coinbase and BiT Global quietly resolved their dispute over the delisting of wrapped Bitcoin (wBTC). No details disclosed—because transparency is so 2017 crypto.

Market shrugs: wBTC price holds steady, proving once again that crypto moves faster than litigation. Meanwhile, traditional finance still thinks 'wrapped tokens' are gift-wrapped securities.

BiT Global Sued Coinbase Over wBTC Delisting in California Court

BiT Global filed the suit last year in the Northern District of California, after Coinbase removed WBTC from its platform.

The exchange cited “unacceptable risk” that the token could be controlled by Chinese-born crypto billionaire Justin Sun, who became affiliated with wBTC through a partnership in August 2023.

Coinbase raised concerns after Sun’s involvement, questioning BiT Global about his role in the token’s operations.

Meanwhile, Sun-backed World Liberty Financial switched its CBBTC holdings in favor of wBTC following his appointment as an advisor.

BiT Global argued the delisting was unjustified and damaged both liquidity and market confidence in wBTC, while allegedly giving an edge to Coinbase’s rival product, cbBTC, launched two months prior to the delisting.

Coinbase and BiT Global have settled their dispute over the delisting of wBTC, with BiT Global dismissing its lawsuit filed in the Northern District of California. Both parties will cover their own legal fees. BiT Global had alleged that Coinbase unjustifiably delisted wBTC,…

BiT Global has been a joint custodian of wBTC’s Bitcoin reserves, alongside crypto firm BitGo, since August 2024.

The lawsuit sought more than $1 billion in damages and requested injunctive relief to prevent further harm.

However, with the dismissal finalized, the legal chapter between the two firms is now closed.

Coinbase Q1 Revenue Climbs, But Profit Falls 94%

Coinbase reported mixed first-quarter results, with revenue rising 24% year-over-year to $2 billion, but falling short of analyst expectations and down 10% from the previous quarter.

While transaction revenue grew to $1.26 billion, its subscription and services division—covering staking and custodial offerings, ROSE 37% to nearly $700 million, reflecting growing diversification beyond trading.

Despite the revenue uptick, net income plunged 94% to $66 million as the company marked down its crypto holdings amid market volatility.

Adjusted earnings stood at $526.6 million, or $1.94 per share, still below last year’s figure of $2.53. Operating expenses surged 51% to $1.3 billion due to aggressive marketing and asset write-downs.

Coinbase’s earnings were weighed down by unpredictable macroeconomic conditions and fluctuations in digital asset prices.

However, the company noted its second-highest ever monthly user count, with CFO Alesia Haas highlighting increased engagement across non-trading services.