Coinbase has integrated Jupiter Exchange directly into its on-chain stack

Coinbase has integrated the Jupiter exchange directly into its on-chain stack, enabling the trading of Solana-based assets on the platform. Users under the new integration can deploy existing Coinbase balances and payment methods to trade Solana tokens from a self-custodial wallet.

According to the Kobeissi Letter, Coinbase is now using Jupiter’s on-chain technology to provide instant access to Solana-native assets rather than the slow, manual process of listing tokens on a centralized order book. Jupiter will act as the execution engine, aggregating liquidity across Solana DEXs, settling trades on-chain, and optimizing trading routes.

Meanwhile, Coinbase will provide the distribution, on- and off-ramps, and UX to give its users access to more Solana tokens than would be available through centralized listings. Together, Coinbase and Jupiter significantly boost the reach of Solana-based tokens into the retail market. Instead of competing with Solana DeFi primitives, Coinbase is embedding them.

Jupiter’s President says integration has no added complications 

Jupiter’s President, Xiao-Xiao Zhu, recently claimed that the integration allows millions of Coinbase users to access the full range of the Solana network directly on-chain without added complications to their user experience. Coinbase users can leverage Jupiter’s price discovery, deep liquidity, and routing engine to execute Solana-native token trades across the entire network behind the scenes. 

Zhu also said the partnership with Jupiter will further validate Coinbase’s infrastructure and capacity to serve millions of users on-chain and at scale. He noted that the decision followed his company’s integration of trading APIs with Uniswap Labs and Robinhood. The Jupiter president further believes that his company’s technology will serve as the entry point for the next era of adoption, adding that the partnerships were proof that on-chain finance is ready to support mass-market demand.

On the other hand, Blockworks Research also notes that the Coinbase-Jupiter integration is more about major exchanges leveraging DeFi infrastructure to expand market access to Solana’s trading stack, rather than a single partnership. Jupiter generates nearly $4 million in monthly revenue from its “Ultra” aggregator offering, and this integration presents an opportunity to further monetize it.

According to Blockworks Research, the logic behind the Coinbase-Jupiter integration is that on-chain trading eliminates the long lead times associated with CEX listings. That allows markets to form around already existing liquidity, expanding both Coinbase and Jupiter by increasing potential revenue and trading volume. Jupiter is already at the center of Solana spot trading, with roughly $50 billion in monthly spot trading volume. Meanwhile, Coinbase’s average monthly spot trading volume is roughly $80-$100 billion.

Coinbase completes six M&A deals in 2025 

Media reports indicate that Coinbase completed 6 M&A deals in 2025, including the $2.9 billion acquisition of Derbit. Kraken also closed five mergers, acquiring Small Exchange for $100 million and NinjaTrader for $1.5 billion. Meanwhile, Ripple completed four acquisitions, including the $1.25 billion purchase of Hidden Road.

Crypto-related M&A volume reached approximately $10.7 billion in November last year, driven mainly by Naver’s acquisition of Dunamu for $10.3 billion. The surge in November followed a strong Q3 2025 that doubled the previous record of $5 billion, representing a 30x increase compared to the same period in 2024.

Meanwhile, the total value of M&A deals excluding the Dunamu acquisition stood at approximately $8.6 billion across 133 deals by November 2025. M&A volume has surged from $470,000 in Q1 2021 to nearly $4.2 billion in Q4 2025, almost a 9,000x increase. According to reports at the end of last year, the momentum extended into December, with Paribu acquiring CoinMENA for $240 million.  

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