Sumit Gupta, CEO of Indian Cryptocurrency Exchange Coindcx, publicly rejected the claim that the platform was in talks that it would be acquired by US-based Exchange Coinbase.
The rejection follows speculation that Coinbase is about to buy CoinCX at a discount.
Sumit Gupta: “Coindcx is not on sale”
In a statement posted on social media platform X, Gupta responded directly to the report, saying that CoindCX is not on sale and continues to commit to its mission in India.
Related: CoindCX CEO pledges a “stronger” comeback and launches a 25% prize
He said, “Ignore the rumors! Coindcx is very focused on building buildings for Indian crypto stories.
I woke up and saw this news! 😅
Ignore the rumors! CoindCX is “very focused” on buildings for Indian Crypto Stories and not for sale!
I’ll share more later, but I just wanted to clarify this advance payment! https://t.co/4cqaf94gjt
– Sumit Gupta (coindcx) (@smtgpt) July 29, 2025
The clarification comes after reports claiming that Coinbase is investigating an approximately $900 million acquisition agreement. This is significantly below the CoindCX’s $2.2 billion peak valuation set three years ago. Two individuals familiar with the issue said that Coinbase views potential acquisitions as a key entry point for India’s growing crypto market.
Related: COINDCX CEO Counter Hack’s Fear of $44.2 million reveals annual revenue of $136 million
CoindCX’s recent security breach has added complexity to its current market position as it lost $44 million from its internal wallet. Despite the incident, the Company does not indicate any intention to change ownership or operational direction.
Coinbase is silent about India’s strategy
Coinbase has refused to review or reject the report, while Coinbase has refused to review or reject the report. A US Exchange spokesman answered the question by confirming that the company had not commented on market speculation.
However, Coinbase’s activities in India demonstrate continued strategic interest in the region. The company is registered with the Indian Financial Information Unit (FIU) and already owns shares in both CoindCX and another local exchange, Coinswitch.
In a previous statement, a Coinbase spokesperson said the company is undergoing global construction, purchase or partnering as part of its business roadmap.
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