Paris-based crypto analytics and data firm Kaiko has acquired US digital asset data provider Amberdata, its fifth acquisition to date, as firms race to serve growing institutional demand for digital asset analytics, pricing and compliance services.
Financial terms of the transaction were not disclosed, although Amberdata's market value was estimated at $330mn at the time of its most recent fundraising round, according to CryptoRank. The company raised $47mn between 2017 and 2022 from investors including Coinbase Ventures, Citi, Franklin Templeton Investments and Nasdaq Ventures.
Amberdata was founded in 2017 and counts hedge funds, banks, exchanges and asset managers among its clients, particularly in North America. The acquisition therefore strengthens Kaiko's presence in the US market.
The transaction is Kaiko's second deal in less than a month. In May, the company announced the acquisition of Cometh, a decentralized finance infrastructure provider. Cometh's founder and then-CEO, Jerome de Tychey, stepped down as part of the deal.
Kaiko said it now serves more than 260 institutional clients and provides coverage across more than 200 exchanges and 20 blockchains.
Building through acquisitions
The Amberdata acquisition is part of a series of deals that have steadily expanded Kaiko's product offering beyond crypto market data.
In 2022, the company acquired French analytics firm Kesitys, adding quantitative risk-management and portfolio optimisation features. Later that year, it acquired Napoleon Indices from CoinShares, forming the foundation of its benchmark and index business.
Kaiko continued that strategy in 2024 with the acquisition of European crypto index provider Vinter, a move that expanded its reach among exchange-traded product (ETP) issuers and asset managers seeking crypto benchmark products.
The company's acquisition of Cometh last month pushed it further into blockchain infrastructure. Cometh holds a Markets in Crypto-Assets (MiCA) licence and develops onchain execution systems, smart-contract wallets and oracle infrastructure used by financial institutions building blockchain-based products.
Race for institutional clients
The deal comes amid increasing demand for data infrastructure as institutional investors increase participation in digital asset markets.
While retail trading activity remains an important driver of crypto markets, growth in spot Bitcoin (BTC) and Ether (ETH) exchange-traded funds, tokenized assets, crypto treasury companies and blockchain-based capital markets has boosted demand for professional-grade pricing, analytics, benchmark and compliance services.
Kaiko competes with firms including Coin Metrics, CCData, Lukka and other blockchain analytics providers. Its expansion into onchain infrastructure through Cometh also places it closer to areas traditionally served by oracle providers such as Chainlink.
