Bit Global Withdraws $1 Billion Lawsuit Against Coinbase
In a significant turn in the ongoing legal saga within the cryptocurrency sector, Bit Global has decided to withdraw its $1 billion lawsuit against Coinbase. Both companies have come to a mutual agreement to dismiss the case “with prejudice,” as reflected in a joint filing submitted on Friday to the U.S. District Court for the Northern District of California.
Conclusion of the Dispute
This stipulation marks a definitive end to the dispute between Bit Global Digital Limited and Coinbase Global Inc., with the legal terms indicating that none of the claims can be brought forward again in the future.
Allegations Against Coinbase
The withdrawal resolves allegations that arose in early 2025, when Bit Global claimed that Coinbase had acted unethically by removing wrapped bitcoin (WBTC) from its exchange. This action came on the heels of the introduction of cbBTC, a new token launched by Coinbase, which Bit Global argued was part of a strategy to divert liquidity away from WBTC toward Coinbase’s own offerings.
Despite the provocative nature of Bit Global’s claims, Coinbase maintained that its decision to delist WBTC was grounded in its commitment to maintain stringent platform listing standards, defending its operational integrity throughout the legal proceedings.
Legal Proceedings Closure
The latest court submission indicates that there were no financial settlements reached between the two parties; instead, both opted for a discreet resolution of the matter. The case was overseen by Judge Araceli Martinez-Olguín, who confirmed the closure of proceedings while affirming that each entity would bear its own legal costs moving forward.
The conclusion of the lawsuit has sparked conversations across the cryptocurrency landscape, particularly in light of the competitive tensions it hinted at between major market players like Coinbase.
