Catenaa, Thursday, June 12, 2025-Coinbase and BiT Global have resolved their legal dispute over the delisting of the wrapped bitcoin token (wBTC), ending a billion-dollar lawsuit that accused the US exchange of anti-competitive behavior.
In a joint filing submitted to a California court, BiT Global agreed to dismiss its case with prejudice, closing the door on future litigation over the issue. Both parties will bear their own legal costs. Financial terms of the settlement were not disclosed.
BiT Global initially sued Coinbase after the exchange removed wBTC in late 2024, citing risks tied to Justin Sun’s affiliation with the token.
Sun had joined as an advisor to World Liberty Financial, a major wBTC holder, prompting Coinbase to express concerns about governance and security.
BiT Global alleged the delisting unfairly damaged wBTC’s market presence while benefiting Coinbase’s own token, cbBTC, which launched shortly before wBTC was pulled. The lawsuit sought over $1 billion in damages and injunctive relief to halt further harm.
The dispute marked a sharp clash between two major crypto entities over wrapped asset standards and competitive market practices. BiT Global jointly custodies wBTC reserves with BitGo.
Meanwhile, Coinbase posted mixed Q1 earnings. Revenue rose 24% year-over-year to $2 billion, yet net income fell 94% to $66 million due to crypto asset markdowns and higher marketing costs. The firm reported record growth in non-trading services, despite headwinds from volatile market conditions.
The settlement closes a contentious chapter between Coinbase and ne of its global token partners.
