Banker sources say Coinbase in talks to buy Circle—a likely outcome IMO given the contract between them

That contract gives COIN sweet terms like veto rights over 3rd party deals

And/but: the IPO market is looking up post-eToro so Circle has leverage

https://fortune.com/2025/05/19/circle-internet-coinbase-ripple-goldman-sachs-ipos-cryptocurrency-mergers-sp-500/