Coin Metrics

01 / WHAT IT BUILT

What the company did

Coin Metrics was a Boston-based crypto financial intelligence company founded in 2017 (by co-founder and CEO Tim Rice, co-founder and chairman Nic Carter, and Aleksei Nokhrin) as an open-source project to determine the economic significance of public blockchains. It provided network data, market data, indexes, and network risk solutions to institutional investors - launching FARUM (network risk management) and ATLAS (universal blockchain explorer), acquiring Bletchley Indexes to build the CMBI index family, and counting Fidelity, BlockFi, and Goldman Sachs among its clients.

03 / EVENT HISTORY

Events in the structured record

1. 2017
   Founded

   Coin Metrics was created as an open-source blockchain network data and analytics project; Tim Rice was hired as co-founding CEO.

2. 2019
   Seed and Series A

   Raised a $1.9 million seed round (Fidelity, Castle Island Ventures, Highland Capital Partners, Dragonfly Capital), then a $6 million Series A led by Highland Capital Partners; acquired Bletchley Indexes, rebranded as Coin Metrics Bletchley Indexes (CMBI).

3. 2021
   Series B

   Closed a $40 million Series B led by Goldman Sachs, bringing institutional clients including Fidelity and BlockFi onto its crypto intelligence platform.

4. 2025
   Acquired by Talos

   Talos acquired Coin Metrics in the largest acquisition in Talos's history, combining Coin Metrics' data and indexes with Talos's institutional trading infrastructure to serve clients in 32 countries.

05 / CAUSAL CHAIN

How the factors connect

1. 01

   Raised approximately $66.1 million in total, including a $40 million Series B in 2021 led by Goldman Sachs.

2. 02

   In 2025 it was acquired by institutional trading-infrastructure firm Talos — Talos's largest acquisition — on undisclosed terms.

3. 03

   No audited loss figure was publicly disclosed.