Coin Metrics

Coin Metrics is a cryptoasset financial intelligence platform founded in Boston in 2017 that provides institutional-grade market data, on-chain network analytics, benchmark indices, and manipulation-resistant reference rates across more than 200 digital assets — and in July 2025 became part of Talos following an acquisition worth over $100 million.

What Coin Metrics Does

Coin Metrics was built on a straightforward premise: crypto markets needed the same quality of financial data infrastructure that traditional capital markets take for granted. Since 2017, the company has operated its own blockchain nodes and exchange connections to collect, harmonize, and distribute data across the full cryptoasset stack — from raw on-chain transactions to institutional benchmark indices.

The company serves global financial institutions, asset managers, exchanges, and research teams seeking trustworthy, independently sourced data for trading, risk management, portfolio construction, and regulatory reporting.

Core Products

Network Data Pro is Coin Metrics' flagship on-chain analytics product. It aggregates metrics from dozens of blockchains — including Bitcoin, Ethereum, Solana, BNB Smart Chain, XRP Ledger, and Stellar — providing end-of-day and real-time data on address activity, exchange flows, staking balances, realized capitalization, ETF inflows, and tokenized asset supply. All metrics are normalized across chains, making cross-network comparison straightforward through a unified API.

Market Data Feed delivers historical and real-time market data from more than 30 spot and derivatives exchanges, covering tick-by-tick trades, quotes, order book snapshots, and candlestick data. The product is designed for institutions that require comprehensive venue coverage without building and maintaining direct exchange connections themselves.

CM Reference Rates are independently calculated, manipulation-resistant prices for hundreds of cryptoassets. These serve as authoritative pricing benchmarks for financial products, fund NAV calculations, and settlement — use cases where price reliability and methodology transparency are essential.

Coin Metrics Bletchley Indexes (CMBI) extend the reference rate framework into a suite of benchmark indices covering individual assets, multi-asset baskets, and thematic groupings. Index products serve fund sponsors, ETF issuers, and structured product providers who need a credible, auditable index methodology.

Atlas is Coin Metrics' transaction-level on-chain data product, providing granular access to blockchain data at a depth beyond aggregate metrics. datonomy is a classification taxonomy for digital assets, providing standardized categorization for portfolio construction and regulatory compliance. Security Master aggregates harmonized reference data about cryptoassets — identifiers, classifications, and metadata — giving operations teams a single source of truth for asset master data. Coin Metrics Studio is the company's charting and dashboard interface, allowing users to visualize and explore data without writing API queries.

Research: State of the Network

Since its early years, Coin Metrics has published the State of the Network, a weekly research newsletter applying on-chain data to analyze trends across crypto markets. The publication covers exchange liquidity, DeFi protocol economics, Layer 2 activity, stablecoin dynamics, derivatives markets, tokenization trends, and institutional adoption. Rather than price speculation, the newsletter focuses on measurable, on-chain phenomena: address counts, transaction volumes, fee structures, and capital flows. This research function helped establish Coin Metrics' reputation as an authoritative source for journalists, analysts, and institutional clients.

Solana Coverage

Coin Metrics treats Solana as a first-tier network. The platform provides 155 end-of-day metrics for SOL and 29 SPL tokens, covering address activity, transaction volumes, exchange flows, and economically active address counts.

In December 2024, Coin Metrics expanded Solana coverage substantially by adding 38 staking and yield metrics. These track total staked supply broken down by validators and delegators, active staker balances in both native units and USD, daily changes in staker counts, and fee-based revenue distributions for validators. APR and APY metrics allow direct yield comparisons between Solana stakers and those on other Layer 1 networks. The platform also added support for BlackRock's BUIDL tokenized money market fund on Solana, reflecting growing institutional use of Solana for real-world asset tokenization.

Acquisition by Talos (July 2025)

In July 2025, institutional crypto trading infrastructure provider Talos announced the acquisition of Coin Metrics for over $100 million — Talos's largest acquisition to date. Talos, valued at $1.25 billion, had previously acquired D3X Systems, Cloudwall, and Skolem; adding Coin Metrics allowed it to integrate data and analytics directly into its order and execution management system (OEMS) and portfolio management system (PMS).

The strategic rationale was integration: institutional investors managing digital assets need data, analytics, trade execution, and portfolio management to work as a unified workflow rather than stitched-together point solutions. By embedding Coin Metrics' network data, reference rates, and benchmark indices into Talos's platform, the combined entity aims to enable a seamless workflow from research and portfolio construction through execution, risk management, and reporting.

Following the acquisition, coinmetrics.io redirects to Talos's platform. Coin Metrics products continue under the Talos brand, with the data suite — including Network Data Pro, Market Data Feed, Reference Rates, and datonomy — delivered via Talos's APIs and institutional workflow tools.

Relevance to the Solana Ecosystem

Coin Metrics functions as data infrastructure for institutional participants engaging with Solana. Funds, index providers, and financial product issuers that rely on Coin Metrics gain standardized, methodology-transparent access to Solana metrics alongside every other major network — important for multi-chain portfolio managers and any institutional product requiring auditable pricing for SOL or Solana-native tokens. The staking yield metrics also provide a cross-chain benchmark for evaluating Solana validator economics relative to competing Layer 1 networks.