Epstein Files Expose Early Bet on Crypto Exchange Coinbase

Key Takeaways

• Epstein invested about $3.25 million in Coinbase in 2014, according to newly released DoJ files.
• Emails later discuss selling half of that stake at a multibillion-dollar valuation.
• The documents show no evidence that Coinbase executives knew Epstein was behind the investment.

According to the documents, Epstein invested around $3.25 million into Coinbase in 2014, acquiring roughly 195,910 Series C shares at a time when the exchange was still a fast-growing startup rather than a global crypto giant. Internal correspondence included in the release shows that several years later, a buyout proposal was discussed for part of that position as Coinbase’s valuation surged.

In one email, Bradford Stephens, a co-founder of Blockchain Capital, allegedly offered to purchase 50% of Epstein’s Coinbase stake based on a valuation that implied a multibillion-dollar company. The proposal would have valued half of the original investment at approximately $15 million, compared with the roughly $3 million cost basis for the full position. The exchange of emails focuses on valuation mechanics and share pricing rather than any operational involvement.

No evidence of direct Coinbase involvement

Crucially, the documents do not suggest that Coinbase’s leadership had direct contact with Epstein or knowledge of him as the ultimate beneficial owner of the investment at the time. The material instead points to intermediaries and fund structures commonly used in venture capital deals during that period.

Beyond Coinbase, the DOJ release also references a significant investment linked to Blockstream. Following the disclosure, Blockstream CEO Adam Back publicly stated that the company has no ongoing or historical financial relationship with Epstein, distancing the firm from any implication of direct ties.

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Private views on Bitcoin and blockchain projects

The files further paint a picture of Epstein as an active observer of the crypto space. Emails cited in the release show him engaging in private discussions about Bitcoin’s potential role in the financial system, while expressing skepticism toward several blockchain projects, including Ripple and Stellar.

In later correspondence, Epstein reportedly attempted to pitch his own digital currency ideas, though no evidence suggests these efforts gained traction.

References to prominent crypto figures

One of the disclosed messages also mentions Michael Saylor, highlighting how Epstein tracked influential figures who would later become vocal Bitcoin advocates through companies such as Strategy.

Overall, the DOJ files underline Epstein’s early and surprisingly deep interest in cryptocurrencies, while stopping short of showing direct operational involvement with major crypto firms. For the companies named, the disclosures appear to center on historical capital flows and peripheral interest rather than active relationships or executive awareness.

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