Coinbase and crypto custody firm BiT Global have ended their legal battle over Coinbase’s decision to delist Wrapped Bitcoin (wBTC), with BiT Global voluntarily dismissing its lawsuit in the U.S. District Court for the Northern District of California. The case, filed in December 2024, had sought more than $1 billion in damages and accused Coinbase of anti-competitive conduct for removing wBTC trading shortly after launching its own wrapped Bitcoin product, cbBTC. A joint stipulation of dismissal with prejudice was filed on June 6, meaning the claims cannot be refiled, and both sides agreed to bear their own legal costs; no settlement terms were publicly disclosed. BiT Global, which partnered with BitGo to help custody the BTC backing wBTC and is linked to Tron founder Justin Sun, had argued that Coinbase’s delisting was designed to push users toward cbBTC and harm wBTC’s market position. The dispute highlighted broader competitive and governance tensions around centralized exchanges controlling access to key tokenized infrastructure like wrapped assets, as well as the regulatory risk around listing decisions for major trading venues. Following the dismissal, Coinbase reiterated that it has no plans to relist wBTC, underscoring that even with the lawsuit resolved, cbBTC remains its preferred wrapped Bitcoin offering.

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