According to multiple sources, Ethereum Layer 2 network Polygon is advancing a major acquisition, planning to acquire Coinme, a US Bitcoin ATM supplier, for approximately $100 million to $125 million. Insiders told CoinDesk that the deal is close to completion, with Architect Partners serving as Polygon’s financial advisor. Both parties have not yet formally confirmed the transaction publicly.
From an industry perspective, if this acquisition goes through, it will become a landmark case of combining Ethereum scaling networks with traditional crypto infrastructure. Coinme is one of the earliest companies to deploy Bitcoin ATMs in the US, operating crypto self-service terminals since 2014. Currently, it has deployed over 50,000 Bitcoin ATMs across 49 US states with extensive coverage and strong user reach.
For Polygon, acquiring Coinme is not merely an asset purchase, but potentially a critical step in connecting on-chain ecosystems with offline fiat gateways. Through the Bitcoin ATM network, Polygon has the opportunity to extend its on-chain applications, stablecoins, and payment scenarios directly into the physical world, helping to increase the penetration rate of Ethereum Layer 2 networks in real-world use cases. This move is also viewed as an important strategic initiative for Polygon’s long-term expansion of user access points and practical applications.
However, Coinme is currently facing regulatory pressure. Last month, Washington State’s Department of Financial Institutions ordered Coinme to cease all remittance-related services and accused it of counting unredeemed customer funds as company revenue. Regulators also required it to reimburse customers over $8 million. Related investigations indicate that Coinme’s business model involves paper voucher redemptions, with remaining balances retained by the company when vouchers expire.
Against this backdrop, Coinme faces potential risks including license revocation, a $300,000 fine, and restrictions on business operations for both the company and CEO Neil Bergquist. This makes Polygon’s acquisition motives more complex, potentially representing both a strategic opportunity during a low valuation window and an assumption of compliance and integration costs.
It is worth noting that Polygon completed a $450 million financing round in 2023 led by Sequoia Capital India, providing sufficient ammunition for its expansion. If this acquisition ultimately completes, Polygon could become one of the few EVM networks simultaneously controlling both on-chain scaling capabilities and offline Bitcoin infrastructure.
At the start of 2026, Ethereum Layer 2 competition is shifting from technical narratives to real-world gateway competition. Polygon’s move may have far-reaching impacts on user growth paths across the entire crypto ecosystem.
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