Coinbase [NASDAQ:COIN] remains active in M&A and expects to acquire two or three foreign cryptocurrency exchanges over the next couple of years, according to CEO Brian Armstrong.

The largest cryptocurrency exchange in the US is actively reviewing a wide spectrum of acquisition targets across Asia, Europe and Latin America, Armstrong told Mergermarket on the sidelines of the Goldman Sachs Communacopia + Technology Conference held in San Francisco in September.

It does not use a buyside banker for M&A deals, he said, but it welcomes approaches from advisors representing targets that it may find interesting. Coinbase reviews a full range of potential target sizes from multi-billion-dollar acquisitions on the high end and startups with as few as five people on the low end, Armstrong said.

The San Francisco-based company takes a measured approach to M&A. “We look at 100 pitches and only swing at something if it’s going to work,” Armstrong said. “A lot of M&A isn’t accretive, so you have to be really disciplined. It’s easy to do the deal. The hard part is to get value out of it and integrate it.”

Coinbase had USD 7.25bn in cash and equivalents on its balance sheet as of 30 June, according to its 2Q earnings report. When digital currencies are included, it reported holding of USD 7.8bn in total.

Previous overseas acquisitions include its 2022 purchases of Israel-based cryptographic security firm Unbound Security for USD 258m and UK-based derivatives exchange FairXchange for USD 275.1m. Coinbase has reportedly pursued targets in Australia, Brazil, Cyprus and Turkey, among other geographies.

In 2022, Mergermarket reported Coinbase was in negotiations with Turkish crypto exchange BtcTurk but that the deal fell through after the two parties could not agree on a deal structure. For this report, Armstrong said Coinbase has looked at most of the major players in Turkey, but nothing came of it.

Turkey remains a country that Coinbase is interested in for possible expansion, Armstrong added.

The company also scouts for domestic acquisitions. Last year, it bought Stamford, Connecticut-based One River Digital Asset Management, an SEC-registered investment adviser, to offer investment advisory services to institutional clients. Terms of the deal were not disclosed. In 2021, Coinbase bought New York-based blockchain infrastructure startup Bison Trails for USD 457.3m.

Latham & Watkins provided legal advice for the One River Digital Asset deal, while Fenwick & West has provided legal advice for other acquisitions that Coinbase has made previously.

Coinbase provides retail and institutional clients with a primary financial account for the crypto economy along with a marketplace for transacting in crypto assets, along with developer tools.

The company had a market capitalization of USD 40.5bn at the end of Friday trading.