Epstein Documents Reveal Early Ties to Coinbase Investment

Documents from the US Department of Justice suggest Epstein explored a potential $3 million Coinbase investment through Blockchain Capital in 2014 and may have later received and partially exited an allocation, though no wrongdoing has been alleged against Coinbase or its founders. Separately, Adam Back publicly denied any direct or indirect financial connection between Epstein and Blockstream, saying a fund linked to Joi Ito briefly held and later divested a minority stake.

Epstein Tied to Early Coinbase Deal

Recent speculation surrounding the so-called Epstein Files reignited scrutiny over the late American financier Jeffrey Epstein, this time focusing on his alleged early involvement with one of the crypto industry’s most well known companies. According to documents that were released by the US Department of Justice, Epstein discussed a potential $3 million investment in the crypto exchange Coinbase more than a decade ago, at a time when the company was still in its formative years.

Press release from the US Department of Justice

The documents indicate that Epstein’s interest in Coinbase was routed through Brock Pierce’s venture firm, Blockchain Capital, in 2014. While it is still unclear whether the initial investment was fully executed as originally discussed, the files contain extensive correspondence and internal discussion about the possibility of Epstein participating in the Coinbase funding round. 

Bitcoin researcher Kyle Torpey shared that the records show repeated references to the deal, even if final confirmation of its completion is not definitive in the earliest stages.

One of the more controversial elements revealed in the documents is the suggestion that the proposed investment may have secured Epstein a face-to-face meeting with Coinbase co-founder Fred Ehrsam. A leaked email screenshot referenced “Jeff” in connection with a potential meeting, with Ehrsam reportedly indicating he had a short window available and questioning how important the meeting was to Epstein. 

The language of the email has fueled speculation that Ehrsam may have been aware of Epstein’s involvement, although no direct acknowledgment or endorsement is shown in the documents themselves.

Further correspondence from 2018 suggests that Epstein ultimately did receive a Coinbase allocation. According to the records, he later sold roughly half of that stake back to Blockchain Capital for an estimated $11 million. This revelation added to debates about early crypto funding sources and the backgrounds of some early investors during the industry’s formative period.

The new attention is particularly sensitive given Epstein’s criminal history. In 2008, a Florida state court convicted him of procuring a minor for prostitution and soliciting prostitution. While Coinbase and the individuals named have not been accused of any wrongdoing in relation to these documents, the disclosures still attracted some more questions about due diligence practices in early crypto venture capital.

Adam Back Denies Epstein Link to Blockstream

Meanwhile, Blockstream CEO and co-founder Adam Back also recently publicly denied any ongoing financial or business relationship between Blockstream and Jeffrey Epstein. In a statement that was posted Sunday on X, Back said that “Blockstream has no direct nor indirect financial connection with Jeffrey Epstein, or his estate.”

Back’s comments came after the US Department of Justice released millions of pages of Epstein-related materials under a transparency initiative. The most recent batch of documents were made public on Jan. 30, and includes names of numerous individuals from the technology and finance sectors, though officials explained that appearing in the files does not by itself imply wrongdoing.

Among the newly surfaced records is a July 2014 email in which Blockstream co-founder Austin Hill discussed the company’s seed funding round with Epstein and Joi Ito, who was then director of the MIT Media Lab. Back was included in the email chain. 

In that message, Hill described the round as heavily oversubscribed and referenced increasing an allocation linked to Epstein and Ito, while also expressing interest in meeting face to face again.

Other unsealed documents reference travel arrangements that included the names of Back and Hill, with bookings to St. Thomas, an island located near Epstein’s private compound. In one exchange, Hill suggested arranging independent flights after St. Thomas. Back’s public statement did not address the travel-related emails, though Hill later reposted Back’s comments on social media.

Adam Back

In his explanation, Back said Blockstream was introduced to Ito during its 2014 investor roadshow and later met Epstein, who was presented as a limited partner in Ito’s investment fund. That fund subsequently took a minority stake in Blockstream, but Back said it later divested the shares due to concerns about potential conflicts of interest. Despite this clarification, critics on social media questioned the timing of Back’s response and called for more clarity about the nature of past interactions.

The documents also show Epstein expressing views on the crypto sector more broadly. In one 2014 email exchange with venture capitalist Peter Thiel, Epstein discussed differing interpretations of Bitcoin’s purpose and value. Separate records reveal that Epstein even floated proposals for new digital currencies in the Middle East, including a Sharia-compliant digital currency modeled on Bitcoin.

Other well known people named in the files include Kevin Warsh, recently nominated by Donald Trump as Federal Reserve chair, and Strategy co-founder Michael Saylor.