Coinbase CEO looking at more acquisitions after $2.9B Deribit buy
Coinbase CEO Brian Armstrong confirmed the company's ongoing pursuit of merger and acquisition opportunities following the acquisition of crypto derivatives platform Deribit for $2.9 billion, comprising $700 million in cash and 11 million shares. Coinbase's balance sheet strengthened to $9.9 billion in US dollar resources by the end of Q1. Armstrong emphasized the importance of finding the right acquisition opportunities, particularly focusing on international companies that align with Coinbase's vision. He did not comment on a potential acquisition of stablecoin issuer Circle, which has filed to go public. Coinbase is set to join the S&P 500 index on May 19, potentially increasing stock exposure to a broader investor base. Following these announcements, Coinbase shares rose 2.5% to $263 in after-hours trading, with a 30% increase since early May.
