Coinbase Stock Rises 5% After $2.9 Billion Deal To Acquire Deribit
Coinbase has agreed to acquire Dubai-based crypto derivatives exchange Deribit for $2.9 billion, marking the largest deal in the cryptocurrency sector. The acquisition includes $700 million in cash and 11 million shares of Coinbase Class A common stock. The transaction is expected to close by the end of the year, positively impacting Coinbase’s stock, which rose over 5%. The deal enhances Coinbase's competitive position against major players like Binance, particularly in the global market where it has a smaller share. Deribit facilitated over $1 trillion in trading volume last year and has approximately $30 billion in current open interest. The acquisition aims to accelerate growth and diversify revenue, with a focus on various trading products under the Coinbase brand. The cryptocurrency industry is currently benefiting from a supportive regulatory environment, contributing to increased mergers and acquisitions in the sector.
