agreed to acquire Dubai-based Deribit, a major crypto derivatives exchange, for $2.9 billion, the largest deal in the crypto industry to date.
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WATCH HEREThe company Thursday that the cost comprises $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.
Shares of Coinbase rose more than 5%.
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SIGN UP The acquisition positions Coinbase as an international leader in crypto derivatives by open interest and options volume, Greg Tusar, vice president of institutional product, said in a – which could allow it take on big players like Binance. Coinbase operates the largest marketplace for buying and selling cryptocurrencies within the U.S., but has a smaller share of the global crypto market, where activity largely takes place on Binance.
Deribit facilitated more than $1 trillion in trading volume last year and has about $30 billion of current open interest on the platform.
"We're excited to join forces with Coinbase to power a new era in global crypto derivatives," Deribit CEO Luuk Strijers said in a statement. "As the leading crypto options platform, we've built a strong, profitable business, and this acquisition will accelerate the foundation we laid while providing traders with even more opportunities across spot, futures, perpetuals, and options – all under one trusted brand. Together with Coinbase, we're set to shape the future of the global crypto derivatives market."
Money Report
Tusar also noted that Deribit has a "consistent track record" of generating positive adjusted EBITDA the company believes will grow as a combined entity. Â
"One of the things we liked most about this deal is that it's not just a game changer for our international expansion plans — it immediately diversifies our revenue and enhances profitability," Tusar told C온라인카지노사이트.
The deal comes at a time when the crypto industry is riding regulatory tailwinds from the first ever pro-crypto White House. Support of the industry has fueled crypto M&A activity in recent weeks. In March, crypto exchange Kraken agreed to , and last month Ripple agreed to .
By structuring the deal as a cash-and-stock transaction, Coinbase still should have bandwidth to make other acquisitions if there is an opportunity. As of Dec. 31, Coinbase had $8.5 billion in cash on its balance sheet.
