Coinbase acquires crypto derivatives exchange Deribit for $2.9 billion
Coinbase agreed to acquire Dubai-based Deribit, a major crypto derivatives exchange, for $2.9 billion, the largest deal in the crypto industry to date.
The company said 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%.
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 blog post – 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…
