Coinbase surges on $2.9 billion deal for biggest bitcoin options platform
Just a few hours away from releasing its earnings report, Coinbase, the largest crypto exchange in the US, announced it’s acquiring crypto options platform Deribit.
“This is a major step in our global expansion strategy. With Deribit’s strong international presence and Coinbase’s regulated US and International operations, we’re set to offer unparalleled access to crypto derivatives around the world,” Coinbase posted on X.
The acquisition was “for roughly $2.9 billion in cash and stock,” The Wall Street Journal reported.
Matthew Sigel, head of digital assets at VanEck, said this was “crypto’s largest ever M&A” deal.
Deribit, the world’s biggest trading platform for bitcoin and ethereum options, saw a 95% year-over-year growth in total volumes to $1.185 trillion in 2024 from $608 billion in 2023, according to a company report.
The increase in activity was particularly significant in Q4, “as institutional investors demonstrated heightened optimism around the US presidential election,” Deribit CEO Luuk Strijers said.
Alan Orwick, cofounder of Quai Network, told Sherwood News that Coinbase’s acquisition, following Ripple’s acquisition of Hidden Road last month, underscores “a trend boosted by a pro-crypto administration and less fears of a bear market.”
He added, “With the Deribit acquisition, there’s another uptick in crypto deals and opportunity for Coinbase to expand its power in the derivatives market, just as Ripple is expanding their acquisitions. I wouldn’t be surprised if this trend continues, especially with BTC’s price nearing that $100,000 line as well.”
Coinbase’s stock was up over 4% on the news.
The acquisition was “for roughly $2.9 billion in cash and stock,” The Wall Street Journal reported.
Matthew Sigel, head of digital assets at VanEck, said this was “crypto’s largest ever M&A” deal.
Deribit, the world’s biggest trading platform for bitcoin and ethereum options, saw a 95% year-over-year growth in total volumes to $1.185 trillion in 2024 from $608 billion in 2023, according to a company report.
The increase in activity was particularly significant in Q4, “as institutional investors demonstrated heightened optimism around the US presidential election,” Deribit CEO Luuk Strijers said.
Alan Orwick, cofounder of Quai Network, told Sherwood News that Coinbase’s acquisition, following Ripple’s acquisition of Hidden Road last month, underscores “a trend boosted by a pro-crypto administration and less fears of a bear market.”
He added, “With the Deribit acquisition, there’s another uptick in crypto deals and opportunity for Coinbase to expand its power in the derivatives market, just as Ripple is expanding their acquisitions. I wouldn’t be surprised if this trend continues, especially with BTC’s price nearing that $100,000 line as well.”
Coinbase’s stock was up over 4% on the news.
