In the $ 2.9B deal, Coinbase (coin) bought deribit to extend to US Crypto Options Market
Coinbase agreed to pay $ 2.9 billion to buy Bitcoin (BTC) and Ether (ETH) Options platform (ETH) deribit, according to a Press releaseScoring the official pushing it into the highly profitable Crypto Derivative market in the US
Crypto exchange, with competitor Kraken, are in the conversations To buy a derivit for months, with Bloomberg reporting that giant options can cost $ 4 billion to $ 5 billion.
Kraken, rather, bought US Futures Platform Ninja Trader for $ 1.5 billion, which allows the exchange to compete with Coinbase in offering futures and derivatives in the US
Coinbase’s acquisition came after what became a busy year in the crypto dealmaking as companies positioned themselves with the promise of US President Donald Trump to be “Crypto capital of the world. “
The derivit deal includes $ 700 million cash and 11 million shares of Coinbase Class A which are standard stock, according to companies, making it one of the largest deals in the industry and “(giving) the company an immediate and dominant foothold in high-growth derivatives leading an expected increase in institutional adoption of digital assets,” according to a note from Benchmark Analyst Mark Palmer.
Established in 2016, Deribit quickly seized the market sharing for trading digital asset options. The exchange processes $ 1.2 trillion in volume in 2024, a 95% year-to-year increase, the company has reported In January.
Update (May 8, 14:18 UTC): Adds additional comments from Benchmark’s Mark Palmer.
