Coinbase has announced its acquisition of Deribit in a landmark $2.9 billion deal, which includes $700 million in cash and 11 million shares of Coinbase's Class A common stock. This acquisition represents the largest in the history of cryptocurrency, surpassing Kraken's recent $1.5 billion acquisition of NinjaTrader. Coinbase anticipates closing the deal by the end of the year and aims to enhance its offerings in crypto derivatives through this purchase. Deribit has been experiencing a rise in trading volume, driven by regulatory shifts and growing institutional interest. Coinbase's CEO emphasized the strategic importance of this acquisition, stating that it would foster their international growth and create a comprehensive derivatives platform under one brand. The CEO of Deribit expressed enthusiasm about the partnership, noting that it will expand opportunities in various trading options, including spot, futures, and perpetuals and options. The overall trend shows increased M&A activity in the crypto space, especially among financial service firms.

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