Coinbase, the largest cryptocurrency trading platform in the United States, announced that it has reached an agreement to acquire Deribit, a global leader in cryptocurrency derivatives trading, in a deal valued at approximately $2.9 billion, which includes a mix of cash and Coinbase stock.
Coinbase, listed on the New York Stock Exchange, described this deal as historic, given the significance of the Deribit platform in the field of digital asset options, as it currently holds an open capital of approximately $30 billion.
The company expects this acquisition to solidify its position as a leading global provider of cryptocurrency derivatives by creating a comprehensive institutional platform that combines options trading, futures, and perpetual derivatives.
Coinbase reported that the advanced infrastructure developed by Deribit will complement its existing platform, enabling it to provide a more integrated trading experience for institutional clients, as well as expanding its services to reach a broader global audience.
For his part, Luke Strijgers, CEO of Deribit, expressed his excitement about this step, confirming that the partnership with Coinbase will accelerate Deribit's global positioning.
It will provide more opportunities in spot, futures, and perpetual markets, along with cryptocurrency options, under one trusted brand.
According to the financial details of the deal, $700 million will be paid in cash, while the remaining part will be settled through the issuance of 11 million shares of Class A common stock of Coinbase.
The deal is currently subject to regulatory approval from U.S. regulatory authorities.
Upon the announcement of the news, Coinbase's shares rose by nearly 5% in pre-market trading, surpassing the $200 mark.
This deal is among the largest acquisitions in the cryptocurrency sector to date, and could be the largest if it receives final approval.
This comes following other notable acquisitions in the market, including Ripple's deal to acquire Hidden Road for $1.2 billion, and a failed attempt to acquire Circle for $5 billion.