Odaily Planet Daily reported that Coinbase chose to reveal its acquisition of Deribit to the market before the release of its earnings report on Thursday after the U.S. stock market closed. Benchmark analyst Mark Palmer pointed out that as more institutions adopt cryptocurrencies, the acquisition of Deribit will allow Coinbase to 'immediately dominate the rapidly growing derivatives space.' Oppenheimer analyst Owen Lau further believes this move will make Coinbase a 'strong challenger' to Binance, Bybit, and OKX in the derivatives space, emphasizing that 'cryptocurrency options have relatively weak seasonality, with stable demand regardless of market fluctuations.' However, Compass Point analysts Ed Engel and Joe Flynn pointed out that Deribit primarily serves institutional clients, which does not help increase Coinbase's volume in perpetual contracts that are mainly driven by retail customers. The two analysts downgraded Coinbase's rating to sell last week and reiterated that the retail trading market in the U.S. has become saturated. Architect Partners' Michael Klena believes that this acquisition will not fundamentally change his assessment of Coinbase (target price $170), as it is merely an extension of existing operations and cannot reduce the impact of cryptocurrency market volatility on quarterly results.

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