Coinbase to Acquire Deribit in Historic $2.9 Billion Deal

Coinbase will acquire Deribit for $2.9 billion, marking the largest acquisition in cryptocurrency history. The deal surpasses Kraken's $1.5 billion acquisition of NinjaTrader.

Key details of the acquisition include:

The transaction consists of $700 million in cash and 11 million shares of Coinbase Class A common stock.
Coinbase expects the deal to finalize by the end of this year.
This acquisition allows Coinbase to expand into crypto derivatives, enhancing its offerings for institutional investors.
Deribit has reported increased trading volumes due to a favorable regulatory environment and rising institutional interest.
Coinbase aims to build a comprehensive institutional derivatives platform through this acquisition.

Prior to this agreement, Kraken had also shown interest in acquiring Deribit. Overall M&A activity in the crypto sector has increased, particularly among finance-focused companies.