Coinbase Acquires Deribit for $2.9B With $700M Cash, 11M Shares; Passes on 80% Bitcoin Strategy

Coinbase-Deribit deal affirms industry’s growing focus on derivatives

The deal is likely to fuel further M&A around derivatives trading and infrastructure, Architect Partners’ Michael Klena says.

Coinbase Acquires Deribit for $2.9B With $700M Cash, 11M Shares; Passes on 80% Bitcoin Strategy

Coinbase Global Inc. announced the acquisition of Deribit, a leading Bitcoin options exchange that handles approximately 85% of all open interest in Bitcoin options, for $2.9 billion. The deal consists of $700 million in cash and 11 million shares of Coinbase Class A common stock, with the transaction expected to close by the end of the quarter. This acquisition represents the largest merger and acquisition deal in the cryptocurrency sector to d…