Coinbase Acquires Deribit In $2.9B Deal To Expand Crypto Derivatives Business

Coinbase Inc. (NASDAQ:COIN) is acquiring crypto options exchange Deribit for approximately $2.9 billion in a cash-and-stock deal, marking the company’s most significant push yet into the global crypto derivatives market.

What Happened: The acquisition, which includes $700 million in cash and 11 million shares of Coinbase Class A stock, is expected to close by the end of the year, pending regulatory approval and customary closing conditions.

Once finalized, it will make Coinbase the largest crypto derivatives platform by open interest and options volume.

Deribit currently processes over $1 trillion in annual trading volume across non-U.S. markets and has $30 billion in open …

Full story available on Benzinga.com