By Connor Hart
Shares of Coinbase Global climbed in midday trading Thursday, after executives told The Wall Street Journal it would acquire Deribit, the world's biggest trading platform for bitcoin and ether options, for about $2.9 billion.
The stock was recently trading 5.2% higher, at $206.70. Shares have gained 22% in the past month, nearly offsetting a 24% decline in the past three months and putting them roughly flat over the past year.
The deal marks a push into the highly profitable crypto derivatives market and is meant to bolster the company's global growth, Coinbase's Vice President of Institutional Product Greg Tusar told the Journal.
"This will make us the most comprehensive player in derivatives," he said.
Deribit was founded in 2016 and is headquartered in Dubai, offering options, futures and spot trading. Coinbase is the biggest cryptocurrency exchange in the U.S., with a market value north of $50 billion.
The transaction, comprising $700 million in cash and 11 million shares of Coinbase Class A common stock, comes amid an uptick in crypto dealmaking, fueled by President Trump's vow to make America a "bitcoin superpower" and usher in a golden age for the currency.
Write to Connor Hart at connor.hart@wsj.com
(END) Dow Jones Newswires
May 08, 2025 12:51 ET (16:51 GMT)
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