Coinbase Enters Crypto Derivatives with $2.9B Deal to Acquire Deribit
Coinbase Global has agreed to buy Deribit, a major cryptocurrency derivatives exchange. The deal is valued at approximately $2.9 billion. Coinbase announced the acquisition on May 8, as Cointelegraph reported.Coinbase Announces Deribit Acquisition, Pending ApprovalGreg Tusar, Vice President of Institutional Product at Coinbase, said the move is part of the exchange’s international growth plan. “With Deribit’s strong presence and professional client base, Coinbase is making its most substantial move yet to accelerate our international growth strategy,” he said.The deal includes $700 million in cash and 11 million shares of Coinbase Class A common stock. The final amount is subject to standard purchase price adjustments. The acquisition is expected to close later this year, pending regulatory approval.Deribit was founded in 2014 by John and Marius Jansen. The company confirmed that both founders will leave the firm after the deal is completed in 2025.Deribit said its operations will continue as normal until the transaction closes. “Same platform, same team, same commitment to excellence,” it stated in a release.
Coinbase Global has agreed to buy Deribit, a major cryptocurrency derivatives exchange. The deal is valued at approximately $2.9 billion. Coinbase announced the acquisition on May 8, as Cointelegraph reported.
Coinbase Announces Deribit Acquisition, Pending Approval
Greg Tusar, Vice President of Institutional Product at Coinbase, said the move is part of the exchange’s international growth plan. “With Deribit’s strong presence and professional client base, Coinbase is making its most substantial move yet to accelerate our international growth strategy,” he said.
The deal includes $700 million in cash and 11 million shares of Coinbase Class A common stock. The final amount is subject to standard purchase price adjustments. The acquisition is expected to close later this year, pending regulatory approval.
Deribit was founded in 2014 by John and Marius Jansen. The company confirmed that both founders will leave the firm after the deal is completed in 2025.
Deribit said its operations will continue as normal until the transaction closes. “Same platform, same team, same commitment to excellence,” it stated in a release.
