Mentioned:
Coinbase is making a new multi billion dollar bet on the future of options trading for crypto.
What’s happening:
- Coinbase (NASDAQ: COIN) has entered into a new deal to acquire digital asset options exchange Deribit
By the numbers:
- Coinbase will pay $2.9B USD to purchase Deribit
- Deribit will receive $700M USD in cash and $2.2B USD in Coinbase equity
Why it matters:
- Deribit is one of the most dominant players in crypto options trading globally, doing more than a trillion dollars annually in total options trading volume
Going deeper:
- This is the largest bet Coinbase has ever made on digital asset derivatives trading and will significantly expand their global trading operations
- Deribit offers options trading for Bitcoin, Ethereum, Solana, Ripple and Polygon and also allows users to trade futures and perpetuals
The fine print:
- Deribit has regulatory licenses in Dubai which will need to be transferred to Coinbase as part of the acquisition and it is unclear when the deal will officially close
