Coinbase to acquire Deribit for $2.9B

Coinbase (COIN) announced it has entered into an agreement to acquire Deribit, “the world’s leading crypto options exchange with approximately $30 billion of current open interest. This strategic acquisition significantly advances Coinbase’s derivatives business, establishing us as the premier global platform for crypto derivatives,” the company added. Coinbase is acquiring Deribit for approximately $2.9B, comprised of $700M in cash and 11 million shares of Coinbase Class A common stock, subject to customary purchase price adjustments. The transaction is subject to regulatory approvals and other customary closing conditions and is expected to close by year-end.