According to a report by The Wall Street Journal, Coinbase, the prominent US cryptocurrency exchange, has agreed to acquire leading crypto options trading platform Deribit for $2.9 billion. This strategic acquisition is intended to strengthen Coinbase’s position in the rapidly growing crypto derivatives market.
The deal is part of a broader movement of consolidation within the digital assets sector, following recent notable moves by other major players, such as Ripple’s purchase of Hidden Road and Kraken’s agreement to buy NinjaTrader. In response to the news, shares of Coinbase rose almost 5% in pre-market trading.
This acquisition signals Coinbase’s intention to diversify and solidify its presence in key areas of the crypto trading landscape, especially derivatives, which are an increasingly significant source of trading volume and institutional interest.