Coinbase agrees to buy Deribit for $ 2.9 billion in the largest deal in the digital market

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Coinbase Cryptocurrency Exchange in the United States has agreed to buy Deribit in Dubai for $ 2.9 billion in the largest deal in the digital market ever, as the industry is preparing for an expected wave of asset and bank managers.

Its headquarters is California Coinbase It will pay 700 million dollars in cash and the rest in Deribit shares, which dealt last year with trading volumes of more than one million dollars, making it the largest market in the world for cryptocurrencies.

“We believe that encryption options are on the threshold of great expansion, similar to the arrow options boom in the 1990s,” said Greg Tosar, head of the institutional producer at Coinbase.

Coinbase shares jumped approximately 5 percent to about $ 206 in the early New York trade on Thursday. About 20 percent has decreased since the beginning of the year, with some optimism fading over Donald Trump’s presidency.

However, Bitcoin prices have risen by more than 40 percent to nearly $ 100,000 since Trump was elected in November after he promised to make the United States a “world coding capital” with light touch regulations.

Since then, enforcement cases have been dropped while the organizers have reduced the rules to allow banks to hold digital assets on behalf of customers.

This market helped ignore fears of the “liberation day” tariff for the American president, and to save deals this year.

Last month, Ripple, The Payments Business, bought the Hidden Road Prime Broker Road for $ 1.25 billion, while MGX in Abu Dhabi agreed to 2 billion dollars in Binance, and the world’s largest exchange, using the World Liberty Financial, supported by Trump and his family.

Many derivative traders use borrowing with their intensity and bets of their bets, in a market that was hit hard three years ago.

In 2022, the industry struggled with a series of prominent bankruptcy, breakthroughs and distinguished symbol accidents that have eaten investor confidence, most notably the failure of the Sam Bankman-Ried exchange.

Mark Palmer, the large shareholder analyst at the Standard Company, said that the deal “will give an immediate and dominant foothold in the area of ​​high growth derivatives before an expected increase in the institutional adoption of digital assets.”

FT previously reported that Deribit was looking to enter the American market because of Trump’s pledge to make the United States a leader in the market. Crafts such as OKX and Nexo have made plans to prepare US offices.

“In our capacity as a leading encryption options platform, we have built a strong and profitable work, and this acquisition will accelerate the basis that we laid with the provision of merchants with more opportunities across space, futures and lat and options – all under one reliable brand.”

The deal, which needs organizational approval, is scheduled to be closed at the end of the year.

The company will make the profits of the first quarter after the market is closed.