$coin m&a active, solid acquisition of Deribit to expand the product portfolio. @ZachLight16 thougths on point.
Very big move for Coinbase. Coinbase traditionally didn’t invest in options, futures products, etc., as it’s a U.S.-based company and these products were effectively banned in the U.S. (though that seems to be changing so great timing to buy Deribit). The price looks quite good, given that Deribit is estimated to generate $300–600M in revenue in 2024 and is likely profitable.
Even more importantly, Deribit can be integrated easily into Coinbase, e.g., offered to Coinbase Prime clients, contract settled in $USDC, and hopefully in the future extended to U.S. retail. Also, the payment structure is convenient: only $700M in cash, with the rest in stock that Coinbase can buy back their stock on a flexible timeline.
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