CEO of Coinbase Brian Armstrong has announced the company's ongoing ambition for mergers and acquisitions following the acquisition of Deribit.
Looking Towards Future Acquisitions
Brian Armstrong confirmed that Coinbase will continue to explore mergers and acquisitions opportunities on Bloomberg on May 14. He noted the company has significant financial resources that can be utilized for new deals.
Acquisition of Deribit
On May 8, Coinbase announced it agreed to acquire Deribit, a cryptocurrency options trading platform, for a sum of $2.9 billion. The deal involves $700 million in cash and 11 million shares of Coinbase stock. This is the largest acquisition in the industry, facilitating the company's expansion into the lucrative crypto derivatives market.
Coinbase Stock Surge
Coinbase will become the first crypto firm to join the S&P 500 index on May 19. This event may attract more investments into the company, reflected by its stock price, which has climbed 30% since the start of May.
Coinbase continues to actively develop and consider new acquisition opportunities that may significantly enhance its growth and position in the cryptocurrency market.
