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Coinbase (COIN) stock is popping after the crypto exchange announced its $2.9 billion acquisition of Deribit, the largest exchange for bitcoin (BTC=F) and ether options. Morning Brief host Madison Mills outlines the details and explains what the deal means for Coinbase's global expansion.
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Let's look at shares of Coinbase, up over 4% after market open higher after the company said it's acquiring Deribit, the world's largest exchange for Bitcoin and Ether options for $2.19 billion. Is the biggest US crypto exchange makes a push into the derivatives market. The purchase market is one of the most significant acquisitions in the industry's history. Incoming as Donald Trump's return to the White House sparks a wave of deal making among crypto companies. President Trump has appointed digital asset advocates to key government positions and enacted policies benefiting the industry, such as the creation of a Bitcoin reserve, while also pursuing his own crypto businesses, and what Democratic lawmakers complain is a major conflict of interest. Coinbase announced the purchase in posts on the X social media platform and blog calling it a major step in our global expansion strategy. The deal will be comprised of $700 million in cash and $11 million shares of Coinbase stock, subject to customary purchase price adjustments.