Coinbase Buys Derivatives Venue Deribit for $2.9 Billion (2)

Coinbase Global Inc. agreed to acquire Deribit, the world’s largest exchange for Bitcoin and Ether options, for $2.9 billion as the biggest US crypto exchange makes a push into the derivatives market.

Coinbase shares were up as much as 6% at $208.34 after the announcement on Thursday, as crypto stocks were also boosted by Bitcoin’s advance past $100,000 for the first time since February.

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 transaction will be comprised of $700 million in cash and 11 million ...