Source: Cointelegraph
Original: “Coinbase Spends $2.9 Billion to Acquire Deribit, CEO Reveals New Round of Mergers and Acquisitions”
Coinbase CEO Brian Armstrong stated that the company will continue to seek merger and acquisition opportunities after acquiring the crypto derivatives platform Deribit.
"We are always on the lookout for M&A opportunities," Armstrong said in a Bloomberg TV interview on May 14.
He further added that the company has a strong balance sheet that can be fully utilized.
The company revealed in its latest financial report that its asset position continues to strengthen, holding $9.9 billion in cash resources at the end of the first quarter.
"The advantage of being a public company is having liquid assets for acquisitions," he said, adding, "We are looking for acquisition opportunities, but that doesn't mean we will act on every opportunity. We need to ensure it is the right opportunity."
On May 8, the company announced it had agreed to acquire the crypto options trading platform Deribit for $2.9 billion, a deal that includes $700 million in cash and 11 million shares of Coinbase stock.
This acquisition is the largest merger and acquisition deal in the crypto industry to date, allowing Coinbase to enter the lucrative crypto derivatives market and further drive the platform's global expansion.
Armstrong told the media that he is particularly focused on international market opportunities, "like-minded companies," and potential targets that can accelerate Coinbase's product development and business growth.
However, when asked about the possibility of acquiring the stablecoin issuer and Coinbase partner Circle, the cryptocurrency executive stated that there is currently no news to announce. Circle has submitted a listing application.
According to Bloomberg, at the end of April, U.S. fintech company Ripple made a bid of up to $5 billion to acquire the stablecoin issuer, but the proposal was rejected.
Coinbase will become the first cryptocurrency company to enter the highly anticipated S&P 500 index on May 19.
The S&P 500 index is a stock market index that tracks the performance of the 500 largest publicly traded companies in the U.S., and this inclusion could expose Coinbase's stock to a broader investor base and attract the attention of passive funds that track the benchmark index.
According to Google Finance data, Coinbase's stock price closed up 2.5% on that day, reaching $263 in after-hours trading. Since early May and the announcement of two major announcements, the company's stock (COIN) has surged over 30%, and has increased nearly 50% in the past month.
Related: European Police Agency Assists in Dismantling $23 Million "Mafia Crypto Bank"
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