The acquisition of $ 2.9 billion in Coinbase (Coin) de Déribit will be a tilting point for the company, pushing the exchange based in the United States in direct competition with world heavyweights like Binance, Wall Street analysts wrote on Thursday.
The massive agreement is more than a simple expansion of the platform; It is a paradigm change for the exchange and trading industry. According to analysts, the agreement signals the start of a new consolidation cycle in the cryptography trade industry, because smaller exchanges are facing pressure and tradfi companies seek to develop more in the sector.
Read more: in the agreement of $ 2.9 billion, Coinbase buys drunken to develop the American market of Crypto options
Deribit controls 85% of the global crypto options market and declared $ 1.2 dollars in negotiation volume last year. By absorbing it, Coinbase becomes the largest platform of cryptographic derivatives in the world by an open interest and an activity of options, Keybanc wrote in a report.
The agreement also ensures a geographic gap, expanding the presence of Coinbase abroad, where only 20% of its income comes currently, according to Benjamin Buddish of Barclay.
Oppenheimer described him as “legitimate threat” for dominant exchanges, noting that the public status of Coinbase gave him the possibility of finance the acquisition using shares, an option not available for most private companies. This advantage, combined with 8.5 billion dollars in cash at hand, could transform Coinbase into the most aggressive consolidator of space.
Options markets are partly attractive because they offer regular volumes through market cycles. Barclays estimated that deribit turnover in 2024 between $ 425 million and $ 450 million, suggesting a healthy contribution to Coinbase results.
Keybanc also highlighted the strategic adequacy, calling for the basis of institutional deribit users and the international imprint. A natural extension of future and cornerbase spot products.
The regulatory approval of the agreement remains unanswered, but analysts expect Coinbase to provide more colors during its report on the first quarter results on Thursday.
The exchange should miss the expectations of the street for profits in the first quarter, because the markets were shaken by economic uncertainty. Corner actions increased by 6.58% compared to the day, while Bitcoin increased by 4.31%.
Read more: Pain of Coinbase profits is probably in the event of a retail fall in retail, Wall Street analysts warn
