Coinbase's (COIN) $2.9 billion acquisition of Deribit will be a tipping point for the company, pushing the U.S.-based exchange into direct competition with global heavyweights like Binance, Wall Street analysts wrote on Thursday.

The transaction – the crypto sphere’s largest of the year – positions Coinbase to boost its international foothold and diversify its trading revenue.

(Reuters) -Coinbase, the largest publicly traded cryptocurrency exchange, said on Thursday it will buy derivatives exchange Deribit in a $2.9 billion deal to expand into the crypto options markets.

The deal with Deribit includes $700 million in cash and 11 million shares of Coinbase Class A common stock, according to the companies, making it one of the largest deals in the i

Wall Street analysts rerated Coinbase Global (COIN) after disappointing Q1 results. Rosenblatt maintained Buy, Needham lowered price target.

Coinbase announces the acquisition of the crypto derivatives platform Deribit. This acquisition strengthens Coinbase's position in the lucrative crypto derivatives market. Following the announcement,

Coinbase joins S&P 500 as first crypto firm, marking mainstream finance milestone amid market dominance and political support.

Coinbase has announced the strategic acquisition of crypto options exchange Deribit to “significantly advance” its derivatives business and provide spot, futures, and options under its umbrella.

Coinbase had its best day since just after last year’s presidential election, as investors bought shares ahead of the company’s inclusion in the S&P 500.

Latham & Watkins is acting for Coinbase in its $2.9bn acquisition of crypto options exchange Deribit, which is being repped by Willkie Farr & Gallagher.