Unchained

Coinbase Acquired Deribit for $2.9 Billion. Here’s Why It Matters - Ep. 831


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On Thursday, Coinbase announced its acquisition of Deribit in a $2.9 billion deal, the largest merger in the crypto industry to date.

In this episode, Owen Lau, executive director and senior analyst at Oppenheimer, delves into why Deribit was such a coveted prize, what this deal means for the global derivatives landscape, and how Coinbase is using its position as a public company to cement its dominance.

Plus:

  • The importance of Coinbase paying mostly in stock and barely touching its cash

  • How the derivatives market dwarfs spot trading, and is only getting bigger

  • What this means for CME and smaller crypto exchanges

  • And how Base, Coinbase’s L2, fits into the long game

    Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com

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    • Mantle

      • Guest

        • Owen Lau, Executive Director and Senior Analyst at Oppenheimer


          Timestamps:

          👋 0:00 Intro

          📢 2:26 What this record-breaking $2.9B deal really means for crypto

          🔥 4:39 Why Deribit was the most sought - after acquisition target in the space

          📊 5:59 How the derivatives market became bigger than spot — and what’s next

          ⚔️ 10:16 What this move signals for CME and how the competitive landscape shifts

          🛡️ 12:08 Will this deal make crypto safer for everyone?

          💸 16:28 Why Coinbase used mostly stock and why that matters

          📈 18:59 How the deal changes Coinbase’s revenue outlook going forward

          🚀 22:15 Whether Coinbase is building the “WeChat of the U.S.” financial system

          🔗 24:32 The role of Base in Coinbase’s future 

          🤝 25:48 Why M&A is heating up across crypto right now

          ⚖️ 27:35 How ongoing regulatory uncertainty still casts a shadow

          🧠 28:12 What investors should keep in mind when evaluating the risks and rewards

          📰 30:40  Crypto News Recap

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          UnchainedBy Laura Shin