Coinbase completes acquisition of Deribit

Coinbase Global Inc. (NASDAQ: COIN) announced it has completed its acquisition of Deribit, a cryptocurrency options exchange. The transaction closed on August 14, according to a company statement.

Deribit recorded over $185 billion in trading volume during July and maintains approximately $60 billion in current platform open interest. The exchange generated more than $30 million in transaction revenue in July, according to Coinbase.

The acquisition adds options trading capabilities to Coinbase's existing futures and perpetuals offerings. Deribit reported over $1 trillion in trading volume for the previous year.

Coinbase expects Deribit to contribute approximately $10 million in additional technology and development and general administrative expenses for the third quarter, excluding deal-related amortization. The company anticipates Deribit will be immediately accretive to adjusted EBITDA following the close.

The financial impact for the third quarter will include consolidated results from Deribit from August 14 through September 30. Coinbase noted this outlook represents an update to its third-quarter guidance provided in its July 31 shareholder letter, which did not include any impact from the acquisition.

Deal-related amortization is expected to increase materially quarter-over-quarter in the third quarter, though the specific amount has not been determined. The company cautioned against extrapolating the July revenue figures for future periods.

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