Coinbase CEO Brian Armstrong says that his firm Crypto derivatives platform will continue to seek merger and acquisition opportunities after receiving the Derbit.
“We are always looking at the opportunities of M&A,” Said Armstrong on Bloomberg Television on 14 May.
He said that the firm has a large balance sheet that can be kept for use.
The firm revealed in its latest Revenue report Its balance sheet has become stronger, ending the first quarter with $ 9.9 billion in US dollar resources.
“Being a part of the benefit of being a public company, you have a liquid currency to do so,” he said, “We are looking at the opportunities of acquisition; this does not mean that we swing on every pitch. We want it to be the right opportunity.”
On 8 May, the firm announced that it Agreed to acquire Crypto option trading platform deribbit $ 2.9 billion transactions consisting of $ 700 million cash and 11 million share coinbase stocks
The biggest acquisition so far in the Crypto industry will allow the coinbase to expand the beneficial crypto derivative market and continue the global development of the platform.
Armstrong told the outlet that he can expedite the product growth and development of the coinbase, especially international occasions, “companies who think the same,”, and the coinbase’s product growth.
Connected: Buy Deribit of Coinbase shows the growing derivative market
However, Crypto’s executive stated that stabeloin issuer and coinbase partner, when asked about the possible acquisition of the circle, had nothing to announce. Filed to be public,
In the end of April, US Fintech firm Ripple bid for $ 5 billion in an attempt to get Stabecrim release, but the proposal was rejected, Informed Bloomberg.
Coinbase stock surge
Coinbase will to become The first crypto firm to join the prestigious S&P 500 index on May 19.
The S&P 500 is a stock market index that tracks 500 of the largest public trading companies in the US, and potentially opens its stock on a comprehensive investor basis and exposure to passive funds tracking the benchmark.
Coinbase shares finished the day by 2.5% to reach $ 263 after the day, According For Google Finance. Company Stock (COIN) has touched more than 30% from early May and two major announcements, and about 50% in the previous month.
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