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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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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