Coinbase Global, Inc. (NASDAQ:COIN) is holding steady in Friday's premarket trade after confirming the completion of its acquisition of crypto options leader Deribit.
Barclays raised its price target for the stock from $352 to $365, while keeping its Equal Weight rating intact.
The San Diego–based exchange announced Thursday that Deribit is now part of the Coinbase portfolio, cementing its position as one of the most comprehensive global crypto derivatives platforms.
According to Benzinga Pro, COIN stock has gained over 64% in the past year.
Investors can gain exposure to the stock via First Trust SkyBridge Crypto Industry and Digital Economy ETF (NYSE:CRPT).
Deribit's addition follows a record month in July, when the exchange saw more than $185 billion in trading volume and roughly $60 billion in open interest.
The platform has processed over $1 trillion in trades over the past year, serving a deep pool of institutional and advanced traders.
Coinbase said the acquisition enhances its ability to offer a full range of trading products, from spot and futures to perpetuals and options, in a single platform.
The deal also provides greater liquidity and global scale, which the company believes positions it well as institutional demand for crypto derivatives rises.
"This milestone marks a major step forward in our mission to build the most comprehensive, trusted platform for global crypto derivatives trading," the company stated.
Deribit generated more than $30 million in transaction revenue in July alone, according to Coinbase.
While third-quarter results will only reflect Deribit's performance from August 14 through September 30, the company noted the run-rate revenue potential is significant.
Additional expenses tied to technology, development, and administrative operations are expected to total around $10 million in the quarter, excluding deal-related amortization. Coinbase anticipates the acquisition will immediately boost adjusted EBITDA.
The company emphasized that this updated guidance supersedes the outlook shared in its July 31 shareholder letter, which did not factor in Deribit's performance.
Price Action: COIN shares are trading higher by 0.06% to $325.10 premarket at last check Friday.
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