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:
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The importance of Coinbase paying mostly in stock and barely touching its cash
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How the derivatives market dwarfs spot trading, and is only getting bigger
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What this means for CME and smaller crypto exchanges
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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
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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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