Coinbase's (COIN) $2.9 billion acquisition of Deribit will be a tipping point for the company, pushing the U.S.-based exchange into direct competition with global heavyweights like Binance, Wall Street analysts wrote on Thursday.

Wall Street analysts rerated Coinbase Global (COIN) after disappointing Q1 results. Rosenblatt maintained Buy, Needham lowered price target.

Coinbase shares skyrocketed 24% on Tuesday following news the cryptocurrency exchange will be added to the S&P 500. Monitor these key chart levels.

The deal with Deribit includes $700 million in cash and 11 million shares of Coinbase Class A common stock, according to the companies, making it one of the largest deals in the i

The transaction – the crypto sphere’s largest of the year – positions Coinbase to boost its international foothold and diversify its trading revenue.

Coinbase has announced the strategic acquisition of crypto options exchange Deribit to “significantly advance” its derivatives business and provide spot, futures, and options under its umbrella.

Coinbase to acquire Deribit for $2.9B, expanding crypto derivatives reach across Dubai, Asia, and global institutional markets.

Global will purchase Dubai-based Deribit, the world’s largest trading platform for Bitcoin and Ether options, for approximately $2.9 billion — in Bitcoin.

Coinbase had its best day since just after last year’s presidential election, as investors bought shares ahead of the company’s inclusion in the S&P 500.