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Crypto dealmaking is hot.

announced Thursday the biggest deal in the crypto industry to date when it said it would buy derivatives exchange in a $2.9 billion deal to move into the crypto options markets.

The deal is made up of $700 million in cash and 11 million shares of Coinbase, per a

鈥淭his isn’t just another addition; it’s foundational to our vision of creating the most comprehensive, compliant, and user-friendly derivatives platform globally,鈥� the blog reads. 鈥淲e鈥檙e excited about the path ahead and look forward to welcoming Deribit into the Coinbase family as we shape the future of crypto markets together.鈥�

Deribit raised a $40 million venture round at a $400 million valuation from the likes of and in 2022, .

Big deal

The deal is just the latest big M&A move in crypto. While dealmaking numbers are small, size is increasing, as the reelection of President has reenergized the crypto market, with many expecting regulations to ease.

Last month, crypto payments firm said it would acquire brokerage house for $1.25 billion. In March, the dropped a Ripple that accused it of conducting an illegal securities offering.

In March, cryptocurrency exchange said it would buy retail futures trading platform for $1.5 billion.

Overall, venture funding to startups in the crypto and blockchain space rocketed to $3.8 billion in 220 deals in Q1, per 小蓝视频色情网页版 . The dollar figure represents a 138% jump from the previous quarter, which saw only $1.6 billion go to Web3 startups in 242 deals.

However, those numbers were propped up by cryptocurrency exchange 鈥檚 massive $2 billion investment from Abu Dhabi-based investment firm . The deal is the single-largest investment into a crypto company.

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Related reading:

• Crypto And Blockchain Funding Sees Big Boost In Q1 Thanks To Binance
• Will The Ripple Deal Create Waves In Stagnant Web3 M&A?

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