CEO of Coinbase, Brian Armstrong, said that his business will continue to search for merger and acquisition opportunities after acquiring the platform derived from cryptographic derivatives.
“We are still looking for mergers and acquisitions,” said Armstrong on Bloomberg Television on May 14.
He added that the company has a large assessment that can be used.
The company revealed in its latest income report that its assessment has strengthened, ending the first quarter with $ 9.9 billion in US dollars.
“Part of the advantage of being a public company is that you have a liquid currency to do so,” he said, adding: “We are considering acquisition opportunities; this does not mean that we are swinging with each argument. We want it to be the right opportunity.”
On May 8, the company announced that it had agreed to acquire a Crypto Options Trading Platform Drust in a transaction worth 2.9 billion dollars which included 700 million dollars in cash and 11 million Coinbase shares
The acquisition, the largest in the cryptographic industry so far, will allow Coinbase to develop on the profitable market of crypto derivatives and to continue to put the global growth of the platform on the scale.
Armstrong has declared to the point of sale that he particularly examined international opportunities, “companies that think similar” and can accelerate the development and growth of coinbase products.
In relation: The purchase of Coinbase deribases shows a market for growing derivatives
However, the Crypto’s executive said he had nothing to announce when asked for a potential acquisition of the Stablecoin issuer and Coinbase partner, Circle, who filed a public file.
At the end of April, the American fintech company Ripple submitted up to $ 5 billion to acquire the Stablecoin issuer, but the offer was rejected, Bloomberg reported.
Surprising Stock Coinbase
Coinbase will become the first Crypto company to join the Coveted S&P 500 index on May 19.
The S&P 500 is a stock market index which follows the performance of 500 of the largest public companies in the United States, and potentially opens their shares to a wider investor base and exposure to passive funds which follow the reference.
Coinbase shares ended the day by 2.5% to reach $ 263 in exchange after opening hours, according to Google Finance. The company’s shares (Coin) have skyrocketed more than 30% since the beginning of May, and the two major announcements, and almost 50% in the last month.
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