The CEO says that the exciting purchase of the explanation of $ 2.9 billion from Coinbase
Coinbase, the largest encryption exchange in the United States, is scheduled to join the S&P 500 on May 19, to replace Discover Financial Services amid its integration with Capital One. Brian Armstrong made major data before this development, hinting over plans for more acquisitions.
“Encryption here to stay”
Brian Armstrong, CEO of Coinbase, Express The enthusiasm around the inclusion, saying: “We are very happy to include it in the S&P 500. This means now that Crypto is present to stay.”
Coinbase is noted in particular to enter the S&P 500 because it indicates a shift in how to perceive digital assets in the financial scene. Armstrong noticed that the inclusion is likely to affect Retirement boxesSaying that the cryptocurrency can soon be part of 401 plans (K) for everyone.
This is very important because many retirement accounts track the S&P 500, which means that millions of Americans may invest indirectly in Coinbase through their retirement savings.
Analysts expect that this inclusion can lead to significant flow of capital, as Bernstein estimates up to $ 16 billion in new investments that it moves largely by negative indicators. Obenheimer also raised her The target price The currency is from $ 269 to $ 293, which reflects the increasing optimism about the company’s future.
Coinbase follows the chances of integration and purchases actively
After acquiring Deribit worth $ 2.9 billion, an exchange of pioneering coding derivatives, Armstrong pointed out that Coinbase actively exploring more integration and acquisitions.
“We are always looking at the chances of integration and purchases,” he said during interview On Bloomberg TV. This strategy is compatible with the Coinbase’s goal of expanding its presence in the market and enhancing services offers in the sophisticated highly encrypted scene.
Deribit, known for its dominance in the trading of Bitcoin options, will enhance Coinbase’s position as a leader in encryption derivatives. This acquisition is the largest in the industry so far, and it is expected to be closed by the end of the year, which increases the consolidation of the arrival of Coinbase International.
The company has shown strong growth since its launch in 2021, driven by the increasing value of encrypted currencies and organizational approvals for major institutions to launch instant Bitcoin Funds circulating for exchange (ETFS).
In its latest profit report, the company exceeded profits with profits reported to the share of $ 1.94, which reflects an increase of 7.6 % on an annual basis. However, revenue growth decreased by 24 % to $ 2 billion with a little expectations of analysts. Despite these mixed results, Coinbase’s strategic initiatives indicate promising expectations.
On Wednesday, the stock exchange closed at $ 263.41, an increase of approximately 7 % over the previous 24 hours. The last Deribit deal sparked a noticeable momentum of the share, which rose from the lowest annual level of $ 143 last April.
Distinctive image from Dall-E, Chart from TradingView.com
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