Coinbase agreed to acquire Dubai-based Deribit, a major crypto derivatives exchange, for $2.9 billion, the largest deal in the crypto industry to date.

The company said Thursday that the cost comprises $700 million in cash and 11 million shares of Coinbase class A common stock. The transaction is expected to close by the end of the year.

Shares of Coinbase rose nearly 6%.

The acquisition positions Coinbase as an international leader in crypto derivatives by open interest and options volume, Greg Tusar, vice president of institutional product, said in a blog post – which could allow it take on big players like Binance. Coinbase operates the largest marketplace for buying and selling cryptocurrencies within the U.S., but has a smaller share of the global crypto market, where activity largely takes place on Binance.

Deribit facilitated more than $1 trillion in trading volume last year and has about $30 billion of current open interest on the platform.

“We’re excited to join forces with Coinbase to power a new era in global crypto derivatives,” Deribit CEO Luuk Strijers said in a statement. “As the leading crypto options platform, we’ve built a strong, profitable business, and this acquisition will accelerate the foundation we laid while providing traders with even more opportunities across spot, futures, perpetuals, and options – all under one trusted brand. Together with Coinbase, we’re set to shape the future of the global crypto derivatives market.”

Tusar also noted that Deribit has a “consistent track record” of generating positive adjusted EBITDA the company believes will grow as a combined entity.  

“One of the things we liked most about this deal is that it’s not just a game changer for our international expansion plans — it immediately diversifies our revenue and enhances profitability,” Tusar told CNBC.

The deal comes at a time when the crypto industry is riding regulatory tailwinds from the first ever pro-crypto White House. Support of the industry has fueled crypto M&A activity in recent weeks. In March, crypto exchange Kraken agreed to acquire NinjaTrader for $1.5 billion, and last month Ripple agreed to buy prime broker Hidden Road.

Whoop on Thursday announced two new wearable devices, Whoop 5.0 and Whoop MG, which feature sleeker hardware, a longer battery life and additional in-app health insights. 

Both of the company’s new devices are designed for 24/7 wear.

The Whoop 5.0 and Whoop MG support 14 days of battery life, which is around triple the four-to-five-day range offered by Whoop 4.0. The new hardware is also 7% smaller than the previous device, with a processor that’s 60% faster, the company said. 

“We’ve taken everything we’ve learned over the past decade and built a platform to help our members perform and live at their peak for longer,” Whoop founder and CEO Will Ahmed said in a release. 

The launch marks Whoop’s first major hardware update since 2021, when the company released Whoop 4.0. Whoop said its new devices will help users understand how their daily decisions impact their performance and health outcomes over time, according to a release.

WATCH: CEO of fitness tracker company Whoop on $3.6 billion valuation, outlook

Shares of Shopify dipped more than 5% in early trading on Thursday after the company posted mixed first-quarter results and issued soft guidance for the current period.

Here’s how the company did:

• Revenue: $2.36 billion vs. $2.33 billion expected by LSEG
• Earnings per share: 39 cents adjusted vs. 26 cents expected by LSEG

For the second quarter, Shopify said it expects gross profit to grow at a high-teens percentage rate, while analysts had forecast a rate of 20.1%, according to StreetAccount. The company forecast revenue to expand at a mid-twenties percentage rate compared with a year earlier. Wall Street had forecast roughly 22% growth.

Shopify sells software for merchants who run online businesses as well as services such as advertising and payment processing tools. Many of Shopify’s merchants are small- to medium-sized businesses, giving it some exposure to President Donald Trump’s sweeping tariffs on Chinese imports, which total 145%. As part of Trump’s tariffs, the president last week closed a trade loophole favorable to many online businesses that allowed shipments from China under $800 to enter the U.S. duty-free.

On a call with investors, Shopify President Harley Finkelstein said the expiration of de minimis isn’t expected to have a “meaningful impact” on Shopify in the near term. Roughly 1% of its gross merchandise volume is related to imports from China that were subject to the exemption, he said.

The company hasn’t seen “broad based price increases” among sellers yet, Finkelstein said. He added that consumers who purchase from Shopify businesses skew higher income, with more than half of buyers in the U.S. having incomes above $100,000.

“We believe this helps insulate our merchants from some of the potential swings in pricing or other market factors, as higher income consumers tend to be less price sensitive,” Finkelstein said. “We acknowledge the uncertainty ahead and are actively monitoring our data to help us support our merchants and adapt to whatever changes may arise.”

Earlier this year, Shopify also added a “buy local” tool to its site, allowing shoppers to filter products to items sold by merchants in their country.

E-commerce companies are bracing for the impact of Trump’s tariffs. Amazon earlier this month issued light operating income guidance for the second quarter, highlighting “tariff and trade policies” as a factor weighing on its outlook. Etsy, meanwhile, said last week it’s staying “nimble” to the tariff uncertainty, while the company’s finance chief Lanny Baker noted that the company’s “direct tariff exposure appears to be relatively low.”

GMV, a key metric that measures the total volume of goods sold on the platform, was $74.75 billion during the first quarter. That fell just short of consensus estimates for $74.8 billion, according to StreetAccount.

Revenue for the quarter was up about 27% to $2.36 billion, beating analysts’ projected $2.33 billion. Subscription solutions revenue came in at $620 million during the quarter, which was lighter than the $621.5 million forecast by Wall Street.