The Daily: Bitcoin retakes $100K, Coinbase drops $2.9B on Deribit, Trump fumes over XRP crypto reserve post, and more

The following article is adapted from The Block’s newsletter,  The Daily , which comes out on weekday afternoons.

Happy Thursday! Bitcoin's growing institutionalization and geopolitical adoption are reshaping its role from rebellious tech to potential global reserve asset "sooner" than most think, Bitcoin Inc CEO David Bailey said on the latest episode of The Scoop podcast .

In today's newsletter, Coinbase agrees to acquire Deribit for a record $2.9 billion, bitcoin retakes $100,000 for the first time since February, Arizona becomes the second U.S. state to pass a crypto reserve bill, and more.

Meanwhile, Superstate unveils "Opening Bell" — a platform to bring SEC-registered equities onchain , starting with Solana.

Let's get started.

Coinbase to acquire Deribit in record $2.9 billion deal

U.S. crypto exchange giant Coinbase has entered into an agreement to acquire crypto options and futures trading platform Deribit in a deal worth approximately $2.9 billion — a new industry record.

• The transaction consists of $700 million in cash and 11 million shares of Coinbase's Class A common stock, subject to customary purchase price adjustments, Coinbase VP of Institutional Product Greg Tusar confirmed in a blog post on Thursday.
• The move positions Coinbase as the global leader in crypto derivatives, Tusar said, citing Deribit's $30 billion in current open interest and over $1 trillion in trading volume last year. "We believe crypto options are on the cusp of significant expansion, similar to the equity options boom of the 1990s," he added.
• "We're excited to join forces with Coinbase to power a new era in global crypto derivatives," Deribit CEO Luuk Strijers said.
• Coinbase aims to create a unified platform for spot, futures, perpetuals, and options trading, touting better capital efficiency and market depth.
• Deribit's founders, John and Marius Jansen, will exit post-acquisition, as Coinbase leverages its regulatory reach and brand to expand the Dubai-headquartered Deribit's global footprint.
• The deal represents the largest in crypto to date, topping Kraken's $1.5 billion purchase of NinjaTrader, Ripple's $1.25 billion acquisition of Hidden Road, and Stripe's $1.1 billion deal for Bridge — reflecting surging M&A amid a friendlier U.S. regulatory climate.
• "This is an insanely great acquisition," Bitwise CIO Matt Hougan said. " Coinbase is going to be a $1 trillion company some day."
• The acquisition is subject to regulatory approvals and is expected to close by year-end.
• Coinbase is set to report its Q1 2025 earnings later on Thursday.

Bitcoin crosses $100,000 for first time since February

Bitcoin surged past $100,000 on Thursday for the first time since February, rebounding sharply from April lows of around $75,000 tied to President Trump's volatile tariff policy.

• Some analysts credit the rally to renewed U.S.-China trade talks, the substantial $3.5 billion net inflows into spot bitcoin ETFs over the past three weeks, and the ongoing Strategy-inspired corporate accumulation race.
• "I think a fresh all-time high for bitcoin is coming soon. My specific target of $120,000 for Q2 looks very achievable," Standard Chartered analyst Geoffrey Kendrick told The Block via email.
• Until last month, bitcoin largely tracked tech stocks, but in April, it began to act as a hedge as equities sank during trade negotiations. "The dominant story for bitcoin has changed again," Kendrick said.

Arizona becomes second US state to enact crypto reserve bill

Arizona became the second U.S. state to pass a bitcoin reserve bill into law , with Governor Katie Hobbs signing HB 2749 on Wednesday to integrate crypto into the state's unclaimed property system.

• The bill sets up a crypto reserve fund for unclaimed digital assets, allowing custodians to stake them for potential rewards or airdrops.
• However, it's a much more watered-down option than the separate proposal to let state pension funds invest in crypto that Governor Hobbs recently vetoed, citing risks to retirees.
• Meanwhile, another Arizona bill, SB 1373, which would create a strategic reserve from seized digital assets, is now awaiting action from Governor Hobbs, who could either sign or veto the bill.
• The move comes just a day after New Hampshire approved a crypto reserve bill (HB 302) on Tuesday, authorizing the allocation of up to 10% in state funds to bitcoin and other major digital assets exceeding a $500 billion market cap, alongside precious metals.

Trump 'furious' after lobbyist behind XRP-tied crypto post revealed to have worked for Ripple

President Trump became furious after learning a Truth Social post, saying XRP, Solana, and Cardano should be included in a "Crypto Strategic Reserve," was crafted by a lobbyist tied to Ripple, according to Politico.

• The post, published by Trump in March, was written by an employee of Ballard Partners — a firm run by longtime ally Brian Ballard — who failed to disclose that Ripple was a client, the outlet reported, citing anonymous sources.
• The post briefly boosted XRP, SOL, and ADA prices, but Trump later clarified that the reserve would also hold BTC and ETH. His executive order that month ultimately established a separate Strategic Bitcoin Reserve and Digital Assets Stockpile.
• Politico said the incident quickly made Ballard a pariah in the West Wing, despite the "Trump whisperer's" firm landing over 130 clients since the election.

'Don't do crime, crime is bad'

A hack on the notorious ransomware gang LockBit, known for demanding payment in cryptocurrencies, exposed nearly 60,000 Bitcoin addresses , over 4,400 victim negotiations, and numerous affiliate password credentials — though no private keys were leaked.

• LockBit had a taste of its own medicine as its dark web affiliate panels were defaced and replaced with a message linking to a database dump, which stated, "Don't do crime CRIME IS BAD xoxo from Prague," cybersecurity publication Bleeping Computer reported.
• The breach follows major setbacks for LockBit last year, including law enforcement takedowns and the indictment of its leader, Dmitry Khoroshev, who allegedly made $100 million from ransomware payouts.

In the next 24 hours

• Bank of England Governor Andrew Bailey will speak at 4:40 a.m. ET tomorrow. Various U.S. Federal Reserve officials and FOMC members are scheduled to speak throughout Friday morning.
• Moca Network and Movement are set for token unlocks .

Never miss a beat with The Block's  daily digest  of the most influential events happening across the digital asset ecosystem.