Coinbase gains on $2.9 billion deal for crypto options exchange Deribit

Cryptocurrency exchange Coinbase Global's COIN.O shares rise 5.3% to $207 before the bell

COIN agrees to acquire crypto options exchange Deribit in a $2.9 billion cash-and-stock deal

Transaction comprises $700 million in cash and 11 million Coinbase shares

Deal, expected to close by year-end, will significantly boost COIN's crypto derivatives business

Deribit last year facilitated over $1 trillion in trading volume across key markets, excluding U.S.

14 of 30 brokerages rate COIN "buy" or higher and 16 "hold"; median PT $254.50 - data compiled by LSEG

As of last close, COIN was down 20.8% YTD