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Tapiero's 10T Holdings and Akuna Capital Acquire a $100 Million Stake in Deribit's Bitcoin Options Exchange

According to a person familiar with the transaction, Dan Tapiero's 10T Holdings and Akuna Capital have invested $100 million in bitcoin futures exchange Deribit.

Deribit, one of the largest crypto options exchanges in the world in terms of volume, verified the transaction but refused to disclose its current value. It said that 10T and Akuna acquired stock via secondary market transactions, implying that no new shares were issued.

When the latest Deribit share transfer made headlines, the Panamanian firm was estimated to be worth hundreds of millions of dollars. That was in January 2020; trading in options contracts on Deribit has more than quadrupled since then.

Tapiero's crypto equity fund, which started in February with $200 million to invest in late-stage businesses in the sector, made a big gamble with the acquisition. Akuna is also an investor in cryptocurrency companies, having invested in several rounds of financing for crypto lender BlockFi.

“We are delighted to make a substantial investment in Deribit since no company in the digital asset ecosystem is as dominating in its area as Deribit is,” Tapiero, a well-known macro investor, stated in a press release.

According to Coinbase-owned analytics platform Skew, Deribit handles the overwhelming majority of worldwide bitcoin options transactions. On Thursday, it disclosed an open interest of $8 billion in bitcoin.

Deribit said in a press release that it has expanded in lockstep with institutional interest in cryptocurrency this year. According to Akuna CEO John Harris, there is a “tremendous opportunity” to further extend that presence.

Deribit CEO John Jansen said, "We still have a lot of development ahead of us."

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