Bitcoin (BTC-USD) surged above $100,000 on Thursday for the first time since February.
The world’s largest cryptocurrency rose alongside the overall market after President Trump unveiled a trade deal with the UK, signaling a deescalation of tariffs.
Coinbase’s (COIN) announcement earlier in the day about the crypto exchange’s deal to acquire options platform Deribit for $2.9 billion also helped boost sentiment in the sector.
Bitcoin rose as much as 4% to trade north of $100,900 near 11:30 a.m. ET on Thursday as Trump spoke in the Oval Office about the UK agreement and indicated other countries also want to strike trade deals with the US.
Bitcoin fell as low as $75,000 in the days following Trump’s “reciprocal” tariff announcement on April 2, otherwise known as “Liberation Day.”
Bitcoin sentiment has grown increasingly bullish during the stock market’s recovery. Signs that companies are taking a cue from firms like Strategy (MSTR) and adding crypto to their balance sheets have also bolstered sentiment toward the sector.
In a note earlier this week, Bernstein analyst Gautam Chhugani said approximately 80 companies have “adopted the ‘Bitcoin Standard,’ adding Bitcoin treasury exposure to their balance sheets, owning ~3.4% of the total BTC supply.”
“The implications for Bitcoin — more resilient corporate/institutional capital supporting through the cycle downturns and accelerated supply squeeze as public corporates continue buying Bitcoin,” Chhugani added.
Year to date, bitcoin is up more than 8%.
Coinbase Global (COIN) has reached an agreement to acquire crypto options platform Deribit for $2.9 billion, one of the most significant deals ever for the cryptocurrency industry.
The deal marks another milestone for Coinbase, the largest cryptocurrency exchange in the US, after missing out for years on the wider transaction volumes and margins that other exchanges captured from derivatives trading.
Coinbase’s stock rose over 4% on the announcement. The Wall Street Journal first reported the deal.
“This isn’t just more products — it’s deeper liquidity, tighter spreads, and better tools for institutional and retail traders alike,” Greg Tusar, Coinbase’s head of institutional product, said in an emailed statement.
Deribit “isn’t just another addition,” he added in a blog post.
The acquisition follows Coinbase’s purchase of asset manager One River Digital in 2023, derivatives exchange FairX in 2022, crypto brokerage platform Tagomi in 2020, and custody business Xapo in 2019.
Coinbase is paying for Deribit with a mix of its own common stock and $700 million in cash.
The deal is the latest example of how the crypto industry has emerged as one of the few bright spots for merger and acquisition activity this year, even as other industries hold back amid the economic uncertainties triggered by President Trump’s trade wars and tariffs.
The biggest driver of that crypto optimism is Trump’s continued embrace of digital assets. He is pushing for more favorable regulation of the industry, and Coinbase is expected to be one of the biggest beneficiaries.
Some other big crypto deals so far this year include Coinbase’s US rival Kraken announcing an agreement to purchase crypto futures trading platform Ninja Trader for $1.5 billion in March and Ripple Labs agreeing last month to buy crypto broker and financing firm Hidden Road for $1.25 billion.
Coinbase reports first quarter earnings Thursday afternoon. Its profits are expected to decline, while net revenue is expected to jump compared to a year ago. It recognized a $737 accounting gain on its crypto asset holdings in the first three months of last year.
2027: NASS Leadership Endorses Tinubu—-The leadership of the National Assembly (NASS) on Thursday at the National Summit of the All Progressives Congress (APC) party, held in Abuja, endorsed President Bola Tinubu as their sole candidate for the 2027 presidential election.
The endorsement was moved by Sen. Godswill Akpabio, the President of the Senate, and seconded by Hon. Tajudeen Abass, the Speaker of the House of Representatives.
This followed an earlier endorsement of Tinubu as the sole candidate of the APC in the 2027 by Gov. Hope Uzodinma of Imo and Chairman of the Progressive Governors’ Forum.
Akpabio moved that Tinubu should be adopted as the sole candidate of the APC for the Presidency in 2027.
“Nigerians are saying that because you have done a difficult job well, that it is time to reward you by sending you back to the Presidency for a second term in office,” he said.
Akpabio said the endorsement was based on the political sagacity of Tinubu, whom he said had been able to set Nigeria on the path of growth as confirmed by the International Monetary Fund (IMF).
He said Nigerians and people at the grassroots were very excited, and that members of the National Assembly were also excited and had never had it so good.
Abass said he stood on behalf of 109 Senators and 360 members of the House of Representatives, and all the 36 Speakers and their members, to second the motion raised by the president of the senate.
2027: APC Governors Endorse Tinubu As Sole Presidential Candidate—-The Progressive Governors Forum on Thursday at the All Progressives Congress (APC) National Summit held in Abuja endorsed President Bola Tinubu as sole candidate for the 2027 presidential election.
The endorsement, which was moved by Gov. Hope Uzodimma of Imo and Chairman of the forum Chairman, was seconded by Gov. Uba Sani of Kaduna State.
Uzodimma, who spoke on behalf of the forum, emphasised commitment to mobilising resources and ensuring victory for Tinubu in their respective states.
The governors expressed confidence in Tinubu’s leadership and reforms, promising to deliver their states in the upcoming elections.
This endorsement follows similar moves by other APC regional leaders, including the North Central governors who recently passed a vote of confidence in Tinubu’s administration, praising his developmental strides and inclusive governance approach.
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