(Reuters) - Coinbase, the largest publicly traded cryptocurrency exchange, will acquire Deribit for $2.9 billion in cash and stock, the Wall Street Journal reported on Thursday, citing company executives.

For Coinbase, the deal is a push into the highly profitable crypto derivatives market, according to the report.

The $2.9 billion deal price consists of $700 million in cash and 11 million shares of Coinbase Class A common stock, WSJ reported.

Coinbase did not immediately respond to a Reuters request for comment.