Coinbase has announced a $2.9 billion deal to acquire Deribit, the world’s leading crypto options trading platform, as it seeks to strengthen its global presence in the derivatives market.
Strategic Expansion into Crypto Derivatives
Coinbase, the largest cryptocurrency exchange in the United States by trading volume, confirmed on 8 May that it will acquire Deribit, a prominent derivatives trading platform specialising in Bitcoin and Ethereum options. The acquisition, valued at approximately $2.9 billion, includes $700 million in cash and 11 million shares of Coinbase Class A common stock, subject to typical purchase price adjustments.
Source: Coinbase
This move marks Coinbase’s most significant push yet into the crypto derivatives space, a sector that has become increasingly profitable and competitive. “With Deribit’s strong presence and professional client base, Coinbase is making its most substantial move yet to accelerate our international growth strategy,” said Greg Tusar, Coinbase’s vice president of institutional product.
Deribit Founders to Exit Post-Acquisition
Following the completion of the deal, expected by the end of 2025, Deribit’s co-founders John and Marius Jansen will step away from the company, ending a partnership that began in 2014. Until the transaction closes, pending regulatory approvals, Deribit will continue operations without any immediate changes to its platform, team, or services.
Deribit CEO Luuk Strijers expressed optimism about the future, stating, “We’re excited to join forces with Coinbase to power a new era in global crypto derivatives. This acquisition will accelerate the foundation we’ve laid, providing traders with more opportunities across spot, futures, perpetuals, and options — all under one trusted brand.”
Strengthening Technology and Global Reach
Coinbase plans to integrate Deribit’s technology and infrastructure with its existing platform to create a more efficient and seamless trading experience. According to the announcement, this includes improved onboarding processes, enhanced fiat payment channels, and greater capital efficiency across the full trading lifecycle.
Deribit currently handles over $1.2 trillion in annual trading volume, with a strong foothold in institutional crypto options trading. The acquisition is expected to significantly boost Coinbase’s ability to compete globally and offer a more diverse product suite to its users.
Regulatory and Market Context
The deal follows earlier reports suggesting Coinbase and Deribit had notified Dubai regulators about the potential transaction. Deribit holds a licence in Dubai, which would need to be transferred to Coinbase following the acquisition’s approval.
Source: Deribit
Initial valuations had placed Deribit between $4 billion and $5 billion, but the final purchase price settled at $2.9 billion. The deal comes amidst a wave of consolidation in the crypto space. Just last week, rival exchange Kraken confirmed a $1.5 billion acquisition of derivatives platform NinjaTrader to enhance its futures trading capabilities.
If successful, Coinbase’s acquisition of Deribit could signal a new phase of global competition in the crypto derivatives sector, with major players racing to secure market share and meet the growing demand for sophisticated trading products.
