Kraken Considers Deribit Acquisition—Discussions Still Underway

It was previously reported that management was contemplating a sale valued at no less than $4–5 billion, although they were not inclined toward a full acquisition. The company even brought on board Financial Technology Partners to manage a secondary share sale and to establish a fair market valuation—with Kraken being the only contender at that time. However, subsequent developments revealed that Deribit had been turned down while also attracting several acquisition offers.

In short, Deribit has not been put up for sale. Over time, we have received interest in strategic investments from a variety of parties, which we will not disclose,

Deribit announced a month ago.

The talk of a potential sale comes amid worries from some analysts that we might soon see a surge in takeovers, with even big companies forced into less-than-ideal deals. Deribit’s CEO, Luke Strayers, has often pointed out that many in the market want to buy them up because it’s the quickest and cheapest way to get a platform that handles over $1.4 billion in trades each day.

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Furthermore, whispers from anonymous insiders suggest that Coinbase, another heavyweight in the American crypto space, is mulling over an acquisition—or perhaps an outright purchase of Deribit—and is already exerting pressure on its executives. Not to mention, the options crypto exchange has experienced a meteoric rise, nearly doubling its annual trading volume to an astounding $1.1 trillion.