HomeNewsCoinbase Acquires Deribit for $2.9B in Record-Breaking Derivatives Deal

Coinbase Acquires Deribit for $2.9B in Record-Breaking Derivatives Deal

Posted: 9 May 2025, 16:27 CET | Updated: 9 May 2025, 16:27 CET 2 min read

A man from Coinbase stands in front of the Deribit building - The Coinomist

Coinbase is acquiring Deribit for $2.9 billion to strengthen its position in the crypto derivatives market. The deal is expected to close by the end of 2025, pending regulatory approvals.

Deal Details

Coinbase Global Inc. has confirmed the acquisition of Deribit, the world’s biggest Bitcoin and Ethereum options exchange, in a $2.9 billion deal. News of the acquisition pushed Coinbase (COIN) shares up by nearly 5% on the day.

The transaction includes $700 million in cash and 11 million shares, reflecting a blended valuation of $2.9 billion for Deribit. The deal is expected to close by year-end, subject to regulatory approvals.

Founded in 2016 in the Netherlands by brothers John and Marius Jansen, Deribit offers trading in options, futures, and spot markets.
In 2024, the platform recorded $1.1 trillion in trading volume.
The exchange holds a license in Dubai, which could help Coinbase accelerate its expansion in the Middle East.

Previously, Coinbase launched a derivatives venue in Bermuda, but its primary focus has remained on spot markets. By integrating Deribit’s infrastructure, the exchange aims to strengthen its presence in the global futures and options segment.

Market Reaction and Commentary

This strategic acquisition significantly advances Coinbase's derivatives business,
said Greg Tusar, Vice President of Institutional Products at Coinbase.

Bitcoin’s surge past $100,000 for the first time since February further fueled the rally in crypto-related stocks.

We’re excited to join forces with Coinbase to power a new era in global crypto derivatives,
said Luuk Strijers, CEO of Deribit.

Benchmark analyst Mark Palmer highlighted Deribit’s consistent leadership in trading volume and open interest, calling the deal a potential catalyst for deeper institutional participation.
Bitwise CIO Matt Hougan suggested that acquisitions of this scale could push Coinbase toward a $1 trillion market cap “some day.”

Historical Context and M&A Trends

Coinbase’s acquisition of Deribit is the largest deal to date in the crypto derivatives space.

According to Architect Partners, the crypto sector saw 62 M&A transactions in Q1 2025 alone.

It follows our thesis that derivatives M&A will continue to be active,
said Michael Klena, Partner at Architect Partners.

The growing wave of consolidation is largely driven by the higher profit margins in derivatives trading compared to spot markets and optimism over favorable regulation.

Analysts now expect crypto exchanges to ramp up competition for market share in the derivatives space. However, the true impact of Coinbase’s acquisition of Deribit will emerge only after the platforms complete their integration.

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