Thomas Daniels
Coinbase Global Inc., the largest U.S.-based cryptocurrency exchange by trading volume, has announced its intention to acquire Deribit, a leading crypto derivatives platform, in a transaction valued at approximately $2.9 billion. The deal includes $700 million in cash and 11 million shares of Coinbase Class A common stock, subject to customary purchase price adjustments.
Founded in 2016 and headquartered in Dubai, Deribit has established itself as a dominant player in the crypto derivatives market, particularly in Bitcoin and Ethereum options trading. In 2024, Deribit processed nearly $1.2 trillion in trading volume, reflecting a significant uptick in institutional participation.
This acquisition marks Coinbase’s most substantial move to date in expanding its presence within the lucrative crypto derivatives sector. Greg Tusar, Coinbase’s Vice President of Institutional Product, stated, “This will make us the most comprehensive player in derivatives.”
The transaction remains subject to regulatory approvals and other customary closing conditions and is expected to close by the end of the year. Notably, Deribit holds a license from Dubai’s Virtual Assets Regulatory Authority (VARA), which will need to be transferred to Coinbase upon completion of the deal.
This strategic acquisition aligns with a broader trend of consolidation in the cryptocurrency industry, as firms seek to diversify their offerings amid evolving global regulations. Recent notable deals include Kraken’s $1.5 billion acquisition of NinjaTrader and Ripple’s $1.25 billion purchase of Hidden Road.
As of the latest market session, Coinbase shares were trading at $196.56, showing a marginal decline of 0.056%.
