Coinbase agrees to acquire crypto derivatives exchange Deribit in record $2.9 billion deal

Crypto exchange giant Coinbase has entered into an agreement to acquire crypto options and futures trading platform Deribit in a deal worth around $2.9 billion — a record for the industry.

The record price tag consists of $700 million in cash and 11 million shares of Coinbase Class A common stock, subject to customary purchase price adjustments, according to a blog post from Coinbase’s VP of Institutional Product Greg Tusar on Thursday. The transaction is subject to regulatory approvals and is expected to close by year-end.

“This strategic acquisition significantly advances Coinbase’s derivatives business, establishing us as the premier global platform for crypto derivatives,” Tusar said. “This is an important step toward our goal of providing traders access to spot, futures, perpetual futures, and options trading – all in one seamless, capital-efficient platform.” The Wall Street Journal first reported the news.

This acquisition positions Coinbase as the global leader in crypto derivatives by both open interest and options trading volume, Tusar noted, citing that Deribit facilitated over $1 trillion in trading volume last year across non-U.S. markets. “We believe crypto options are on the cusp of significant expansion, similar to the equity options boom of the 1990s,” he said.

“We’re excited to join forces with Coinbase to power a new era in global crypto derivatives,” Deribit CEO Luuk Strijers said in a statement. “As the leading crypto options platform, we’ve built a strong, profitable business, and this acquisition will accelerate the foundation we laid while providing traders with even more opportunities across spot, futures, perpetuals, and options — all under one trusted brand. Together with Coinbase, we’re set to shape the future of the global crypto derivatives market.”

Following the closing of the transaction, founders John and Marius Jansen will step away from the company, Deribit confirmed. The deal is about combining strengths to create the most robust crypto derivatives platform for end clients, it said, with Coinbase’s regulatory footprint, global brand, and institutional network dramatically extending Deribit’s reach. “Together, we anticipate tighter spreads, deeper order books, enhanced execution quality, and a broader suite of products across jurisdictions.”

Dubai-headquartered Deribit is the world’s largest trading platform for bitcoin and ether options with approximately $30 billion in open interest, while Coinbase is the biggest U.S.-based crypto exchange.

How we got here

In March, Bloomberg reported that talks between the two crypto firms were at an advanced stage. However, Coinbase told The Block it doesn’t comment on rumors or speculation at the time. “We have a bold mission to increase economic freedom in the world, and are constantly exploring opportunities around the world to build, buy, partner and invest to accelerate our roadmap,” a spokesperson said.

In January, Deribit obtained a financial adviser to “review opportunities” after attracting attention from possible acquirers, Bloomberg reported, again citing people familiar with the matter. While it was also reported that Kraken might be interested in buying Deribit, the exchange did not have conversations about a potential acquisition, according to a person familiar with the matter.

Crypto executives and investors have been encouraged by a more favorable regulatory climate under the Trump administration, fueling a surge in recent deal activity.

Coinbase’s $2.9 billion Deribit transaction represents the largest crypto acquisition to date. The deal surpasses previous industry acquisitions, including Kraken’s $1.5 billion purchase of NinjaTrader, Ripple’s $1.25 billion acquisition of Hidden Road, and Stripe’s $1.1 billion deal for Bridge.

The deal marks the next major step in Coinbase’s strategic acquisition strategy, following a track record that includes Xapo (which became Coinbase Custody), Tagomi (now Coinbase Prime), FairX (transformed into Coinbase Derivatives Exchange), and One River Digital (now Coinbase Asset Management).

In February, Coinbase reported net income of $1.3 billion in Q4, including $476 million of pre-tax gains on its crypto investment portfolio, most of which was unrealized. Revenue of $2.3 billion beat estimates by about $430 million and was up from $1.13 billion compared to the third quarter. Full-year revenue of $6.6 billion also more than doubled 2023’s total of $3.1 billion. Coinbase is expected to report its Q1 2025 earnings later today. “Deribit has a consistent track record of generating positive Adjusted EBITDA which we believe will grow as a combined entity,” Tusar said on Thursday.

Coinbase’s stock is up around 4% to $205 in early trading on Thursday following the news, according to The Block’s Coinbase price page.

Updated with additional details throughout.

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