Coinbase has announced its agreement to acquire Dubai-based Deribit, a leading crypto derivatives exchange, for $2.9 billion—marking the largest deal in cryptocurrency industry history. The acquisition combines $700 million in cash and 11 million shares of Coinbase Class A common stock, with the transaction expected to finalize by year-end.
Following the news, Coinbase shares surged over 5%, reflecting investor optimism about the strategic move.
Strategic Expansion into Crypto Derivatives
Greg Tusar, Coinbase’s Vice President of Institutional Product, emphasized that this acquisition solidifies Coinbase’s position as a global leader in crypto derivatives by open interest and options volume. In a blog post, Tusar highlighted Deribit’s $1 trillion in annual trading volume and $30 billion in open interest, positioning Coinbase to compete with giants like Binance in the global derivatives market.
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Deribit CEO Luuk Strijers expressed enthusiasm about the merger:
"Joining Coinbase accelerates our mission to power the next era of crypto derivatives. As the top options platform, we’ll now offer traders seamless access to spot, futures, perpetuals, and options under one trusted brand."
Financial and Regulatory Tailwinds
The deal aligns with a resurgence in crypto M&A activity, fueled by supportive regulatory developments. Recent transactions include:
- Kraken’s $1.5 billion acquisition of NinjaTrader (March 2025)
- Ripple’s $1.25 billion purchase of prime broker Hidden Road (April 2025)
Tusar noted Deribit’s consistent profitability (positive adjusted EBITDA) and projected growth synergies:
"This isn’t just about expansion—it diversifies our revenue and enhances profitability from day one."
Coinbase retains significant liquidity ($8.5 billion cash reserves as of Dec. 31) for future acquisitions, thanks to the cash-and-stock deal structure.
FAQs
Why did Coinbase acquire Deribit?
The acquisition expands Coinbase’s derivatives capabilities globally, leveraging Deribit’s $1 trillion trading volume and established options market presence.
How will this affect traders?
Users gain integrated access to spot, futures, and options trading under Coinbase’s regulated platform, enhancing liquidity and product diversity.
What’s next for Coinbase’s M&A strategy?
With strong cash reserves, Coinbase remains poised for additional strategic acquisitions to bolster its market position.
👉 Explore the future of crypto derivatives
This landmark deal underscores Coinbase’s ambition to dominate both U.S. and international crypto markets while adapting to evolving regulatory landscapes.