Coinbase Acquires Derivatives Exchange Deribit in $2.9 Billion Deal

Coinbase has agreed to acquire crypto derivatives platform Deribit for $2.9 billion, in what would be the largest acquisition in the digital asset industry to date. The deal includes $700 million in cash and 11 million shares of Coinbase Class A common stock, according to a company announcement published Thursday. The transaction remains subject to regulatory approval and is expected to close before the end of 2025. The deal is Coinbase’s most aggressive step yet into the crypto derivatives market , a sector that has long outpaced spot trading in volume and revenue. Deribit is the dominant platform for Bitcoin and Ether options, with around $30 billion in open interest. Coinbase, the largest crypto exchange in the United States, sees the acquisition as key to broadening its global institutional offering. “This will make us the most comprehensive player in derivatives,” said Greg Tusar, Vice President of Institutional Product at Coinbase, in comments to The Wall Street Journal . Dubai-based Deribit remains one of the largest options exchanges , with its trading data considered crucial for identifying market trends. The company claims its total trading volume nearly doubled last year. However, the Dutch company exited the EU in 2020, relocating first to Panama and later to Dubai in 2023. Moreover, efforts to introduce new crypto options products have been impacted by low market volatility, even as Bitcoin ETF options attract investor interest. CEO Luuk Strijers said the deal would strengthen Deribit’s position and extend its reach under Coinbase’s brand. “As the leading crypto options platform, we’ve built a strong, profitable business,” Strijers said in a statement. “Joining forces with Coinbase allows us to expand access to spot, futures, perpetuals, and options trading—all under one roof.” The transaction follows months of speculation. Talks between the two companies were first reported in March by Bloomberg, though Coinbase declined to comment at the time. Deribit had been weighing acquisition offers since early 2025 after hiring a financial adviser to evaluate its options. Kraken was also reportedly considered a potential bidder, but sources say no formal talks took place.