Coinbase entered into an agreement on May 8, 2025, to acquire Deribit, the world's leading crypto options exchange, for $2.9 billion, consisting of $700 million in cash and 11 million shares of Coinbase Class A common stock. The transaction significantly advances Coinbase's derivatives business, establishing it as the premier crypto derivatives platform by both open interest and options volume. Deribit, which currently has approximately $30 billion in open interest, facilitated over $1 trillion in trading volume last year and maintains particularly strong positions in Asian and European markets where leverage trading is more prevalent.
The acquisition enables Coinbase to create a comprehensive institutional derivatives platform that unifies spot, futures, perpetual futures, and options trading in one seamless, capital-efficient platform, especially for institutional and advanced traders. The deal will immediately enhance Coinbase's profitability and revenue diversification, as options trading revenues are typically less cyclical than spot trading, and Deribit has consistently generated positive Adjusted EBITDA. According to Deribit CEO Luuk Strijers, the two companies together will shape the future of the global crypto derivatives market, while Coinbase shares rose by 5% in pre-market trading following the announcement.
The transaction, potentially the largest acquisition in the cryptocurrency industry to date, is expected to close by the end of 2025, subject to regulatory approvals. The deal coincides with US President Donald Trump's advocacy for digital assets and his pledge to establish America as the global center of cryptocurrency, which may lead to further consolidations in the market led by US firms. Coinbase's previous strategic acquisitions, including Xapo (2019), Tagomi (2020), FairX (2022), and One River Digital (2023), have all enhanced its institutional offerings, reinforcing the company's position as a trusted player in the global crypto market.
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Jordan Lyanchev
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Tanaya Macheel
