Coinbase has reached a definitive agreement to acquire Deribit, a leading Bitcoin and Ethereum options trading platform, for $2.9 billion in a combination of $700 million cash and 11 million shares of Coinbase Class A common stock. This strategic move marks Coinbase’s largest acquisition to date and signals its strong entry into the lucrative crypto derivatives market in the U.S. and globally.
Deribit, headquartered in Dubai, processed over $1.2 trillion in trading volume in 2024, nearly doubling its activity year-over-year, and holds about $30 billion in open interest. The acquisition is expected to close by the end of 2025, subject to regulatory approvals, including the transfer of Deribit’s Dubai license to Coinbase.
The deal follows a competitive bidding phase involving Kraken, which opted to acquire NinjaTrader for $1.5 billion instead. Coinbase’s Vice President of Institutional Product, Greg Tusar, highlighted that this acquisition will accelerate Coinbase’s international growth and enhance its ability to compete with major global players like Binance by expanding offerings across spot, futures, perpetuals, and options trading.
Deribit’s founders, John and Marius Jansen, will step down post-acquisition, while the platform will continue operating under its brand and team until the deal’s completion. The integration aims to improve onboarding efficiency, fiat payment options, and capital utilization for traders, further solidifying Coinbase’s foothold in the fast-growing derivatives space.
This acquisition comes amid favorable regulatory developments in the U.S. crypto sector and increasing institutional interest in digital asset derivatives, positioning Coinbase for significant growth in this segment.
