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2.9 billion dollars record, Coinbase acquires Deribit reshaping the crypto derivatives market

In 2025, Coinbase announced the acquisition of the crypto options exchange Deribit for 2.9 billion dollars (700 million dollars in cash + 11 million Class A common stock), setting a new record for acquisitions in the crypto industry.

As the largest crypto options platform by market share, Deribit accounted for 80% of Bitcoin options trading volume and 90% of Ethereum options during the 2024 bull market, prompting significant industry reactions.

Deribit was founded by the Jansen brothers in 2016 to fill the gap in the crypto options market. During the 2024 bull market, its annual trading volume exceeded 1.1 trillion dollars, with daily trading volume surpassing 1.9 billion dollars, and open interest reaching a historical high of 48 billion dollars, with business covering 160 countries and regions, and obtaining a VARA license in Dubai.

Coinbase's ambitions and industry impact
This acquisition is the largest ever for Coinbase. In 2024, the global average daily trading volume of crypto derivatives exceeded 100 billion dollars. Although Coinbase is expanding its derivatives business, acquiring Deribit allows it to quickly acquire 30 billion dollars in open interest and over 1 trillion dollars in trading volume, directly competing with giants like Binance and Bybit.

The acquisition will increase market concentration, accelerate industry consolidation, and attract more traditional financial institutions to enter the market. However, whether Coinbase can maintain Deribit's professional advantages remains to be seen.