Coinbase enters mega deal with Deribit for nearly $3 billion

Coinbase is preparing to make its boldest move yet in the derivatives space with its planned acquisition of Deribit, a crypto options and futures exchange known for controlling a significant portion of global trading volume.

The $2.9 billion deal , which combines cash and stock, would be Coinbase’s largest acquisition to date and signal the company’s growing appetite for a larger share of offshore markets. Negotiations between the two firms have been ongoing for months, with sources indicating that the agreement is in the process of being finalized and awaiting regulatory approval.

Deribit, which has processed over $1 trillion in volume this year alone, brings more than just market share to the table. Now based in Dubai and operating under a VARA license since late 2024, the platform offers access to institutional-grade derivatives and regulatory support in a rapidly developing financial center. Transferring that license to Coinbase would be one of the final hurdles to closing the deal.

Coinbase has been slowly building its presence in the derivatives sector through acquisitions and international expansion, but it still lags behind its offshore competitors in this lucrative market segment. With the acquisition of Deribit, the exchange could gain a dominant position in the crypto options ecosystem.

The timing coincides with growing confidence in regulatory clarity in the US and heightened interest from institutions. Other exchanges, have also joined the race, spending billions to provide futures infrastructure as competition intensifies.

While Deribit management has not openly sought a buyer, the company’s strong performance and global reputation have attracted a number of suitors in recent months. For Coinbase, this acquisition could offer not only greater liquidity and global reach, but also a springboard to shape the next chapter in regulated crypto derivatives trading.