Acquisition of leading options exchange positions Coinbase at the forefront of global derivatives market
Coinbase has reached a definitive agreement to acquire Deribit, the world’s largest bitcoin and ether options trading platform, in a landmark deal valued at approximately $2.9 billion, executives confirmed to The Wall Street Journal.
The acquisition marks one of the most significant transactions in the cryptocurrency industry to date and highlights a surge in crypto dealmaking activity amid a dramatically shifting regulatory environment. With President Trump vowing to transform the United States into a “bitcoin superpower,” companies across the crypto landscape are accelerating growth through strategic acquisitions.
For Coinbase, the deal represents a calculated push into the highly lucrative crypto derivatives sector — a move aimed at cementing its position in the global marketplace. “This will make us the most comprehensive player in derivatives,” said Greg Tusar, Coinbase’s vice president of institutional product.
According to executives, the $2.9 billion transaction will be financed through $700 million in cash and 11 million shares of Coinbase Class A common stock. This structure reflects a bold investment in Coinbase’s global ambitions and a confident bet on the growing dominance of crypto-based financial products.
Founded in 2016 and headquartered in Dubai, Deribit has established itself as the leading venue for options, futures, and spot trading in the digital asset space. Its rise has been driven in part by the growing participation of institutional investors, a trend that accelerated in 2024 following the U.S. presidential election. Deribit said its total trading volume last year nearly doubled to $1.2 trillion.
Coinbase, the largest cryptocurrency exchange in the United States, currently boasts a market valuation exceeding $50 billion. The company offers futures trading domestically and a mix of spot and perpetual futures products internationally. The addition of Deribit significantly enhances Coinbase’s offerings and is set to elevate its role in the increasingly competitive global crypto ecosystem.
The acquisition follows a string of high-profile moves in the industry, spurred by a more favorable policy environment under the Trump administration. In March, rival exchange Kraken struck a $1.5 billion deal to purchase NinjaTrader, a U.S.-based retail futures trading platform. In April, blockchain company Ripple announced its planned $1.25 billion acquisition of credit network Hidden Road.
The Deribit purchase marks Coinbase’s largest deal to date, surpassing its earlier acquisitions of crypto asset manager One River Digital — now known as Coinbase Asset Management — and crypto brokerage Tagomi, which has been rebranded as Coinbase Prime.
Bloomberg had previously reported on discussions between Coinbase and Deribit before the agreement was finalized.
As the crypto sector continues to mature, Coinbase’s bold acquisition strategy underscores its vision to dominate not just spot trading, but the full spectrum of crypto financial services on a global scale.
