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Coinbase will acquire crypto options exchange Deribit in a $2.9 billion deal.
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The deal includes $700M in cash and 11M shares of Coinbase stock.
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The acquisition positions Coinbase as the global leader in crypto derivatives trading.
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Deribit’s founders will step down; Coinbase will integrate the platform under its brand.
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The deal is expected to close by the end of 2025, pending regulatory approval.
A Record-Breaking Acquisition
Coinbase has agreed to acquire Deribit, the world’s largest crypto options exchange, in a landmark $2.9 billion deal that includes both cash and equity. It marks the largest acquisition in the crypto industry’s history and signals Coinbase’s strategic push to dominate the global crypto derivatives market.
What the Deal Includes
The purchase is structured as $700 million in cash and 11 million shares of Coinbase Class A stock. Coinbase says the move will create a comprehensive platform offering spot, futures, perpetuals, and options trading in one place.
Why Deribit?
Deribit, based in Dubai, has grown into the leading venue for Bitcoin and Ethereum options trading, handling over $1 trillion in volume last year. With roughly $30 billion in open interest, the integration will significantly boost Coinbase's derivatives product line and institutional appeal.
Leadership Changes and Strategic Synergy
Deribit’s founders, John and Marius Jansen, will exit following the deal’s completion. Coinbase intends to leverage its regulatory expertise and institutional network to enhance Deribit’s existing capabilities. The companies expect the combination to lead to tighter spreads, deeper order books, and better execution quality.
Regulatory Green Light Pending
The acquisition is still subject to regulatory approval and is projected to close by year-end. The Wall Street Journal first reported on the potential deal earlier this year, and now Coinbase has officially confirmed it.
