Coinbase Acquires Crypto Derivatives Exchange Deribit for $2.9 Billion

Published: May 8, 2025

Update: May 8, 2025

In a significant move within the cryptocurrency sector, Coinbase has announced its acquisition of Deribit, a prominent crypto derivatives exchange based in Dubai, for an impressive $2.9 billion. This transaction marks the largest deal in the cryptocurrency industry to date, showcasing Coinbase’s ambitions to expand its influence in the global crypto market.

Details of the Acquisition

The acquisition agreement, revealed on Thursday, includes a structure of $700 million in cash alongside 11 million shares of Coinbase Class A common stock. The deal is anticipated to close by the end of this year, pending regulatory reviews and customary closing conditions. Following the announcement, shares of Coinbase experienced a notable increase of over 5%.

Greg Tusar, Coinbase’s Vice President of Institutional Product, emphasized the strategic implications of this acquisition. He noted that it positions Coinbase as an international leader in crypto derivatives in terms of open interest and options volume, suggesting that it could now more effectively compete with major players such as Binance. While Coinbase is recognized as the largest marketplace for buying and selling cryptocurrency in the United States, it has historically held a smaller share of the global crypto market, which has been dominated by Binance.

Deribit’s Market Impact

Deribit has established itself as a significant player in the crypto derivatives space, facilitating more than $1 trillion in trading volume last year. With approximately $30 billion of current open interest on its platform, Deribit serves as the leading crypto options platform. Luuk Strijers, the CEO of Deribit, expressed excitement about the acquisition, stating, "We’re excited to join forces with Coinbase to power a new era in global crypto derivatives.” He further noted that this collaboration would accelerate Deribit’s growth and expand trading opportunities across various products, including spot, futures, perpetuals, and options under a unified and trusted brand.

Tusar underscored Deribit’s strong financial performance, citing its consistent ability to generate positive adjusted EBITDA, which is expected to thrive further as the companies combine resources and expertise.

Strategic Implications

The acquisition reflects Coinbase’s broader strategy for international expansion and revenue diversification, enhancing its overall profitability. Tusar shared, "One of the things we liked most about this deal is that it’s not just a game changer for our international expansion plans — it immediately diversifies our revenue and enhances profitability."

This deal is occurring against the backdrop of a favorable regulatory environment for cryptocurrencies, following a wave of pro-crypto sentiment emerging from the current administration. Such regulatory tailwinds have contributed to increased mergers and acquisitions (M&A) activity in the crypto space recently; for instance, Kraken’s agreement to acquire NinjaTrader for $1.5 billion and Ripple’s acquisition of the prime broker Hidden Road last month.

To facilitate this acquisition, Coinbase structured the deal as a cash-and-stock transaction, maintaining considerable liquidity for potential future acquisitions. As of December 31, Coinbase reported $8.5 billion in cash on its balance sheet, providing them with a solid financial foundation for further investments.

As the cryptocurrency market continues to evolve rapidly, this landmark acquisition solidifies Coinbase’s position and ambitions in the fast-growing sector of crypto derivatives, setting the stage for an exciting future in digital finance.

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