In a historic move, U.S.-based cryptocurrency exchange Coinbase has announced the acquisition of Deribit, a leading crypto derivatives platform headquartered in the UAE, in a transaction valued at $2.9 billion. This deal marks the largest acquisition in the history of the digital assets industry in terms of value.
According to Coinbase’s official statement, the acquisition includes $700 million in cash and 11 million Class A common shares of Coinbase, with the transaction expected to close by the end of 2025, pending regulatory approvals.
Deribit is known as the world’s top crypto options exchange, with more than $1 trillion in trading volume in 2024 and $30 billion in open interest. The platform is particularly recognized for its focus on institutional clients and its robust regulatory compliance framework.
This acquisition forms a cornerstone of Coinbase’s broader strategy to expand its global derivatives offering and become the most comprehensive platform for institutional crypto traders worldwide. The integration of Deribit will enable Coinbase to offer a complete suite of trading services — including spot, futures, perpetual futures, and options — in one streamlined and capital-efficient platform.
“We’re excited to join forces with Coinbase to power a new era in global crypto derivatives,”
said Luuk Strijers, CEO of Deribit.
“This acquisition will accelerate our growth and provide traders with broader access across global markets under one trusted brand.”
Coinbase noted that Deribit will immediately contribute to its profitability and revenue diversification, as options trading revenue is typically less cyclical than spot trading. The platform’s consistent EBITDA performance adds a stable financial base that supports Coinbase’s long-term growth.
The acquisition also gives Coinbase instant scale in the derivatives space. Deribit is currently the global leader in crypto options by both open interest and trading volume, serving advanced traders and institutions in key markets outside the U.S.
The deal significantly enhances Coinbase’s international presence. While Coinbase already offers spot and perpetual futures through its International Exchange, and futures for U.S. retail users through Coinbase Financial Markets, Deribit adds full options capabilities — a product segment currently underserved in Coinbase’s portfolio.
With this acquisition, Coinbase is poised to lead the next wave of growth in the crypto derivatives market, which it believes is entering a phase of rapid expansion, much like the equity options boom of the 1990s.
The Deribit deal continues Coinbase’s strategic acquisition trajectory, following other major deals such as:
- Xapo (2019) – Led to Coinbase Custody
- Tagomi (2020) – Led to Coinbase Prime
- FairX (2022) – Formed Coinbase Derivatives Exchange
- One River Digital (2023) – Evolved into Coinbase Asset Management
Each acquisition has strengthened Coinbase’s position as a go-to platform for institutional crypto solutions, and Deribit now represents the most significant step in that journey.
