Coinbase, the largest cryptocurrency exchange in the United States by trading volume, announced on May 8 its agreement to acquire Deribit, one of the world’s leading crypto derivatives trading platforms. The deal, valued at approximately $2.9 billion, marks Coinbase’s most significant step yet in expanding its presence in the global derivatives market.
Greg Tusar, Coinbase’s vice president of institutional product, stated that the acquisition will strengthen the company’s international strategy and diversify its offerings. “With Deribit’s strong presence and professional client base, Coinbase is making its most substantial move yet to accelerate our international growth strategy,” Tusar said in the announcement.
The deal comprises $700 million in cash and 11 million shares of Coinbase Class A common stock, subject to customary adjustments.
The acquisition is still subject to regulatory approval and other standard closing conditions. Previous reports in March indicated that Coinbase and Deribit had engaged with Dubai regulators regarding the transaction, as Deribit holds a trading license in Dubai. That license would need to be transferred post-acquisition.
Earlier speculation suggested the deal could value Deribit between $4 billion and $5 billion, although the final agreement was settled at $2.9 billion.
Deribit Founders to Exit Following Deal Completion
Deribit, founded in 2014 by brothers John and Marius Jansen, confirmed that both founders will step down following the completion of the deal, expected later in 2025. Until then, Deribit will operate independently under its existing management and infrastructure.
“Same platform, same team, same commitment to excellence,” the company stated, assuring users of uninterrupted service during the transition.
Integration to Unlock Efficiency and New Opportunities
Deribit CEO Luuk Strijers expressed optimism about the deal’s potential to expand the company’s capabilities. “We’re excited to join forces with Coinbase to power a new era in global crypto derivatives,” he said. Strijers added that the integration will bring “more efficient onboarding, enhanced fiat rails, and capital efficiency across the entire trading lifecycle.”
Coinbase aims to merge Deribit’s specialized technology with its own to offer a unified platform supporting spot, futures, perpetuals, and options trading — all under the Coinbase brand.
Rising M&A Activity in the Crypto Sector
Coinbase’s move comes amid a broader wave of consolidation in the crypto industry. Just a week earlier, rival exchange Kraken announced its plans to acquire NinjaTrader, a derivatives trading platform, for $1.5 billion. These acquisitions highlight a growing appetite among major players to tap into the lucrative and rapidly expanding derivatives segment of the crypto market.
