Authors: flowie, Fairy, ChainCatcher
Editors: TB, ChainCatcher
Recently, Coinbase announced the acquisition of Deribit, a crypto options exchange, for $2.9 billion, which includes $700 million in cash and 11 million shares of Coinbase Class A common stock. This transaction surpasses Kraken's $1.5 billion acquisition record, becoming the largest acquisition in crypto history.
As the market leader in crypto options, Deribit has dominated Bitcoin and Ethereum options trading with 80% and 90% market share respectively in the 2024 bull market. Why are they choosing to exit at this peak? How will the crypto derivatives market landscape be reshaped after Coinbase's high-priced acquisition of Deribit?
The Legendary Development of Deribit, the Options King
... [rest of the text continues to be translated in the same professional manner]In 2024, the number of mergers and acquisitions reached 105, setting a historical record and growing by 36.3% compared to 77 in 2023.
In terms of merger and acquisition amounts, in 2024 so far, there have been 9 deals exceeding $100 million, with M&A amounts continuously breaking new records. Shortly before Deribit was acquired for $5 billion, in March 2025, Kraken acquired the US futures trading platform NinjaTrader for $1.5 billion.
M&A cases over $100 million in 2024
As the cryptocurrency market matures, industry consolidation trends are becoming evident, with only a few platforms ultimately emerging as leaders.
In a competitive market with incentives, giants are rapidly expanding their products and services through acquisitions. For the acquired projects, in a scenario of valuation inversion between primary and secondary markets, acquisition can be a perfect exit strategy compared to token issuance.
