Coinbase has reached an agreement to acquire Deribit, the Bitcoin and Ether options platform, for $2.9 billion, marking a major M&A deal in the cryptocurrency sector.
Coinbase Global has just reached an agreement to acquire Deribit – the world's largest Bitcoin and Ether options platform – with a valuation of around $2.9 billion, to be paid in cash and stock. This transaction, if completed, will help Coinbase significantly expand its derivatives business and consolidate its position against major competitors like Binance and Bybit.
The Wall Street Journal (WSJ) was the first to report, and Coinbase subsequently confirmed through an official blog post. Although WSJ published the figure of $2.9 billion, previous reports had mentioned higher valuations, ranging from 4 to 5 billion dollars, reflecting earlier negotiation rounds.
Strategic Importance of the Deal
Deribit currently holds around 85% market share in Bitcoin options trading, with a trading volume of $1.2 trillion in 2024. This transaction occurs against the backdrop of rapidly increasing demand for crypto derivatives – according to Coinbase's public filing, the platform's derivatives trading volume has increased by 10,950% in 2024.
"With Deribit's strong presence and professional customer base, Coinbase is taking the most significant step in our international growth strategy," Coinbase stated. "This addition creates a strategic footprint for Coinbase in the highly potential global crypto derivatives market."
Market analysts shared with WSJ that this is part of a crypto industry consolidation trend, similar to Kraken's acquisition of the Ninjatrader futures platform for $1.5 billion in March 2025.
Deribit's license in Dubai also aligns with Coinbase's expansion strategy in crypto-friendly Middle Eastern markets. Both companies have notified the regulatory authority in Dubai – where Deribit is licensed – a crucial step towards transaction approval.
Legal Challenges and Prospects
However, the transaction terms are not yet finalized and are still awaiting regulatory approval. Despite Coinbase's extensive experience in U.S. regulatory compliance, significant legal uncertainties remain, especially in the context of international market expansion.
This deal reflects the rapid maturation of the crypto industry, where derivative instruments – such as options and futures contracts – are becoming the primary driver of global trading volume. According to data from market analysis platforms, derivatives trading volume currently accounts for over 70% of global crypto trading volume.
Final transaction details are expected to be announced after completing the approval procedures. If successful, this deal will not only mark an important step in Coinbase's development strategy but also demonstrate the increasingly prevalent M&A activities in the crypto space as the market enters a more mature phase.
