Coinbase has announced a $2.9 billion acquisition of Deribit, the leading crypto options exchange, in a strategic move to expand its institutional derivatives offerings. The deal comprises $700 million in cash and 11 million shares of Coinbase’s Class A common stock. Deribit currently boasts $30 billion in open interest, solidifying its status as a major player in the crypto options market.
With this acquisition, Coinbase gains a critical piece to complete its global derivatives platform, adding crypto options to its existing U.S. futures and international perpetual futures services. The company expects the deal to boost its profitability immediately and enhance the diversity and resilience of its trading revenues.
The deal follows months of competitive negotiations, with Kraken also reportedly in talks to acquire Deribit but ultimately choosing to purchase NinjaTrader for $1.5 billion instead.
Luuk Strijers, CEO of Deribit, expressed confidence in the acquisition: “As the leading crypto options platform, we’ve built a strong, profitable business, and this acquisition will accelerate the foundation we laid while providing traders with even more opportunities across spot, futures, perpetuals, and options—all under one trusted brand.”
For Coinbase, the acquisition of Deribit not only strengthens its institutional crypto strategy but also reinforces its position as a global leader in the digital asset trading space.