Coinbase to Acquire Deribit for $2.9 Billion

May 8, 2025 – BENGALURU, India – Coinbase, the largest publicly traded cryptocurrency exchange, announced on Thursday that it will acquire Deribit, a leading crypto derivatives exchange, for $2.9 billion. This move comes as the U.S. cryptocurrency landscape evolves and businesses look to expand their reach in the digital asset market.

The acquisition consists of $700 million in cash and about 11 million shares of Coinbase Class A common stock, reflecting Coinbase’s commitment to deepen its footprint in the lucrative crypto derivatives sector. Deribit, which processed approximately $6 billion in trading volumes last year, is an established player in offering spot, futures, and options trading.

“Together with Coinbase, we’re set to shape the future of the global crypto derivatives market,” said Luuk Strijers, CEO of Deribit. The deal represents the largest acquisition in Coinbase’s history and is expected to provide traders with access to a wider range of trading products under one trusted brand.

Shares of Coinbase increased by 5.2% in pre-market trading after the announcement. However, the company’s stock has experienced a nearly 21% decline this year, reflecting broader market challenges.

Coinbase’s pursuit of Deribit follows a trend in the crypto space, where companies are exploring mergers and acquisitions as a strategy to grow their user bases amid increasing regulatory clarity in the U.S. Earlier this year, Kraken, another major cryptocurrency exchange, announced plans to acquire a retail futures trading platform for $1.5 billion.

As the U.S. regulatory environment becomes more favorable, major exchanges are positioning themselves to capitalize. Coinbase previously acquired FairX to enter the CFTC-regulated futures market and launched its International Exchange aimed at perpetual futures trading outside the U.S.

The impending acquisition of Deribit still requires regulatory approval to ensure compliance with existing legal frameworks. This step introduces complexities but could significantly enhance Coinbase’s capabilities in the derivatives market, where it currently lags behind offshore competitors.