Coinbase Acquires Deribit in a Landmark $2.9 Billion Deal

Coinbase has announced its intent to acquire Deribit, one of the leading global platforms for crypto options trading, in a landmark $2.9 billion transaction.

Coinbase is acquiring Deribit, one of the world’s largest crypto options platforms, in a deal valued at $2.9 billion, according to a Monday report by Bloomberg.

The acquisition will be paid in a combination of cash and Coinbase stock. The report:

Coinbase is acquiring Deribit, one of the world’s largest crypto options platforms, in a deal valued at $2.9 billion. The price tag includes $700 million in cash and approximately 11 million shares of Coinbase COIN stock, which had a closing price of $48.64 on Monday. The transaction is still pending regulatory approval and will need to clear legal and compliance checks across jurisdictions.

The acquisition comes amid a 19% drop in transaction revenue for Coinbase, which specializes in spot trading, according to the company’s most recent earnings report. The exchange disclosed that its transaction revenue fell to $1.3 billion. However, its subscription and services segment, which covers staking, custody and other offerings, climbed 9% to $698 million, highlighting a shift in its business model.

Founded in 2016 and now headquartered in Dubai, Deribit has become the undisputed leader in crypto options trading. In 2024 alone, the platform processed over $1.2 trillion in trading volume, cementing its status as a go-to venue for options on Bitcoin and Ethereum.

Unlike spot trading, which simply involves buying and selling assets, derivatives such as options and futures allow traders to hedge positions, speculate on market moves and manage risk with far greater precision. These instruments are essential for institutional investors and experienced traders, making Deribit’s infrastructure a critical asset in Coinbase’s push toward the upper echelons of the trading world.

In short, Coinbase isn’t just buying a platform; it’s acquiring a powerhouse with deep liquidity, seasoned tech and a loyal institutional user base.

The acquisition also reflects the rapidly growing demand for advanced trading instruments in the crypto space, particularly as institutional and professional traders seek tools that go well beyond traditional spot markets.

This move is a strategic pivot for Coinbase, which has historically focused on U.S.-based operations and spot trading. However, with competitors like Binance and OKX already entrenched in the derivatives space, Coinbase had to make a bold move to stay relevant in this fast-evolving arena.

Coinbase is also juggling new regulatory requirements as it expands into the Middle East market. Deribit is currently regulated under Dubai’s Virtual Assets Regulatory Authority (VARA), which adds a new layer of oversight that Coinbase must now navigate.

If the deal is approved and integration goes smoothly, Coinbase will be well-positioned to emerge as a global leader not just in spot trading but in the increasingly lucrative world of crypto derivatives. Ultimately, this deal is about the future of building a diverse exchange that can withstand market cycles.