Coinbase (NASDAQ: COIN) Acquires Deribit, the World's Leading Crypto Options Exchange

This strategic acquisition significantly advances Coinbase's derivatives business, establishing us as the premier global platform for crypto derivatives.

Coinbase (NASDAQ: COIN) has entered into an agreement to acquire Deribit, the world’s leading crypto options exchange with approximately $30 billion of current open interest, the company announced.

This strategic acquisition significantly advances Coinbase’s derivatives business, establishing us as the premier global platform for crypto derivatives.

“We’re excited to join forces with Coinbase to power a new era in global crypto derivatives,” said Deribit CEO Luuk Strijers. “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 covered by one trusted brand. Together with Coinbase, we’re set to shape the future of the global crypto derivatives market.”

The company is acquiring Deribit for approximately $2.9 billion, comprised of $700 million in cash and 11 million shares of Coinbase Class A common stock, subject to customary purchase price adjustments.

This transaction is subject to regulatory approvals and other customary closing conditions and is expected to close by year-end.

“Deribit is a best-in-class options exchange serving the needs of professional and institutional traders with a seamless user experience and advanced technology. This acquisition will expand our international footprint, strengthen our profitability and add diversity to our trading revenues,” said Breton Williams, Chief Operating Officer at Coinbase. “We’re excited to welcome the Deribit team and build on their track record of success in the years to come.”

This transaction marks the next significant chapter in Coinbase’s strategic acquisition strategy, building upon a successful track record:

Xapo (2019) led to Coinbase Custody

Tagomi (2020) led to Coinbase Prime

FairX (2022) led to Coinbase Derivatives Exchange

One River Digital (2023) led to Coinbase Asset Management

Each of these moves has enhanced our institutional offerings, reinforcing Coinbase as a market-leading crypto platform trusted by sophisticated traders globally.

“This isn’t just another addition; it’s foundational to our vision of creating the most comprehensive, compliant, and user-friendly derivatives platform globally,” Williams added. “We’re excited about the path ahead and look forward to welcoming Deribit into the Coinbase family as we shape the future of crypto markets together.”

Create the Most Comprehensive Institutional Derivatives Platform

Deribit, the global leader in crypto options and one of the largest derivatives exchanges by open interest, is a perfect fit for Coinbase’s rapidly growing US futures and international perpetual futures businesses, completing our derivatives offering. This is an important step toward our goal of providing traders access to spot, futures, perpetual futures, and options trading – all in one seamless, capital-efficient platform.

Coinbase will become the global leader in crypto derivatives by open interest and options volume. Deribit facilitated over $1 trillion in trading volume last year across key markets ex-US, catering to the strong demand from institutional and advanced traders.

With Deribit’s technology and talent and Coinbase’s U.S. and international exchange, we are well-positioned to capture the significant emerging demand for crypto options in the years ahead. We believe crypto options are on the cusp of significant expansion, similar to the equity options boom of the 1990s.

Durable, Diversified Revenues and Enhanced Profitability

Deribit will immediately enhance profitability and add diversity and durability to Coinbase’s trading revenues upon close. Options trading revenues are typically less cyclical than spot trading, as traders utilize options to manage risk during both rising and falling markets.

Deribit has a consistent track record of generating positive Adjusted EBITDA which is expected to grow as a combined entity.

This acquisition is a key enabler of Coinbase’s international growth strategy, expanding our complementary footprint within the sizable global crypto derivatives markets.

In the U.S., Coinbase Financial Markets and Coinbase Derivatives Exchange provide retail users with access to futures trading. Outside the U.S., our International Exchange offers spot and perpetual futures products.

Together, we will expand this footprint even further, providing institutional and advanced traders with access to robust options markets.

This partnership will create a premier global crypto derivatives hub, catering to the diverse trading preferences of professional and institutional clients. The combined entity will offer a complete range of crypto derivatives products, including futures, options, and other advanced trading instruments.

The integration of Deribit’s technology and talent will be pivotal in driving the next phase of Coinbase’s derivatives growth, expanding our product offerings and introducing new capabilities for traders.

We are excited to combine forces with Deribit to forge a new era in the global crypto derivatives landscape. Together, we will continue to innovate and shape the future of finance in a decentralized and accessible manner.output: Coinbase (NASDAQ: COIN) has entered into an agreement to acquire Deribit, the world’s leading crypto options