Coinbase (NASDAQ:COIN) Buys Derivatives Exchange Deribit in $2.9 Billion Deal

(Reuters) - Coinbase (NASDAQ:COIN), the largest publicly traded cryptocurrency exchange, said on Thursday it will buy derivatives exchange Deribit

Coinbase (NASDAQ:COIN) is buying derivatives exchange Deribit for $2.9 billion in cash and stock to expand into the crypto options markets, the largest publicly traded cryptocurrency exchange said on Thursday.

The deal will allow Coinbase to offer crypto options to its international clients. Widely used for hedging, options can be a key source of stability as their demand typically holds up during bouts of volatility. The company already allows its U.S. and international customers to trade crypto futures.

The company is set to report its first-quarter earnings later on Thursday.

The transaction consists of $700 million in cash and 11 million shares of Coinbase’s Class A common stock, the company said in a blog post.

“We believe that Deribit’s technology and deep liquidity in the European market will be critical to expanding Coinbase’s offerings in new and existing regions,” Coinbase Chief Product Officer, Balaji Srinivasan, said in a statement.

The company is still early in the derivatives space and reached record market share in its consumer and institutional derivatives volume last quarter.

The deal also comes amid U.S. President Donald Trump’s advocacy for digital assets and his pledge to establish America as the global center of cryptocurrency.

Buoyed by the regulatory optimism, several crypto-related firms are now clinching deals to increase their user base.

Earlier this month, Ripple bought multi-asset prime broker Hidden Road in a deal valued at $1.25 billion, in one of the largest transactions in the crypto company’s history.

Kraken, another cryptocurrency exchange, had said in March it would buy retail futures trading platform NinjaTrader for $1.5 billion.

“Together with Coinbase, we’re set to shape the future of the global crypto derivatives market,” Deribit CEO Luuk Strijers said in a statement.

Shares of Coinbase, which have lost nearly 21% of their value in 2025, rose 3.6%.