Coinbase is acquiring Deribinet, the largest crypto options exchange, for $2.9 billion, to be paid $700 million in cash and the balance in stock, the company announced on Wednesday.
Deribit may not be the number one overall in crypto derivatives, but it is the world leader in crypto options. It currently has more than $30 billion in open interest. Coinbase already has a derivatives subsidiary, which is particularly active in perpetual futures, so Deribit complements this well. The acquirer claims the combination will make it the derivatives market leader.
“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 one trusted brand.”
Beyond market position, Coinbase highlighted financial benefits, noting that Deribit will help to even out its earnings by diversifying revenues streams because options earnings are less cyclical compared to spot.
Deribit was founded in the Netherlands but operated out of Panama for several years, before moving recently to Dubai. A key driver was to provide regulatory certainty to its institutional clients, which make up 80-90% of its client base.
The transaction is expected to close by the end of the year, subject to regulatory approvals.
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