Coinbase is making waves again—this time with its boldest acquisition to date. The U.S.-based crypto giant has announced plans to acquire leading options trading platform Deribit in a sweeping $2.9 billion deal. The transaction includes $700 million in cash and 11 million shares of Coinbase Class A stock, pending customary adjustments and regulatory clearance.
This is not just another expansion—it’s a strategic leap into the future of crypto derivatives.
Why Deribit? Why Now?
For Coinbase, this acquisition is about more than just increasing market share. It’s about tapping into Deribit’s dominance in the Bitcoin and Ethereum options market, where it has become the go-to venue for institutional and high-volume traders. In 2024 alone, Deribit saw its trading volume soar by 95%, hitting $1.185 trillion, with option contracts accounting for over $743 billion of that figure. That kind of growth doesn’t go unnoticed.
Coinbase is clearly aiming to supercharge its presence in the derivatives sector, which is rapidly becoming the next battleground for global crypto exchanges. With Deribit under its umbrella, the company hopes to build a seamless, end-to-end experience that spans spot, options, futures, and perpetual futures trading—on a global scale.
Leadership Change Ahead
Once the acquisition is finalized, Deribit founders John and Marius Jansen will be stepping down, handing over the reins as Coinbase integrates the platform into its broader ecosystem. The leadership change signals Coinbase’s intent to fold Deribit tightly into its strategic roadmap rather than run it as a standalone entity.
In a statement on Thursday, Deribit said: “By joining forces with Coinbase, we’re amplifying our mission to deliver best-in-class institutional infrastructure at a global level.”
A Broader Strategy Taking Shape
This acquisition isn’t happening in a vacuum. The race to dominate crypto derivatives is heating up, and Coinbase isn’t the only one expanding its toolkit. Just last week, Kraken announced its own acquisition of NinjaTrader, a retail-focused futures platform. Meanwhile, Ripple made headlines in April by acquiring Hidden Road for $1.25 billion, positioning itself as the first crypto firm to own a global multi-asset brokerage.
Coinbase, however, seems laser-focused on attracting serious institutional players. In their official release, the company emphasized that Deribit’s deep liquidity and advanced infrastructure make it the perfect partner to extend its reach across international markets.
“With Deribit, we will broaden our global footprint and offer institutional and advanced traders access to world-class options markets,” Coinbase said.
What’s Next?
Assuming regulatory approval goes smoothly, the deal is expected to close by the end of the year. If it does, Coinbase won’t just be a top U.S. crypto exchange—it will become a formidable force in the global derivatives arena, with the infrastructure and market presence to match.
