Coinbase Acquires Deribit to Lead Global Crypto Derivatives Market

Coinbase has announced a landmark agreement to acquire Deribit, the world’s leading crypto options exchange, in a move that significantly strengthens its position in the global derivatives market. Valued at approximately $2.9 billion, the acquisition combines $700 million in cash with 11 million shares of Coinbase Class A common stock, pending regulatory approvals and customary closing conditions.

Expected to close by year-end, this strategic deal positions Coinbase as the premier platform for crypto derivatives, catering to institutional and advanced traders worldwide. The acquisition aligns with Coinbase’s vision to offer a seamless, capital-efficient platform encompassing spot, futures, perpetual futures, and options trading.

Deribit, with roughly $30 billion in current open interest and over $1 trillion in trading volume last year, brings unparalleled scale to Coinbase’s derivatives business. The exchange has established itself as the global leader in crypto options, particularly in key markets outside the U.S., where it serves a strong base of institutional and professional clients. By integrating Deribit’s robust options platform, Coinbase complements its existing U.S. futures and international perpetual futures offerings, creating a comprehensive suite of trading products. This move is seen as a pivotal step toward capturing the anticipated growth in crypto options, reminiscent of the equity options surge in the 1990s.

The acquisition also enhances Coinbase’s financial profile by adding diversified and durable revenue streams. Deribit’s options trading generates consistent profitability, with a track record of positive Adjusted EBITDA, which is expected to grow as part of Coinbase. Unlike spot trading, options trading tends to remain stable across market cycles, as traders use options to manage risk in both bullish and bearish conditions. This stability strengthens Coinbase’s overall profitability, positioning it to weather market fluctuations while expanding its global footprint.

A Strategic Leap in Global Expansion

Coinbase’s acquisition of Deribit marks its most significant effort to date in accelerating its international growth strategy. Deribit’s established presence in global markets complements Coinbase’s existing operations, including its U.S.-based Coinbase Financial Markets and Coinbase Derivatives Exchange, which offer futures trading to retail users, and its International Exchange, which provides spot and perpetual futures products outside the U.S. By incorporating Deribit’s options expertise, Coinbase can now offer institutional and advanced trading access to sophisticated options markets, further solidifying its leadership in the rapidly evolving crypto derivatives space.

The deal builds on Coinbase’s proven track record of strategic acquisitions, each of which has bolstered its institutional offerings. Past acquisitions, such as Xapo in 2019, which led to Coinbase Custody, and Tagomi in 2020, which spurred Coinbase Prime, demonstrate the company’s ability to integrate and scale new capabilities. Similarly, the 2022 acquisition of FairX established the Coinbase Derivatives Exchange, while the 2023 purchase of One River Digital launched Coinbase Asset Management. With Deribit, Coinbase continues this trajectory, reinforcing its reputation as a trusted platform for sophisticated traders globally.

Deribit CEO Luuk Strijers expressed enthusiasm for the partnership, noting that the acquisition will accelerate the exchange’s foundation while offering traders expanded opportunities across multiple trading products under Coinbase’s trusted brand. The combined entity is poised to shape the future of the global crypto derivatives market, leveraging Deribit’s expertise and Coinbase’s infrastructure. As crypto derivatives gain traction, Coinbase’s strategic acquisition of Deribit positions it to lead this transformative growth, delivering innovative solutions to traders worldwide.