Coinbase acquires options broker Deribit in sweeping $2.9 billion deal

• Coinbase announced it is acquiring options trading platform Deribit for $2.9 billion.
• The move aims to broaden Coinbase's crypto derivatives services by maximizing Deribit's options platform.
• The deal consists of $700 million in cash and 11 million shares of Coinbase's class A stock.

Crypto exchange Coinbase revealed that it is acquiring options broker Deribit for approximately $2.9 billion, comprising $700 million in cash and 11 million shares of Coinbase Class A common stock, subject to customary purchase price adjustments.

Coinbase set to acquire options broker Deribit

Coinbase exchange is entering a record deal to acquire crypto options trading platform Deribit for $2.9 billion — the highest for a crypto company. In addition to options trading, the exchange plans to maximize Deribit's platform to expand its spot, futures and perpetual futures services.

The transaction will consist of $700 million in cash and 11 million shares of Coinbase Class A common stock, subject to standard purchase price adjustments. The deal remains subject to regulatory approvals and other customary closing conditions, with a potential completion by the end of the year.

"By joining forces with Coinbase, we are amplifying our mission to deliver the best-in-class institutional infrastructure at a global scale," Deribit wrote in a blog post on Thursday. 

Following the expected closing of the transaction, Deribit's founders, John and Marius Jansen, will step down from the company.

Coinbase noted that Deribit's strong market presence and professional client base is significant to accelerating its international growth strategy.

"With Deribit, we will expand our international footprint even further, providing institutional and advanced traders access to robust options markets," Coinbase stated in a press release.

Deribit specializes in Bitcoin and Ethereum options and futures trading. The platform's trading volume surged 95% in 2024 to $1.185 trillion, with option contracts accounting for $743 billion. The platform also holds approximately $30 billion in open interest, reflecting its dominance among professional and institutional traders.

The deal comes as crypto exchanges are looking to expand their product reach by acquiring derivatives platforms.

Kraken announced the acquisition of retail futures trading platform NinjaTrader on May 1. The exchange noted that crypto traders on Kraken will gain seamless access to traditional derivatives markets via the newly acquired platform, while derivatives traders using NinjaTrader can tap into the crypto market.

Ripple also revealed that it had acquired Hidden Road for $1.25 billion in April. With the acquisition, Ripple became the first crypto company to own and operate a global, multi-asset brokerage platform.