Coinbase acquires Derbit for $2.9 billion to expand into options trading

Coinbase announced on May 8 that it has agreed to acquire Deribit, the world’s leading crypto options exchange. The firm said the purchase totaled approximately $2.9 billion, with $700M in cash and 11 million Coinbase Class A common stock shares.

Coinbase argued that integrating Deribit’s technology with its products will enable more onboarding, enhance fiat rails, and boost capacity across the entire trading cycle. The announcement noted that the transaction is still subject to regulatory approvals and other customary closing conditions and is expected to close by year-end.

Coinbase acquires options trading platform Derbit

We are acquiring @DeribitOfficial to build the most powerful global crypto platform—bringing spot, futures, and options together under one roof. pic.twitter.com/6TWPiHPjrr

— Coinbase 🛡️ (@coinbase) May 8, 2025

Coinbase revealed on Thursday it agreed to buy Deribit for approximately $2.9 billion, comprising $700 million in cash and 11 million shares of Coinbase Class A common stock. The crypto exchange also said it purchased Deribit, one of the world’s biggest crypto derivatives trading platforms, with approximately $30 billion of current open interest.

Coinbase, the largest cryptocurrency exchange in the U.S. by trading volume, said the acquisition will allow the firm to expand into the profitable crypto market and continue scaling the platform’s global growth. The company’s vice president of institutional products, Greg Tusar, highlighted that Deribit’s strong presence and professional client base allow Coinbase to accelerate its international growth strategy.

In March, it was reported that Coinbase and Deribit had allegedly altered regulations in Dubai regarding the potential deal. Deribit holds a license in Dubai, which would need to be transferred to Coinbase if the deal goes through. The previous report also suggested that transactions with the crypto exchange platform could value Deribit at around $4 billion and $5 billion.

Coinbase said it was excited about the deal because it helps the firm create the most comprehensive institutional derivatives platform. The firm said Deribit’s options platform complements its rapidly growing U.S. futures and international perpetual futures businesses, which completes its derivatives offering. Coinbase acknowledged that the transaction will provide its traders access to spot, futures, perpetual futures, and options trading on one platform.

The crypto trading firm also said the acquisition will make it the global leader in crypto derivatives by open interest and options volume. The company argued that Deribit facilitated over $1 trillion in trading volume last year, with strong demand from institutional and advanced traders. The firm believes crypto options are on the cusp of expansion, similar to the equity options boom of the 1990s.

Coinbase expects Deribit to enhance its profitability

Big news 🚨 We’re excited to join forces with @Coinbase to power a new era in global crypto derivatives.

This acquisition will accelerate the foundation we’ve built – bringing spot, futures, perps, and options under one trusted brand.

Together, we’re building the future. 🌍📈 pic.twitter.com/0pCwuP6t7Z

— Deribit (@DeribitOfficial) May 8, 2025

Coinbase also believes that Deribit will enhance its profitability and add diversity and durability to its trading revenues upon close. The firm argued that options trading revenues are less volatile than spot trading revenues since traders utilize options to manage risk during rising and falling markets. The company noted that Deribit has a consistent track record of generating positive Adjusted EBITDA, which Coinbase is confident will grow as a combined entity.

“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 under one trusted brand.”

–Luuk Strijers, Deribit CEO.

Deribit said the deal is expected to close in 2025, pending regulatory approvals. The firm noted that its founders, John and Marcus Jansen, will step away from the company after the transaction is completed. 

It also acknowledged that their exit would mark the end of a joint venture that began in 2014, and their legacy will continue to shape the platform long after their departure. The announcement noted that Deribit will continue its business as usual, with the same platform, same team, and same commitment to excellence.

Strijers added that the firm was excited to join forces with Coinbase to power a new era in global crypto derivatives. He believes that together, they are set to shape the future of the global crypto derivatives market.

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