Coinbase to Purchase Deribit in Historic $2.9 Billion Agreement

Coinbase has reached an agreement to acquire the crypto derivatives platform Deribit, with the deal estimated to be worth around $2.9 billion.

This transaction, which involves both cash and stock from Coinbase, represents the largest acquisition in the company’s history.

Deribit announced the deal on X today, expressing enthusiasm about collaborating with Coinbase to usher in a new era for global crypto derivatives. They noted that this acquisition would enhance the foundation they have created, integrating spot, futures, perpetual contracts, and options under one trusted brand.

Reports indicate that the agreement is nearing completion after several months of negotiations. Coinbase aims to strengthen its presence in the rapidly growing crypto derivatives market, which accounts for a significant portion of daily global trading volumes.

In 2024, Deribit reported processing close to $1.2 trillion in total trading volume.

The Dubai-based branch of Deribit received a full license from the Virtual Assets Regulatory Authority (VARA) in late 2024 after relocating its operations from Panama. This license allows Deribit to legally offer crypto derivatives trading to institutional and qualified investors. The transfer of this license to Coinbase would introduce regulatory complexities that must be addressed.

Over the past three years, Coinbase has been actively expanding into the derivatives space. This includes the acquisition of FairX to provide CFTC-regulated futures in the U.S. and launching the Coinbase International Exchange for perpetual futures trading outside its domestic market. Acquiring Deribit would significantly accelerate its global derivatives efforts, which currently fall behind those of offshore competitors.

In March, it was reported that Coinbase was pursuing this acquisition amid favorable political developments regarding crypto regulation in the U.S. Signals from Washington suggest a more welcoming environment for derivatives exchanges looking to benefit from potential regulatory clarity. Similarly, competitors like Kraken have also been making moves, such as their agreement to acquire futures broker NinjaTrader for $1.5 billion earlier this year.

Deribit’s CEO, Luuk Strijers, mentioned in January that the exchange was not officially for sale, but he noted that there was interest from various parties due to its leading market position. As of May, sources reveal that most terms have been settled, although the deal still requires final regulatory approvals before it can be completed.

Pending regulatory endorsement, the acquisition of Deribit would endow Coinbase with a well-established platform for derivatives liquidity, alongside access to a licensed offshore exchange tailored for professional investors.