TLDR
- Coinbase is acquiring Dubai-based Deribit for $2.9 billion, the largest deal in crypto industry history
- The purchase involves $700 million in cash and 11 million shares of Coinbase Class A common stock
- Deribit facilitated over $1 trillion in trading volume last year with $30 billion in current open interest
- The acquisition makes Coinbase the global leader in crypto derivatives by open interest and options volume
- The deal comes amid increased crypto M&A activity following pro-crypto White House policies
Coinbase’s acquisition of Deribit for $2.9 billion marks a major shift in the cryptocurrency exchange landscape, establishing the company as a global powerhouse in crypto derivatives trading. The deal, announced on May 8, 2025, represents the largest acquisition in cryptocurrency industry history and positions Coinbase to compete more directly with Binance in global markets.
The $2.9 billion purchase includes $700 million in cash and 11 million shares of Coinbase class A common stock. The transaction is expected to close by the end of the year, with Coinbase shares rising more than 5% following the announcement.
Deribit has been a major player in the crypto derivatives space. The Dubai-based exchange facilitated more than $1 trillion in trading volume last year and currently maintains about $30 billion in open interest on its platform.
Greg Tusar, Vice President of Institutional Product at Coinbase, highlighted the strategic importance of the deal in a blog post. He noted that the acquisition positions Coinbase as an international leader in crypto derivatives by open interest and options volume.
Strategic Move in Global Markets
Coinbase already operates the largest marketplace for buying and selling cryptocurrencies within the United States. However, it has held a smaller share of the global crypto market, where activity has largely centered around Binance.
The Deribit acquisition helps address this gap. While Coinbase has developed its presence in perpetual futures with roughly $10 billion in daily trading volume, Deribit brings expertise in options trading, where it ranks as the largest crypto options exchange.
“We’re excited to join forces with Coinbase to power a new era in global crypto derivatives,” Deribit CEO Luuk Strijers said in a statement. “As the leading crypto options platform, we’ve built a strong, profitable business, and this acquisition will accelerate the foundation we laid.”
Tusar also emphasized the financial benefits of the deal. Deribit has a “consistent track record” of generating positive adjusted EBITDA, which Coinbase believes will grow as the companies combine operations.
“One of the things we liked most about this deal is that it’s not just a game changer for our international expansion plans â it immediately diversifies our revenue and enhances profitability,” Tusar told CNBC.
Part of Broader Industry Consolidation
The Coinbase-Deribit deal comes amid increased merger and acquisition activity in the crypto sector. In March, crypto exchange Kraken agreed to acquire NinjaTrader for $1.5 billion, and last month Ripple agreed to buy prime broker Hidden Road.
Industry experts suggest these moves reflect growing competition among digital asset exchanges to dominate the expanding crypto derivatives market. Spencer Yang, co-founder of Fractal Bitcoin, told Cointelegraph, “Global derivatives trading is a key driver of growth for Coinbase.”
Jeff Park, Bitwise’s head of alpha strategies, called the acquisition “a coup for Coinbase” and possibly “the best ‘value’ deal in crypto I’ve ever seen.”
By structuring the transaction as a cash-and-stock deal, Coinbase maintains financial flexibility for potential future acquisitions. As of December 31, Coinbase reported $8.5 billion in cash on its balance sheet.
The merger established Coinbase as the world’s largest crypto derivatives platform by open interest, according to the company’s announcement.
With this acquisition, Coinbase “has captured all possible regulated and self-regulated derivatives products,” Yang added, noting that “Deribit is the platform of choice for global traders for Bitcoin and Ethereum options.”
The deal is expected to close by the end of 2025, subject to customary closing conditions.
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