Coinbase announced Thursday that it had reached an agreement to acquire Deribit, a Panama-based cryptocurrency options exchange, in a deal valued at approximately $2.9 billion. The transaction, which includes $700 million in cash and 11 million shares of Coinbase Class A stock, is expected to close by the end of the year, pending regulatory approval.
The move marks a significant expansion of Coinbase’s presence in the global crypto derivatives market, adding a major options platform to its portfolio that already includes spot and futures trading.
Expansion of Derivatives Business
Founded in 2016, Deribit operates outside the U.S. and specialises in crypto options, with a reported $30 billion in current open interest and over $1 trillion in trading volume in the past year. Coinbase said the acquisition positions the company as a global leader in crypto derivatives by volume and open interest.
The deal brings together Deribit’s institutional client base with Coinbase’s existing retail and institutional trading platforms. Coinbase offers futures trading to U.S. customers through its registered subsidiaries and provides spot and perpetual futures trading internationally.
By acquiring Deribit, Coinbase aims to broaden its international reach and provide a full suite of crypto trading products—spot, futures, perpetual futures, and now options—under a single platform.
Financial Impact and Strategic Goals
Coinbase stated the acquisition will contribute to revenue diversification and profitability. Unlike spot trading, options revenue tends to be less cyclical, offering greater stability across market conditions. Deribit reportedly has a consistent record of positive adjusted EBITDA, which Coinbase expects to continue and scale post-acquisition.
The transaction reflects broader strategic ambitions by Coinbase to strengthen its position in non-U.S. markets, where demand for crypto derivatives remains high among institutional and advanced traders.
Deribit CEO Luuk Strijers, who is expected to remain with the company following the acquisition, said that joining Coinbase would support global expansion and provide broader trading opportunities for clients.
Regulatory Review Pending
The deal is subject to customary closing conditions and regulatory review. Coinbase did not disclose which jurisdictions will oversee approval of the acquisition.
If approved, the acquisition will represent one of Coinbase’s largest transactions, marking a pivotal moment in its effort to scale beyond U.S. markets and solidify its role in the global crypto derivatives ecosystem.
