Crypto Consolidation: Coinbase to Acquire Deribit for $2.9B

Coinbase Global has agreed to acquire Deribit, the world’s largest bitcoin and ether options platform, for approximately $2.9 billion in cash and stock.

$2.9 Billion Deal: Coinbase Buys Top Bitcoin Options Platform

The deal, if finalized, will mark one of the largest acquisitions in cryptocurrency history, significantly expanding Coinbase’s derivatives offerings. Deribit dominates bitcoin options trading with an 85% market share and reported $1.2 trillion in 2024 trading volume. The Wall Street Journal (WSJ) first reported on the news and Coinbase followed up with a blog post announcement.

While The WSJ cited the $2.9 billion figure, prior reports suggested a higher valuation range of $4 billion to $5 billion, reflecting past negotiations. Both companies have reportedly notified regulators in Dubai, where Deribit holds its license, a critical step for approval.

The acquisition would bolster Coinbase’s competitive edge against rivals like Binance and Bybit, enabling it to tap into surging demand for crypto derivatives. Derivatives trading volumes on Coinbase surged 10,950% in 2024, per company filings.

Industry analysts discussed the trend of consolidation with the WSJ, citing Kraken’s $1.5 billion purchase of futures platform Ninjatrader in March 2025. Deribit’s Dubai license aligns with Coinbase’s strategy to grow in crypto-friendly Middle Eastern markets.

“With Deribit’s strong presence and professional client base, Coinbase is making its most substantial move yet to accelerate our international growth strategy,” Coinbase stated. “Our complementary footprint strategically positions Coinbase within the sizable global crypto derivatives markets.”

Regulatory hurdles still remain, as terms are not finalized and approvals are pending. Coinbase’s experience navigating U.S. regulations could aid compliance, but uncertainties persist.

The deal underscores the crypto sector’s maturation, with derivatives now driving a majority of global trading activity. Final terms are expected to be disclosed pending regulatory clearance.