Coinbase Acquires Deribit for $2.9 Billion to Expand Crypto Derivatives

Coinbase, the leading crypto exchange in the US by trading volume, has announced its acquisition of Deribit, a Dubai-based derivatives platform. The deal, valued at approximately $2.9 billion, includes $700 million in cash and 11 million shares of Coinbase's Class A common stock, subject to purchase price adjustments.

According to Coinbase, this strategic acquisition is set to significantly advance its derivatives business, positioning it as the premier global platform for crypto derivatives. Deribit, known as the world’s leading crypto options exchange, has approximately $30 billion in current open interest and facilitated over $1 trillion in trading volume across key markets, excluding the US, last year.

With the acquisition, Coinbase aims to become the world’s leader in crypto derivatives by open interest and options volume. This move is also expected to accelerate Coinbase's international growth strategy. Outside the US, Coinbase's International Exchange offers spot and perpetual futures products. The addition of Deribit will further expand its international footprint, providing institutional and advanced traders access to robust options markets.

Reports of the acquisition talks between the two firms emerged in March. Coinbase has stated that the transaction is still subject to regulatory approvals and customary closing conditions, with an expected completion by the end of the year.