Coinbase acquires Deribit for $2.9 billion in major push into crypto derivatives

Coinbase is making a $2.9 billion move to strengthen its position in crypto trading. The company announced Thursday that it’s acquiring Deribit, a major player in crypto options, in a cash-and-stock deal.

In a blog post, the world’s largest publicly traded cryptocurrency exchange said, “Coinbase has entered into an agreement to acquire Deribit, the world’s leading crypto options exchange with approximately $30 billion in current open interest. This strategic acquisition significantly advances Coinbase’s derivatives business, establishing us as the premier global platform for crypto derivatives.”

$2.9B Deribit Deal Marks Coinbase’s Biggest Leap Yet Into Institutional Crypto Trading

The transaction includes $700 million in cash and 11 million shares of Coinbase Class A common stock. Once the deal is finalized, Coinbase says it will become the top global platform for crypto derivatives based on open interest and options volume.

This isn’t just a big acquisition—it’s a strategic one. Deribit is the world’s leading crypto options exchange with around $30 billion in current open interest and over $1 trillion in trading volume last year, mostly from non-U.S. markets. By bringing Deribit under its umbrella, Coinbase fills a major gap in its product offering. The company already has U.S. futures and international perpetuals covered, and now it’s adding options to round things out.

“We’re excited to join forces with Coinbase to power a new era in global crypto derivatives,” said Deribit CEO Luuk Strijers. “As the leading crypto options platform, we’ve built a strong, profitable business, and this acquisition will accelerate the foundation we laid while providing traders with even more opportunities across spot, futures, perpetuals, and options – all under one trusted brand. Together with Coinbase, we’re set to shape the future of the global crypto derivatives market.”

Coinbase is betting that crypto options are on the verge of becoming a major force, much like equity options were in the 1990s. By locking in Deribit’s market share, the exchange is positioning itself to ride that wave early.

Beyond market reach, this deal could help stabilize Coinbase’s revenue stream. Spot trading tends to fluctuate with market cycles, but options trading is used in both bull and bear markets. Deribit already runs a profitable business with a consistent track record, so the acquisition is expected to improve Coinbase’s financial performance out of the gate.

It also signals Coinbase’s intent to move harder into international markets. While U.S. retail users already have access to futures via Coinbase Financial Markets and its Derivatives Exchange, and international users can trade spot and perpetuals on its offshore exchange, Deribit gives Coinbase a much stronger foothold abroad, especially among institutional and advanced traders.

The deal comes as crypto companies explore mergers and acquisitions to stay competitive and grow their user base. It also arrives at a time when political support for crypto in the U.S. is becoming more vocal. Former President Donald Trump has thrown his weight behind digital assets and pledged to make the U.S. a crypto hub, which is adding fuel to the sector.

Shares of Coinbase, which are down about 21% so far in 2025, rose more than 5% in premarket trading after the news.

Coinbase expects the acquisition to close by the end of the year, pending regulatory approval and other standard conditions.

Coinbase was founded in 2012 by Brian Armstrong and Fred Ehrsam. The San Francisco, California-based Coinbase is a digital currency wallet and platform where merchants and consumers can transact with new digital currencies like Bitcoin, Ethereum, and Litecoin.