Coinbase has agreed to acquire Dubai-based Deribit, a major crypto derivatives exchange, for $2.9 billion. This is one of the largest acquisitions till date in the crypto industry. The company said on Thursday that the cost comprises $700 million in cash and 11 million shares of Coinbase Class A common stock. This deal would be closed by the end of the year.
“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 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.”
READ: ‘Crypto president’ Trump signs yet another executive order to promote digital coin (January 24, 2025)
Greg Tusar, the vice president of Institutional Product at Coinbase, said via a blog post that this was a strategic acquisition that advanced Coinbase’s derivatives business. “This is an important step toward our goal of providing traders access to spot, futures, perpetual futures, and options trading — all in one seamless, capital-efficient platform,” he said.
Tusar also noted that this deal positioned Coinbase as the global leader in crypto derivatives by both open interest and options trading volume. He cited the fact that Deribit facilitated over $1 trillion in trading volume last year across non-U.S. markets. “We believe crypto options are on the cusp of significant expansion, similar to the equity options boom of the 1990s,” he said.
Deribit also stated that founders John and Marius Jansen would step away from the company following the closing of the deal. The deal is about combining strengths to create the most robust crypto derivatives platform for end clients, it said, “with Coinbase’s regulatory footprint, global brand, and institutional network dramatically extending Deribit’s reach.”
Deribit is currently the world’s largest trading platform for bitcoin and ether options with approximately $30 billion in open interest, while Coinbase is the biggest U.S.-based crypto exchange.
Nileena Sunil is a Reporter for the American Bazaar. A postgraduate in English Literature from Christ University, Bengaluru, she has previously worked as an instructional designer and a copywriter before switching fields.
This site uses Akismet to reduce spam. Learn how your comment data is processed.
Let’s connect on any of these social networks!
The American Bazaar is a publication of American Bazaar, Inc., based in Germantown, MD.
Type above and press Enter to search. Press Esc to cancel.
