Coinbase to Acquire Crypto Options Exchange Deribit for $2.9 Billion

Coinbase announced on Thursday that it has reached an agreement to acquire Deribit, described as one of the largest cryptocurrency options exchanges, in a deal valued at $2.9 billion. This acquisition is being pursued as Coinbase states its aim to become the leading global platform for crypto derivatives trading.

Under the terms of the agreement, Coinbase will provide $700 million in cash and issue 11 million shares of its Class A stock to complete the transaction. The deal is currently expected to close by the end of 2025.

Deribit is reported to have approximately $30 billion in open interest and processed more than $1 trillion in trading volume last year across its key markets. Its client base is noted as being largely comprised of institutional and professional clients located outside the United States. Coinbase stated that the addition of the options platform is expected to complement its existing futures and perpetuals business and expand the exchange's global footprint.

Luuk Strijers, CEO of Deribit, commented on the acquisition: "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."

Coinbase also stated that the move is expected to immediately strengthen its profitability and diversify its trading revenue. The exchange noted that options products are typically less cyclical than spot trading. Looking ahead, Coinbase stated its expectation that the crypto options market will see growth trajectory similar to the equity options boom experienced in the 1990s.