Coinbase acquires Deribit for nearly $3 billion, making it the world's largest crypto derivatives platform.

On May 8, 2025, Coinbase announced the acquisition of Deribit, the world's largest Bitcoin and Ethereum options trading platform, for approximately $2.9 billion, which is its largest acquisition to date. This move strengthens Coinbase's leadership in the crypto derivatives market and advances its international expansion and institutional-grade services strategy. After the acquisition is completed, Coinbase will become the world's leading regulated crypto derivatives trading platform, offering a full product line of services including spot, futures, perpetual contracts, and options.

Transaction Details and Structure

According to the announcement by Coinbase, the company will acquire Deribit for $700 million in cash and 11 million shares of Class A common stock, bringing the total transaction value to approximately $2.9 billion. The transaction is subject to regulatory approval and other customary closing conditions and is expected to be completed by the end of 2025.

This transaction is not only the largest acquisition in Coinbase's history but also one of the most significant acquisitions in the entire cryptocurrency industry. Coinbase stated that this acquisition will immediately enhance its profitability, further diversify its revenue streams, and improve overall operational resilience.

Background and Market Position of Both Parties

Deribit, founded in 2016 and headquartered in Dubai, is currently the world's largest crypto options trading platform, focusing on Bitcoin and Ethereum options and perpetual contracts. According to public data, Deribit's total trading volume in 2024 exceeded $1 trillion, with open interest totaling $30 billion, with most of its business coming from markets outside the United States, favored by institutional investors and high-frequency traders.

Coinbase is the largest cryptocurrency exchange in the United States and has been actively expanding its institutional services and derivatives business in recent years. Over the past few years, Coinbase has gradually built a comprehensive product matrix through a series of acquisitions, including the acquisition of Xapo in 2019 (converted to Coinbase Custody), Tagomi in 2020 (converted to Coinbase Prime), FairX in 2022 (converted to Coinbase Derivatives Exchange), and One River Digital in 2023 (converted to Coinbase Asset Management).

The acquisition of Deribit is a key piece in Coinbase's derivatives strategy, marking a significant turning point from the U.S. domestic market to the global market.

International Expansion and Integration Strategy

Coinbase has long been dedicated to creating the world's most comprehensive and compliant crypto derivatives platform. The acquisition of Deribit will make it the global leader in options trading volume and open interest, completing its product line in the international market.

Currently, Coinbase offers retail futures trading in the U.S. and spot and perpetual contract products in international markets. With the addition of Deribit, Coinbase will be able to provide a one-stop trading service covering spot, futures, perpetual contracts, and options, further enhancing its appeal to institutional clients.

Deribit CEO Luuk Strijers stated, "We are excited to join forces with Coinbase to usher in a new era of global crypto derivatives. The robust business and profitability foundation that Deribit has built over the years will achieve greater development under Coinbase's brand and resources, helping traders seamlessly connect to spot, futures, perpetual, and options markets."

Institutional Services and Technology Integration

Deribit has long been known for its high-performance trading infrastructure, offering features such as ultra-low latency market data, market maker protection mechanisms, colocation services, and ISO and SOC2 certifications, highly favored by institutional investors with high capital efficiency and risk control requirements.

Coinbase stated that after integrating Deribit's technology and products, it will further enhance its institutional service capabilities, offering tighter spreads, deeper order books, and superior execution quality. The combination will also optimize capital usage efficiency, simplify fiat currency deposit and withdrawal processes, and enhance the overall trading experience.

Coinbase Vice President Greg Tusar stated, "This is not just an expansion of products but a comprehensive upgrade of liquidity, tools, and infrastructure. We will become the most comprehensive derivatives participant, providing the best trading environment for global institutional and retail traders."

Revenue Diversification and Financial Stability

Deribit has consistently maintained stable profitability, with options trading revenue being less volatile than the spot market, providing stable hedging tools in both bull and bear markets. Coinbase pointed out that this acquisition will immediately enhance the company's profitability and help diversify revenue sources, reducing reliance on spot trading revenue.

Additionally, Deribit has consistently maintained positive EBITDA and stable financial performance, providing a solid foundation for this integration. Coinbase expects that with the rapid growth of the crypto options market, Deribit's addition will bring long-term stable revenue sources to the company.

A Key Step in Building a Global Compliant Platform

Coinbase emphasized in its statement that this acquisition is not only about business expansion but also a key step in realizing its global vision—establishing a comprehensive, compliant, and user-friendly crypto derivatives trading platform. With Deribit's addition, Coinbase will be able to provide compliant services in more jurisdictions, broadening its global reach and influence.

Deribit also stated in its official announcement that integration with Coinbase will expand its market reach and further strengthen its position in the institutional market through Coinbase's regulatory foundation and brand trust.

References

• 加密期權霸主！Coinbase宣布收購 Deribit，打造全球最完整的加密衍生品交易平台 | 鏈新聞 ABMedia
• Deribit to Join Coinbase: A New Chapter in Global Crypto Derivatives - Deribit Insights
• Coinbase to buy Deribit for $2.9 billion in landmark crypto deal
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