In a landmark move for the digital asset space, Coinbase has announced its acquisition of Dubai-based Deribit, one of the world’s largest crypto derivatives exchanges, for a staggering $2.9 billion. The deal, a mix of $700 million in cash and 11 million shares of Coinbase Class A common stock, marks the largest acquisition in the crypto industry to date. The transaction is expected to close by year-end.
The acquisition immediately expands Coinbase’s global footprint and positions it to compete more directly with Binance, especially in the derivatives segment, which currently dominates global trading volumes outside the U.S.
Deribit: A Giant in the Derivatives Market
Deribit is no small player. The platform facilitated over $1 trillion in trading volume in the past year and boasts approximately $30 billion in open interest today. Known for its dominance in crypto options trading, Deribit has maintained a strong and profitable operation, with a consistent track record of positive adjusted EBITDA.
“We’re excited to join forces with Coinbase to power a new era in global crypto derivatives,” said Luuk Strijers, CEO of Deribit. “This acquisition will accelerate our growth and offer traders a unified experience across spot, futures, perpetuals, and options — all under one trusted brand.”
Strategic Global Expansion and Revenue Diversification
Greg Tusar, Coinbase’s Vice President of Institutional Product, highlighted the strategic importance of the acquisition. “This deal is not just about expanding our international presence — it’s a transformative step toward diversifying our revenue and boosting profitability,” he said in a blog post.
Coinbase has long been the leading crypto marketplace in the United States, but its global market share has remained limited. With this acquisition, the company gains immediate access to the thriving crypto derivatives sector — a major revenue driver in the global crypto economy.
A New Era for Crypto M&A
Coinbase’s move comes amid a surge in crypto M&A activity, spurred by growing regulatory clarity and support from the current U.S. administration. Earlier this year, Kraken announced a $1.5 billion acquisition of NinjaTrader, and Ripple agreed to buy prime brokerage Hidden Road.
Despite the sizable investment, Coinbase remains financially flexible. The cash-and-stock structure of the deal leaves the exchange with over $8.5 billion in cash reserves as of December 31, allowing for further strategic acquisitions in the future.
With this acquisition, Coinbase is signalling its intention to become a dominant force not only in spot markets but also in the high-growth derivatives space. By joining forces with Deribit, Coinbase is well-positioned to reshape the global crypto trading landscape — all while strengthening its financial foundation and international reach.
