Coinbase to Acquire Deribit in Landmark $2.9 Billion Deal

Coinbase is making a major international push with its announcement to acquire Deribit, a prominent Dubai-based crypto derivatives exchange, for $2.9 billion. The move, which marks the largest acquisition in the cryptocurrency industry to date, underscores the company’s intent to strengthen its position in the global derivatives market.

The deal, disclosed Thursday, will be settled through a combination of $700 million in cash and 11 million shares of Coinbase Class A common stock. According to CNBC, the transaction is expected to finalize by year-end, pending regulatory approvals and customary closing conditions.

Deribit, known for its dominance in the crypto options space, reported more than $1 trillion in trading volume last year. It currently holds about $30 billion in open interest across its platform. By acquiring Deribit, Coinbase aims to significantly expand its presence outside the United States, where it already operates the country’s leading digital asset exchange.

“This acquisition positions Coinbase as a global leader in crypto derivatives by open interest and options volume,” said Greg Tusar, Coinbase’s vice president of institutional product, in a company blog post. Per CNBC, Tusar highlighted that this expansion could enable Coinbase to better compete with global heavyweight Binance, which currently commands a large share of the international crypto market.

The deal also represents a strategic diversification of Coinbase’s business. While the company has historically focused on spot trading within the U.S., this acquisition opens doors to a broader array of offerings, including futures and perpetual contracts.

“One of the things we liked most about this deal is that it’s not just a game changer for our international expansion plans — it immediately diversifies our revenue and enhances profitability,” Tusar told CNBC. He also noted Deribit’s consistent performance and positive adjusted EBITDA, which is expected to continue under the Coinbase umbrella.

In a statement, Deribit CEO Luuk Strijers emphasized the synergies between the two firms. “We’re excited to join forces with Coinbase to power a new era in global crypto derivatives… Together with Coinbase, we’re set to shape the future of the global crypto derivatives market.”

The acquisition comes amid a surge in merger and acquisition activity across the crypto sector. According to CNBC, the industry has seen renewed momentum driven by a more favorable regulatory environment under the current U.S. administration. In recent months, Kraken announced a $1.5 billion acquisition of NinjaTrader, and Ripple disclosed plans to purchase prime brokerage firm Hidden Road.

Source: CNBC