In a significant development within the cryptocurrency space, Coinbase has announced its agreement to purchase the bitcoin (BTC) and ether (ETH) options platform Deribit for a staggering $2.9 billion. This move, detailed in a press release, marks Coinbase’s official entry into the growing and lucrative U.S. crypto derivatives market.
The acquisition follows months of negotiations, with Coinbase and its competitor Kraken both vying for Deribit’s services. Bloomberg speculated that the options giant could carry a valuation ranging from $4 billion to $5 billion, highlighting the competitive landscape for crypto derivatives.
Kraken, in a parallel strategic move, has opted to secure the U.S. futures platform Ninja Trader for $1.5 billion. This acquisition positions Kraken as a viable competitor against Coinbase, enabling both exchanges to expand their offerings in the U.S. futures and derivatives markets.
Coinbase’s decisive action comes in the wake of a bustling year in cryptocurrency deal-making as companies realign themselves in anticipation of a vision articulated by U.S. President Donald Trump, who has indicated ambitions for the U.S. to become the “crypto capital of the world.”
The deal encompasses a combination of $700 million in cash alongside 11 million shares of Coinbase Class A common stock, solidifying it as one of the largest transactions within the cryptocurrency industry.
“We’re excited to join forces with Coinbase to power a new era in global crypto derivatives,” said Deribit CEO Luuk Strijers in an official 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.”
Since its inception in 2016, Deribit has swiftly captured a significant share of the digital asset options trading market. With a reported $1.2 trillion in volume processed in 2024—a remarkable 95% year-over-year increase—the company is well-positioned to continue its growth trajectory as part of the Coinbase umbrella.
