Coinbase has announced an agreement to acquire Deribit, a crypto options exchange with approximately $30 billion in open interest. The $2.9 billion transaction, consisting of $700 million in cash and 11 million Coinbase Class A shares, will expand Coinbase’s derivatives portfolio by adding options trading to its existing spot, futures, and perpetual futures offerings. Deribit, which recorded over $1 trillion in trading volume last year outside the U.S., brings an established client base of institutional and advanced traders, strengthening Coinbase’s presence in international markets. This acquisition will also contribute to more stable and diversified revenue streams, as options tend to generate income across different market conditions.
Coinbase aims to integrate Deribit’s platform with its current infrastructure to offer a more complete trading experience across product types. The acquisition builds on Coinbase’s past strategic moves, including the purchases of Xapo, Tagomi, FairX, and One River Digital, each of which contributed to the firm’s institutional services. Deribit’s consistent financial performance and operational scale are expected to enhance Coinbase’s profitability and help accelerate its international growth plans. Both companies expressed confidence that the combined platform will increase access and efficiency in crypto derivatives trading for users worldwide.
