Coinbase Agrees to Acquire Deribit for $2.9 Billion

Coinbase has agreed to acquire Deribit, the world's leading cryptocurrency options exchange, for USD 2.9 billion comprising USD 700 million in cash and 11 million Coinbase Class A shares, in a deal announced on 8 May 2025. Coinbase said the acquisition would make it the global leader in crypto derivatives, adding Deribit's options platform to its existing spot and futures businesses.

Deribit processed over USD 1 trillion in trading volume in 2024 (USD 1.2 trillion by its own count) and carried approximately USD 30 billion in open interest.

DEAL TERMS AND APPROVALS

At the announced terms, the share component represents the majority of the transaction value.

The deal is subject to regulatory approvals. Deribit is headquartered in Dubai and primarily serves non-US customers, while Coinbase is a US-listed entity subject to oversight from multiple American regulators including the Securities and Exchange Commission and the Commodity Futures Trading Commission.

EXISTING DERIVATIVES BUSINESS

Prior to the Deribit announcement, Coinbase operated derivatives businesses through its Coinbase International Exchange and its US-regulated futures platform.