Coinbase announced Thursday it will acquire Dubai-based Deribit for $2.9 billion in cash and stock, marking the largest deal in the cryptocurrency industry's history and bolstering its presence in the global crypto derivatives market. The transaction includes $700 million in cash and 11 million shares of Coinbase's Class A common stock and is expected to close by the end of the year.
Shares of Coinbase rose 5.7% following the announcement, paring losses after a nearly 21% decline earlier in 2025. The acquisition gives Coinbase a stronghold in derivatives trading outside the U.S., where activity has largely been dominated by Binance.
Deribit, which facilitated over $1 trillion in trading volume last year, currently has $30 billion in open interest. Coinbase, while dominant in the U.S. spot trading market, has struggled to match the scale of global derivatives exchanges.
Greg Tusar, vice president of institutional product at Coinbase, said in a blog post that the company aims to "take on big players like Binance" and emphasized Deribit's institutional-grade infrastructure as a key driver of the deal. He also told CNBC, "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."
Deribit CEO Luuk Strijers said, "We're excited to join forces with Coinbase to power a new era in global crypto derivatives. 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."
Tusar noted that Deribit has a "consistent track record" of generating positive adjusted EBITDA, and Coinbase expects further profitability gains as a combined entity.
The move comes amid growing regulatory optimism under U.S. President Donald Trump, who has pledged to position the country as a global hub for digital assets. Analysts say the climate has fueled a new wave of crypto M&A, with Bo Pei of US Tiger Securities noting that Deribit provides Coinbase "a foothold in non-U.S. markets, especially Asia and Europe, where leverage trading is more prevalent."
Steven Nie, analyst at Daiwa Securities, added that, "Should the U.S. legalize crypto options trading/perpetuals trading domestically, Coinbase will be swift to offer these services to US clients, bringing significant revenue upside."
Coinbase remains financially positioned for further acquisitions, with $8.5 billion in cash on its balance sheet as of Dec. 31. Other U.S. crypto firms are also pursuing consolidation: Kraken agreed in March to acquire futures trading platform NinjaTrader for $1.5 billion, and last month Ripple announced a $1.25 billion deal to buy prime broker Hidden Road.
