Coinbase, the largest cryptocurrency exchange in the US by trading volume, has agreed to acquire Deribit, one of the world’s biggest crypto derivatives trading platforms.
Coinbase Global will acquire Deribit for about $2.9 billion, the exchange announced on May 8.
The acquisition will allow Coinbase to expand into the profitable crypto derivatives market and continue scaling the platform’s global growth, Greg Tusar, Coinbase’s vice president of institutional product, said in the announcement.
“With Deribit’s strong presence and professional client base, Coinbase is making its most substantial move yet to accelerate our international growth strategy,” he said.
Deribit founders to step away
Following the deal’s success, expected later in 2025, Deribit founders John and Marius Jansen will step away from the firm. Their exit would mark the end of the joint venture that began in 2014, Deribit said in a statement on Thursday.
Until the deal is closed later this year, pending regulatory approvals, Deribit will continue its business as usual. “Same platform, same team, same commitment to excellence,” the announcement noted.
“We’re excited to join forces with Coinbase to power a new era in global crypto derivatives,” Deribit CEO Luuk Strijers said, adding:
“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.”
The announcement also mentioned that integrating Deribit’s technology with Coinbase’s products will enable “more efficient onboarding, enhanced fiat rails, and capital efficiency across the entire trading lifecycle.”
Deal follows reports of Dubai regulatory steps
The $2.9 billion deal includes $700 million in cash and 11 million shares of Coinbase Class A common stock, subject to customary purchase price adjustments.
“This transaction is subject to regulatory approvals and other customary closing conditions and is expected to close by year-end,” the announcement said.
Previous reports in March suggested that Coinbase and Deribit had alerted regulators in Dubai about the potential deal, as Deribit holds a license in Dubai, which would need to be transferred to Coinbase if the deal is successful.
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The reports also previously suggested that a deal with Coinbase could value Deribit at between $4 billion and $5 billion.
Cointelegraph approached Deribit for comment regarding the deal but did not receive a response by the time of publication.
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