- CryptoM&A
- May 9, 2025
- 2 minutes read
Coinbase Buys Crypto Options Exchange Deribit For $2.9B
Coinbase (NASDAQ: COIN), the largest cryptocurrency exchange in the U.S., has struck a deal to acquire Deribit, a prominent crypto…
Coinbase (NASDAQ: COIN), the largest cryptocurrency exchange in the U.S., has struck a deal to acquire Deribit, a prominent crypto options exchange. Coinbase will pay $700mn in cash and 11 million shares worth roughly $2.2bn at current prices, totaling $2.9bn.
- Options are contracts warranting owners to buy or sell assets at a specified strike price on a specified future date. Crypto traders use options to hedge their bets or speculate on price movements of digital tokens like Bitcoin and Ether.
- Acquiring Deribit will enable Coinbase to offer options trading to its non-U.S. clients. Options trading is strictly regulated in the U.S., so it’s offered under limited circumstances. It’s more common in Europe and Asia, although regulations still apply.
Deribit will give Coinbase a solid footing to broaden options trading services to international customers, instead of building its regulatory compliance infrastructure from scratch. At $2.9bn, it’s the largest acquisition struck in the cryptocurrency market in 2025.
Before this deal, Kraken, a major Coinbase rival, was reportedly interested in buying Deribit. Negotiations placed a $4bn to $5bn price tag on Deribit, Bloomberg reported. Instead, Kraken acquired NinjaTrader, a Deribit competitor, in a $1.5bn deal.
- Deribit was founded in 2016 in the Netherlands and is currently headquartered in Panama City, Panama. Barring regulatory hurdles, the acquisition is expected to close by the end of 2025.
