In the largest acquisition in crypto history, Coinbase announced Thursday it will acquire Dubai-based Deribit, a leading crypto derivatives exchange, for $2.9 billion. The deal includes $700 million in cash and 11 million shares of Coinbase class A common stock, and is expected to close by year-end. Coinbase shares surged over 5% following the announcement.
The move marks a major step in Coinbase’s international expansion and positions the U.S.-based company as a global leader in crypto derivatives, a market largely dominated by Binance. “This acquisition significantly enhances our ability to serve institutional clients globally,” said Greg Tusar, Coinbase’s VP of institutional product, in a blog post.
Deribit, which processed over $1 trillion in trading volume in 2023 and currently holds around $30 billion in open interest, brings a profitable business and a dominant position in crypto options to Coinbase. “We’re excited to join forces with Coinbase to power a new era in global crypto derivatives,” said Deribit CEO Luuk Strijers. “This acquisition strengthens our foundation and offers traders a comprehensive suite of tools across spot, futures, perpetuals, and options — all under one trusted brand.”
Tusar highlighted Deribit’s consistent profitability and positive adjusted EBITDA, noting it will support Coinbase’s bottom line immediately. “This is not just a leap forward in our global expansion strategy — it diversifies revenue and boosts profitability right away,” Tusar told CNBC.
The deal arrives amid increased regulatory support for crypto in the U.S., including the first openly pro-crypto White House, which has energized mergers and acquisitions in the industry. In recent months, Kraken acquired NinjaTrader for $1.5 billion, and Ripple agreed to purchase prime broker Hidden Road.
With $8.5 billion in cash on hand as of December 31, Coinbase retains capacity for further acquisitions. The structured cash-and-stock transaction allows flexibility while securing a dominant role in one of crypto’s fastest-growing segments.
