Coinbase to Acquire Deribit for $2.9 Billion in Strategic Expansion into Crypto Derivatives

Coinbase (NASDAQ: COIN), the largest publicly traded cryptocurrency exchange, announced on Thursday that it will acquire derivatives exchange Deribit in a $2.9 billion cash-and-stock deal. This strategic move aims to bolster Coinbase’s presence in the growing crypto options and derivatives market, particularly among institutional investors

The deal includes $700 million in cash and 11 million shares of Coinbase’s Class A common stock, according to a company blog post.

This acquisition marks a significant step forward for Coinbase as it looks to expand beyond spot trading and further serve both institutional and increasingly sophisticated retail investors. Deribit is a major player in the crypto derivatives space, and the deal will enable Coinbase to offer crypto options trading to its international clients. Options are widely used by traders to hedge positions and manage risk, especially during market volatility.

While Coinbase is still relatively new to the crypto derivatives sector, it reported record market share growth in both its consumer and institutional derivatives trading volumes during the most recent quarter. The company is scheduled to report its Q1 earnings later Thursday after market close.

The acquisition aligns with a broader trend of consolidation and expansion in the crypto sector, driven by increased regulatory optimism in the United States. Former President Donald Trump has recently advocated for digital assets and pledged to make the U.S. a global leader in cryptocurrency innovation—an environment that’s encouraging growth and deal-making in the industry.

Other major deals in the sector include Ripple’s $1.25 billion acquisition of multi-asset prime broker Hidden Road last month and Kraken’s $1.5 billion purchase of retail futures trading platform NinjaTrader announced in March.

Deribit CEO Luuk Strijers expressed optimism about the deal, saying: “Together with Coinbase, we’re set to shape the future of the global crypto derivatives market.”

Despite a 21% decline in Coinbase’s stock price in 2025, shares rose 3.6% following the announcement of the acquisition.