In $2.9B Deal, Coinbase Buys Deribit to Expand in U.S. Crypto Options Market

The deal includes $700 million in cash and 11 million shares of Coinbase Class A common stock.

Updated May 8, 2025, 1:54 p.m. Published May 8, 2025, 1:28 p.m.

Coinbase has agreed to pay $2.9 billion to buy bitcoin (BTC) and ether (ETH) options platform Deribit, according to a press release, marking its official push into the highly profitable crypto derivatives market in the U.S.

The crypto exchange, alongside competitor Kraken, had been in talks to buy Deribit for months, with Bloomberg reporting that options giant could be valued at $4 billion to $5 billion.

Kraken, instead, purchased U.S. futures platform Ninja Trader for $1.5 billion, allowing the exchange to compete with Coinbase in offering futures and derivatives in the U.S.

Coinbase’s acquisition comes after what has been a busy year in crypto dealmaking as companies are positioning themselves in what U.S. President Donald Trump has promised to become the “crypto capital of the world.”

The deal with Deribit includes $700 million in cash and 11 million shares of Coinbase Class A common stock, according to the companies, making it one of the largest deals in the industry.

“We’re excited to join forces with Coinbase to power a new era in global crypto derivatives,” Deribit CEO Luuk Strijers said in a statement.

“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. Together with Coinbase, we’re set to shape the future of the global crypto derivatives market," Strijers.

Founded in 2016, Deribit has quickly taken over market share for digital asset options trading. The exchange processed $1.2 trillion in volume in 2024, a 95% year-over-year increase, the company had reported in January.

Helene Braun