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Highlights
- Coinbase is tying up lose ends in a massive deal to purchase Deribit.
- The deal will cost the US-based exchange around $2.9 billion.
- The acquisition is tipped to be a market moving event for cryptocurrencies.
In major Coinbase news, US-based Coinbase has reportedly agreed to purchase the largest crypto options firm in the world, Deribit. The deal, valued at $2.9 billion, will see the exchange expand its reach toward crypto derivatives, but parties will have to sidestep a few regulatory hurdles.
Coinbase News: Coinbase Moves To Acquire Deribit For $2.9 Billion
After months of horse-trading, Coinbase has inked a deal to acquire crypto options platform Deribit for $2.9 billion. According to a company press release, the deal will see the exchange expand the scope of its offerings to include spot, futures, and options.
Joining forces with Deribit will send Coinbase to the top of the rankings for crypto derivatives by options volume and open interest. Deribit holds $30 billion in open interest and trading volumes surpassing $1 trillion in 2024, with pundits describing the deal as a “steal” for the US-based exchange.
“This is a global step in our global expansion strategy,” said Coinbase in a statement. “With Deribit’s strong international presence and Coinbase’s regulated US and international operations, we’re set to offer unparalleled access to crypto derivatives around the world.”
Market analysts believe the Coinbase news will have ripple effects on exchange revenue and profitability. The exchange notes that crypto options are primed for a boom akin to the rise of equity options in the 1990s.
The US-based exchange will offer 11 million shares of Class A stock and $700 million in cash for the deal. The exchange has its sights on expansion, entering a recent partnership for cryptocurrency and AI push in the UK.
The Deal Still Requires Regulatory Approval To Sail Through
According to the press release, the deal still faces the hurdle of regulatory approval before completion. However, executives are confident of clinching approval from authorities given their recent streak of regulatory compliance.
After the dismissal of its case against the SEC, the exchange has taken a proactive stance against the securities watchdog. As part of its FOIA requests, Coinbase recently uncovered the SEC’s internal crypto conflicts regarding its classification of Ethereum and XRP.
This is not the first time the US-based exchange has closed large-scale crypto acquisitions in the ecosystem. Back in 2019, an acquisition of Xapo birthed Coinbase Custody, and the 2020 purchase of Tagomi led to Coinbase Prime. Purchasing One River Digital in 2023 led to the launch of Coinbase Asset Management.
Another tailwind in favor of the exchange snagging regulatory approval is President Donald Trump’s stance toward the cryptocurrency industry. Outside the Coinbase news, US-based Kraken has completed the purchase of Ninja Trader, while Ripple Labs is closing in on the Hidden Road broker deal with XRPL tipped to play a major role.
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