Coinbase Makes Power Play: Snags Deribit for $2.9B in Crypto’s Latest Megadeal
Wall Street’s favorite crypto giant just went all-in on derivatives. Coinbase—once content with being America’s regulated exchange—just dropped $2.9 billion to acquire Deribit, the Panama-based options powerhouse that’s been dodging SEC subpoenas with tropical efficiency.
Why it matters: This isn’t your grandma’s ’buy low, sell high’ play. With Deribit controlling 85% of crypto options volume, Coinbase gets instant dominance in the casino... sorry, ’hedging instruments’ market. Traders can now lose money on leverage across spot and derivatives without changing apps.
The kicker: Watch how fast ’decentralized purists’ line up for KYC when those sweet, sweet Deribit yields get integrated into Coinbase’s institutional pipeline. Nothing brings crypto anarchists to heel like a 20% APY promo.
Overall crypto M&A has seen an uptick last quarter, per data from Blockworks Research. Crypto firms specializing in finance have seen the largest amount of M&A activity.
Updated May 8, 2025 at 9:30 am ET: Added additional context throughout.
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