Coinbase Swallows Deribit in $2.9B Mega-Deal—Because Crypto Exchanges Just Can’t Stop Eating Each Other
Wall Street’s playbook meets crypto’s hunger games as Coinbase snaps up derivatives giant Deribit. The move cements Coinbase’s dominance—while conveniently dodging the ’how do we actually make money?’ question that’s haunted exchanges since 2017.
Why this matters: With Deribit’s options volume now under its roof, Coinbase just became the casino and the house. Traders get tighter spreads; regulators get bigger headaches.
The fine print: That $2.9B price tag? Probably paid in corporate IOUs and a sack of Dogecoin. Just kidding—we think.
The cost includes 11 million shares of Coinbase class A common stock and $700 million in cash. The deal is anticipated to close by 2025. Coinbase’s stock increased almost 6%.
According to a blog post by Greg Tusar, vice president of institutional products, the acquisition places Coinbase as a global leader in crypto derivatives by open interest and options volume, potentially enabling it to compete with major firms like Binance.
Although Coinbase runs the biggest cryptocurrency marketplace in the United States, it holds a smaller market share globally, where Binance is where most activity occurs. Last year, Deribit handled more than $1 trillion in trading volume, and the platform currently has roughly $30 billion in open interest.
“We’re thrilled to work with Coinbase to drive a new era in global cryptocurrency derivatives,” Luuk Strijers, CEO of Deribit, said in a statement. “As the top cryptocurrency options platform, we have established a solid and lucrative business.
This acquisition will strengthen the foundation and give traders even more opportunities in spot, futures, perpetuals, and options—all under one reliable brand. We will work with Coinbase to influence the direction of the global cryptocurrency derivatives market.
Tusar added that Deribit has a “repeated history” of producing positive adjusted EBITDA, which the company anticipates will increase as a combined business.
