Coinbase Drops $2.9B Bomb: Deribit Acquisition Shakes Crypto Derivatives Market

Wall Street’s latest casino just got a crypto makeover. Coinbase—the blue-chip exchange that somehow still hasn’t been sued into oblivion—just placed a $2.9B bet on derivatives by swallowing Deribit whole.

Why it matters: This isn’t your grandma’s Bitcoin purchase. Deribit controls 90% of crypto options volume—a market that’s exploded 400% since 2023. Coinbase isn’t buying a platform; they’re buying the entire roulette wheel.

The cynical take: After getting outmaneuvered by Binance for years, Coinbase finally realized revenue streams beyond ’charging retail 200bps on simple BTC trades’ might be prudent. Derivatives print money until they don’t—just ask FTX’s bankruptcy attorneys.

What’s next: Regulators are already sharpening their knives. The SEC spent years pretending options didn’t exist—now they’ll have to acknowledge the $50B elephant in the room. Grab popcorn.

Coinbase to Acquire World’s Largest Crypto Options Trading Platform

Since the start of 2025, the United States has embraced a major shift in its cryptocurrency stance. With the arrival of the first pro-crypto administration, its policy has been almost completely overhauled. In just three months, the US and President TRUMP have embraced their hope to become a “Bitcoin superpower.”

A key byproduct of a country’s transition toward favorable regulation in any particular sector is acquisition deals. Companies will look to get ahead, knowing that it will all pay off in a given trajectory. That has already taken place in the United States this year. Moreover, it took place again on Thursday, as Coinbase is set to acquire crypto trading platform Deribit.

Coinbase has reportedly struck a deal to purchase the world’s largest BTC and ETH options trading platform. The MOVE will see it delve into the derivatives market and enhance global growth. Both facets are a clear focus for the company’s vice president of institutional products, Greg Tusar.

“This will make us a comprehensive player in derivatives,” Tusar said. Additionally, it follows a slew of acquisitions taking place. Kraken agreed to purchase NinjaTrader in late March at a $1.5 billion price.

Moreover, Ripple had attempted to acquire Circle for a rejected $2 billion deal. It appears as though acquisitions like this from Coinbase will increasingly be the norm as the US becomes a pro-crypto region.