Share this article
In $2.9B Deal, Coinbase Agrees to Buy 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 9, 2025, 7:18 a.m. Published May 8, 2025, 1:28 p.m.
What to know:
- Coinbase agreed to acquire crypto options exchange Deribit for $2.9 billion in cash and stock, marking a major move into U.S. crypto derivatives.
- The deal follows a months-long bidding contest with Kraken, which opted instead to buy NinjaTrader for $1.5 billion.
- Deribit processed $1.2 trillion in trading volume last year, making it a dominant player in the crypto options market.
Coinbase agreed to pay $2.9 billion to buy bitcoin and ether 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.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
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 and "[giving] the company an immediate and dominant foothold in the high-growth derivatives space ahead of an anticipated increase in institutional adoption of digital assets,” according to a note from Benchmark analyst Mark Palmer.
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.
UPDATE (May 8, 14:18 UTC): Adds additional comments from Benchmark’s Mark Palmer.
More For You
L1 tokens broadly underperformed in 2025 despite a backdrop of regulatory and institutional wins. Explore the key trends defining ten major blockchains below.
What to know:
2025 was defined by a stark divergence: structural progress collided with stagnant price action. Institutional milestones were reached and TVL increased across most major ecosystems, yet the majority of large-cap Layer-1 tokens finished the year with negative or flat returns.
This report analyzes the structural decoupling between network usage and token performance. We examine 10 major blockchain ecosystems, exploring protocol versus application revenues, key ecosystem narratives, mechanics driving institutional adoption, and the trends to watch as we head into 2026.
More For You
South Korean financial group Mirae Asset eyes crypto exchange Korbit acquisition: report
The financial group is in talks to acquire a 92% stake in Korbit for a as much as 140 billion won ($97 million).
What to know:
- Seoul-based Mirae Asset is considering buying South Korean cryptocurrency exchange Korbit.
- The financial group is in talks to acquire a 92% stake for as much as 140 billion won ($97 million).
- The exchange is the fourth-largest in terms of trading volume out of the six incorporated in South Korea.
Top Stories
