Coinbase to Acquire Deribit: Becoming the Most Comprehensive Global Crypto Derivatives Platform

Today, we’re announcing a milestone transaction: Coinbase has entered into an agreement to acquire Deribit, the world's leading crypto options exchange with approximately $30 billion of current open interest [1]. This strategic acquisition significantly advances Coinbase’s derivatives business, establishing us as the premier global platform for crypto derivatives.

We’re excited about this acquisition for the following reasons: 

• Creating the Most Comprehensive Institutional Derivatives Platform: Deribit is the global leader in crypto options. Deribit's robust options platform complements Coinbase’s rapidly growing US futures and international perpetual futures businesses, completing our derivatives offering. This is an important step toward our goal of providing traders access to spot, futures, perpetual futures, and options trading – all in one seamless, capital-efficient platform.

• Market Leadership & Immediate Scale: This acquisition makes Coinbase the global leader in crypto derivatives by open interest and options volume. [2] Deribit facilitated over $1 trillion in trading volume last year across key markets ex-US, with strong demand from institutional and advanced traders. We believe crypto options are on the cusp of significant expansion, similar to the equity options boom of the 1990s – this acquisition positions Coinbase to lead this growth.

• Durable, Diversified Revenues and Enhanced Profitability: Deribit will immediately enhance profitability and add diversity and durability to our trading revenues upon close. Options trading revenues are typically less cyclical than spot trading, as traders utilize options to manage risk during both rising and falling markets. Deribit has a consistent track record of generating positive Adjusted EBITDA which we believe will grow as a combined entity.

• Accelerating Our Global Derivatives Strategy: With Deribit’s strong presence and professional client base, Coinbase is making its most substantial move yet to accelerate our international growth strategy. Our complementary footprint strategically positions Coinbase within the sizable global crypto derivatives markets.

In the U.S., our retail users have access to futures trading via Coinbase Financial Markets and Coinbase Derivatives Exchange. Outside the U.S., our International Exchange offers spot and perpetual futures products. With Deribit, we will expand our international footprint even further, providing institutional and advanced traders access to robust options markets.

“We’re excited to join forces with Coinbase to power a new era in global crypto derivatives,” said Deribit CEO Luuk Strijers. “As the leading crypto options platform, we’ve built a strong, profitable business, and this acquisition will accelerate the foundation we laid while providing traders with even more opportunities across spot, futures, perpetuals, and options – all under one trusted brand. Together with Coinbase, we’re set to shape the future of the global crypto derivatives market."

Transaction Details

Coinbase is acquiring Deribit for approximately $2.9 billion [3], comprised of $700 million in cash and 11 million shares of Coinbase Class A common stock, subject to customary purchase price adjustments. 

This transaction is subject to regulatory approvals and other customary closing conditions and is expected to close by year-end.

Proven Track Record of Strategic M&A

This transaction marks the next significant chapter in Coinbase’s strategic acquisition strategy, building upon a successful track record:

• Xapo (2019) led to Coinbase Custody

• Tagomi (2020) led to Coinbase Prime

• FairX (2022) led to Coinbase Derivatives Exchange

• One River Digital (2023) led to Coinbase Asset Management

Each of these moves has enhanced our institutional offerings, reinforcing Coinbase as a market-leading crypto platform trusted by sophisticated traders globally.

Looking Ahead

This isn't just another addition; it's foundational to our vision of creating the most comprehensive, compliant, and user-friendly derivatives platform globally. We’re excited about the path ahead and look forward to welcoming Deribit into the Coinbase family as we shape the future of crypto markets together.

---

Footnotes

[1] Current open interest in line with average open interest over the trailing 3-month and 6-month periods (~$30B and ~$34B, respectively). All figures based on publicly available market data (e.g. The Block: https://www.theblock.co/data/crypto-markets/options | Laevitas: https://app.laevitas.ch/exchanges/list)

[2] All figures based on publicly available market data (e.g. The Block: https://www.theblock.co/data/crypto-markets/options | Laevitas: https://app.laevitas.ch/exchanges/list)

[3] Based on the closing price of Coinbase’s Class A common stock on May 7, 2025 on the Nasdaq Global Stock Market.

--- Forward-Looking Statements

This blog post contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are forward-looking statements. These statements include, but are not limited to, statements regarding Coinbase’s anticipated closing of its acquisition of Deribit. The words “believe,” “may,” “will,” “estimate,” “potential,” “continue,” “anticipate,” “intend,” “expect,” “could,” “would,” “project,” “plan,” “target,” and similar expressions are intended to identify forward-looking statements. Forward-looking statements are based on management’s expectations, assumptions, and projections based on information available at the time the statements were made. 

These forward-looking statements are subject to a number of risks, uncertainties, and assumptions, including, among others: failure to obtain applicable regulatory approvals in a timely manner or otherwise; failure to satisfy other closing conditions to the transaction or to complete the transaction on anticipated terms and timing; negative effects of the announcement of the transaction; risks that the businesses will not be integrated successfully on a timely basis or at all, or that Coinbase will not realize expected benefits, cost savings, accretion, synergies and/or growth, or that such benefits may take longer to realize than expected; the risk that disruptions from the transaction will harm business plans and operations; significant transaction and integration costs; the potential impact of the announcement or consummation of the transaction on Coinbase’s, Deribit’s or the combined company’s relationships with partners, customers, employees and regulators; demand for Coinbase’s, Deribit’s, or the combined company’s products and services; market acceptance of Coinbase’s products and services; Coinbase’s ability to expand internationally; the effects of increased competition in Coinbase’s markets; Coinbase’s ability to stay in compliance with applicable laws and regulations; stock price fluctuations; market conditions across the cryptoeconomy, including crypto asset price volatility; and general market, political, and economic conditions, including interest rate fluctuations, inflation, instability in the global banking system, economic downturns, and other global events, including regional wars and conflicts, tariffs and government shutdowns. It is not possible for Coinbase’s management to predict all risks, nor can Coinbase assess the impact of all factors on its business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements Coinbase may make. 

In light of these risks, uncertainties, and assumptions, Coinbase’s actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. Further information on risks that could cause actual results to differ materially from forecasted results are, or will be included, in the filings Coinbase makes with the SEC from time to time, including its Annual Report on Form 10-K for the year ended December 31, 2024 filed with the SEC on February 13, 2025. Except as required by law, Coinbase assumes no obligation to update these forward-looking statements, or to update the reasons if actual results differ materially from those anticipated in the forward-looking statements.