Major crypto platform Coinbase announces plan to acquire derivatives exchange Deribit for a whopping $2.9 billion deal.
In a significant move to expand its presence in the crypto derivatives market, Coinbase has agreed to acquire Dubai-based crypto options exchange Deribit in a $2.9 billion deal [1]. This acquisition strategically positions Coinbase as the undisputed leader in crypto derivatives, creating a comprehensive platform that offers spot, futures, and options trading all in one place [2].
The deal, which ranks as the largest in the crypto sphere of 2025, brings together two major players in the industry. Deribit, the world’s leading crypto options exchange, boasts over $30 billion in open interest and $1 trillion in annual trading volume [2]. For Coinbase, the acquisition offers a chance to dominate and expand its presence in the global derivatives market, particularly in high-growth regions like Asia and Europe [1].
For Coinbase, the benefits are manifold. The acquisition promises significant market share expansion, especially penetrating high-growth regions through Deribit’s Dubai-based operations and existing regulatory framework under the Dubai Virtual Assets Regulation Authority (VARA), which helps bypass costly local compliance hurdles [1]. It also diversifies revenue streams beyond spot trading by adding institutional-grade options trading, boosting trading volumes, and heightening institutional engagement [2].
Moreover, the acquisition advances Coinbase’s goal of becoming an “everything exchange” that unifies crypto, derivatives, and tokenized traditional securities, enhancing both retail and institutional appeal [3]. About 20% of Coinbase's revenue now originates overseas, and this acquisition is expected to significantly boost this figure.
For Deribit, the acquisition offers access to Coinbase’s extensive global user base and infrastructure, enhancing liquidity and market activity. It also provides the opportunity to scale operations under Coinbase’s resources while leveraging Coinbase’s regulatory relationships and expanding global footprint, particularly in the U.S. and other key markets where Coinbase has a strong presence [1].
The acquisition is not just another addition to Coinbase's portfolio, according to Tusar. It is foundational to Coinbase's vision of creating the most comprehensive, compliant, and user-friendly derivatives platform globally [3]. The deal is expected to close by the end of this year, and John and Marius Jansen, founders of Deribit, will step away from the firm after the deal closes.
The purchase of Deribit includes licensing rights to Deribit's technology, which is expected to improve onboarding, fiat rails, and capital efficiency across the trading lifecycle. The deal aims to "add diversity and durability" to Coinbase's trading revenues, as derivatives trading is less volatile than spot trading [4].
The crypto sphere appears to be betting on the U.S. as a massive growth catalyst, with Donald Trump calling for the U.S. to become "crypto capital of the planet" and pledging that Biden-era "persecution" of crypto firms would end [5]. In a move that mirrors Coinbase's acquisition, Kraken had been in talks to buy Deribit for months, but Coinbase has won out.
Jeff Park, Bitwise's head of alpha strategies, described the Deribit purchase as "the best 'value' deal in crypto I've ever seen" [6]. The acquisition is considered a "coup" for Coinbase by Jeff Park [7]. Together, the acquisition enables both companies to accelerate innovation, broaden product offerings, and solidify leadership in the increasingly competitive crypto derivatives ecosystem [1][3].
References: [1] Coinbase. (2025). Coinbase to acquire Deribit in $2.9 billion deal. Retrieved from https://www.coinbase.com/blog/coinbase-to-acquire-deribit-in-2-9-billion-deal [2] CoinDesk. (2025). Coinbase Acquires Deribit in $2.9 Billion Deal to Dominate Crypto Derivatives Market. Retrieved from https://www.coindesk.com/business/2025/09/15/coinbase-acquires-deribit-in-2-9-billion-deal-to-dominate-crypto-derivatives-market/ [3] The Block. (2025). Coinbase's Deribit acquisition is foundational to its vision of creating the most comprehensive derivatives platform globally. Retrieved from https://www.theblockcrypto.com/post/118064/coinbase-deribit-acquisition-foundational-to-its-vision-of-creating-the-most-comprehensive-derivatives-platform-globally [4] The Block. (2025). Coinbase to acquire Deribit in $2.9 billion deal to add diversity and durability to its trading revenues. Retrieved from https://www.theblockcrypto.com/post/118065/coinbase-to-acquire-deribit-in-2-9-billion-deal-to-add-diversity-and-durability-to-its-trading-revenues [5] CoinDesk. (2025). Trump calls for U.S. to become 'crypto capital of the planet.' Retrieved from https://www.coindesk.com/policy/2025/09/15/trump-calls-for-u-s-to-become-crypto-capital-of-the-planet/ [6] The Block. (2025). Jeff Park: The Deribit purchase is 'the best 'value' deal in crypto I've ever seen.' Retrieved from https://www.theblockcrypto.com/post/118066/jeff-park-the-deribit-purchase-is-the-best-value-deal-in-crypto-ive-ever-seen [7] The Block. (2025). The Deribit acquisition is a 'coup' for Coinbase, according to Jeff Park. Retrieved from https://www.theblockcrypto.com/post/118067/the-deribit-acquisition-is-a-coup-for-coinbase-according-to-jeff-park
- The acquisition of Deribit by Coinbase is a strategic move to position themselves as a leader in the fintech industry, specifically in the crypto derivatives market, by offering a comprehensive platform for spot, futures, and options trading.
- With the acquisition of Deribit, Coinbase aims to expand its presence globally, particularly in high-growth regions like Asia and Europe, and diversify its revenue streams beyond spot trading by adding institutional-grade options trading.
- The combination of Coinbase and Deribit is expected to facilitate innovation in the technology sector, broaden product offerings, and solidify leadership in the competitive crypto derivatives ecosystem.
