Coinbase has significantly enhanced its derivatives operations by reaching an agreement to acquire the cryptocurrency options exchange Deribit for a total of $2.9 billion.
Under the terms of the deal, Coinbase will provide $700 million in cash along with 11 million shares of its Class A common stock to obtain Deribit, which currently boasts approximately $30 billion in open interest. This acquisition complements Coinbase’s institutional derivatives portfolio by introducing crypto options, thereby expanding its offerings in US futures and international perpetual futures.
The company anticipates that this acquisition will not only boost profitability but also enhance the diversity and resilience of its trading revenues. According to reports from Bloomberg, this agreement followed several months of negotiations during which Coinbase faced competition from Kraken, which ultimately decided to acquire NinjaTrader for $1.5 billion.
Deribit CEO Luuk Strijers stated, “As the leading platform for crypto options, we have developed a robust, profitable business. This acquisition will build upon our strong foundations, providing traders with a broader array of opportunities across spot, futures, perpetuals, and options, all under one trusted brand.”