Coinbase has unveiled its largest acquisition to date, announcing a landmark deal to acquire crypto options platform Deribit to expand its reach in the global derivatives market. The move is set to bring spot, futures, and options trading under one cohesive platform, further streamlining the exchange’s service offerings.
Valued at approximately $2.9 billion, the acquisition includes $700 million in cash alongside 11 million shares of Coinbase Class A stock. With Deribit managing roughly $30 billion in open interest, this deal ranks among the most significant in crypto industry history.
The transaction, subject to regulatory approval and standard closing conditions, is expected to be finalized by the end of 2025.
Coinbase has described the Deribit acquisition as its “most substantial move yet” in accelerating its international expansion strategy. The company aims to strengthen its presence in the lucrative global crypto derivatives space, leveraging Deribit’s established foothold in the options market.
By integrating Deribit’s platform, Coinbase will complete its derivatives suite, which already includes U.S.-based futures and international perpetual futures products. This expansion will enable the exchange to offer traders a unified, capital-efficient experience across spots, futures, perpetual, and options—all in one place.
Rumours of the acquisition emerged in March after Deribit, valued between $4 billion and $5 billion earlier this year, began exploring sale opportunities amid heightened interest from potential buyers.
On an earnings call Thursday, Coinbase executives underscored the strategic importance of the deal, citing Deribit’s consistent profitability as a major asset. As reported by Fortune Crypto, they emphasized that the acquisition enhances Coinbase’s leadership in the growing crypto options sector while significantly boosting overall profitability.
In tandem with the acquisition news, Coinbase also introduced a new payment protocol, x402. Designed to enable instant stablecoin transfers via HTTP, the innovation sets the foundation for a more autonomous, AI-powered digital economy, marking another major step in the company’s evolving ecosystem.
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