WILMINGTON, Del.–Coinbase has agreed to acquire Deribit, the world’s biggest trading platform for bitcoin and ether options, for approximately $2.9 billion.
For Coinbase, the deal is a push into the highly profitable crypto derivatives market and is meant to bolster the company’s global growth, Greg Tusar, Coinbase’s vice president of institutional product, told the Wall Street Journal. “This will make us the most comprehensive player in derivatives,” Tusar was quoted as saying.
The $2.9 billion deal price consists of $700 million in cash and 11 million shares of Coinbase Class A common stock, the companies said.
Deribit, founded in 2016 and headquartered in Dubai, offers options, futures and spot trading, the Journal said.
Biggest Exchange
Coinbase is the biggest cryptocurrency exchange in the U.S. and has a market value of more than $50 billion. The company currently offers futures trading in the U.S. and spot and perpetual futures products outside the U.S.
The deal is not unique. As the Journal reported, Coinbase rival Kraken in late March agreed to a $1.5-billion deal for NinjaTrader, a U.S. retail futures trading platform, which cryptocurrency firm Ripple in April said it would acquire credit network Hidden Road for $1.25-billion.
Deribit said its total trading volumes in 2024 almost doubled to $1.2 trillion, as it drew in more institutional investors after the presidential election, the Journal reported.
