Key Takeaways
- Coinbase is in advanced talks to acquire Bitcoin options giant Deribit.
- Deribit's trading volume in 2023 reached approximately $1.2 trillion.
- The deal could be valued between $4 billion and $5 billion.
Coinbase is in advanced negotiations to acquire Deribit, the world’s largest exchange for Bitcoin and Ether options, according to a March 21 report by Bloomberg.
Expansion of derivatives business
The potential deal would significantly expand Coinbase’s derivatives business, which currently emphasizes futures trading.
Deribit offers options, futures, and spot trading, and reported total volumes of approximately $1.2 trillion in 2023.
Regulatory notifications
Sources cited by Bloomberg say the two companies have notified regulators in Dubai, where Deribit is licensed.
That license would need to be transferred to Coinbase if the acquisition moves forward.
Valuation insights
A prior Bloomberg report in January suggested Deribit could be valued between $4 billion and $5 billion in a deal with Coinbase.
Growth in derivatives offerings
Coinbase has been aggressively growing its derivatives offerings.
In its 2024 annual report, the company said derivatives trading volume spiked 10,950% this year.
Its international exchange now lists products tied to 92 assets, while its U.S. offerings remain more limited.
Market developments
The news follows Kraken’s March 20 announcement of a $1.5 billion deal to acquire derivatives trading firm NinjaTrader.
Meanwhile, other players are also ramping up.
Robinhood introduced cryptocurrency futures in January, and CME Group reported a $10 billion average daily trading volume for crypto derivatives in Q4 2024—a 300% year-over-year increase.
Recent product launches
In February, Coinbase launched the first CFTC-regulated Solana futures in the U.S., followed by CME’s own Solana contracts in March.
Significance of the acquisition
If completed, the Deribit acquisition would mark one of Coinbase’s most significant expansions into the growing Bitcoin derivatives sector.
