Coinbase's purchase of Deribit marks the biggest acquisition in crypto history

Thursday, May 8, 2025

Coinbase has pulled off a major coup by acquiring Deribit for $2.9 billion. With this record acquisition, the American company has become a global heavyweight in crypto derivatives.

It's the biggest acquisition ever in the history of cryptos. Coinbase, the leading US exchange platform, has just announced that it is buying Deribit, the world's leading platform for bitcoin and ether derivatives, for a record $2.9 billion.

The deal, which includes $700 million in cash and 11 million Coinbase Class A shares, is expected to be finalised by the end of the year, subject to regulatory approval.

Coinbase isn't just writing a XXL cheque: it's changing dimension. By acquiring Dubai-based Deribit, which has some $30 billion of open interest in the crypto options markets, Brian Armstrong's firm is getting its hands on a goose that lays golden eggs. "This will make us the most complete player in derivatives," Greg Tusar, Coinbase's vice-president of institutional products, highly praised the move to the Wall Street Journal.

Hitherto with little exposure to derivatives, a market that is nonetheless two to three times larger than the spot market, Coinbase is taking a strategic shortcut in a race where Binance, OKX and CME are already jostling for position.

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With its roots in the Netherlands and a fast-growing institutional user base, Deribit has been the undisputed benchmark for crypto options for several years. Its CEO, Luuk Strijers, hailed a "new chapter" for the company, which is likely to remain autonomous in its operations while benefiting from Coinbase's brand and regulatory infrastructure.

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"We have built a strong and profitable business. This acquisition will allow us to offer our customers a complete range: spot, futures, perpetuals and options, under one trusted banner," he said in a statement.

Based in California, Coinbase continues its global expansion, with clear ambitions in Europe, Dubai and Asia. The takeover of Deribit, which had been open to discussions with several suitors since January - including Kraken, according to rumours -, confirms this strategy.

The deal comes against a backdrop of renewed M&A activity in cryptos, boosted by a more favourable regulatory climate under the Trump administration and the market's recovery since the end of 2024.

By acquiring Deribit, Coinbase is not just getting bigger: it is positioning itself as a serious contender for global leadership in crypto financial products. For a sector in search of maturity and consolidation, this historic deal could well be the start of a new era.

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This analysis is not investment advice. It has been prepared without taking into account your personal situation, particularly your financial situation, risk profile, and investment objectives.

Before investing in any product, investors should fully understand the risks involved and consult their own legal, tax, financial, and accounting advisors.

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