22nd March 2025 – (New York) Coinbase is reportedly in advanced negotiations to acquire Deribit, the leading crypto options exchange for Bitcoin and Ether, according to Bloomberg sources. This potential acquisition could merge Coinbase’s expansive market access with Deribit’s specialised derivatives tools, thereby reshaping risk management and investor services within the cryptocurrency sector.
The discussions have been communicated to regulators in Dubai, where Deribit holds a license that would be transferable to any acquiring entity. Valued between $4 billion and $5 billion in January, Deribit has been exploring acquisition opportunities following interest from various potential buyers. Although Kraken was also rumoured to be considering a purchase, sources indicated no formal discussions occurred between them.
While no agreement has been finalised and discussions may still collapse, the potential deal underscores Coinbase’s strategic focus on enhancing its derivatives offerings amid evolving market dynamics. Deribit has become a significant player in crypto options trading, a segment that has grown rapidly as institutional investors seek exposure to digital assets through derivatives.
The acquisition would bolster Coinbase’s presence in this fast-expanding market, particularly as demand for regulated platforms intensifies. In tandem with these discussions, Coinbase is furthering its derivatives strategy by seeking regulatory approval for new futures contracts, including those for Cardano (ADA) and natural gas.
On March 15, Coinbase Derivatives filed with the U.S. Commodity Futures Trading Commission (CFTC) to self-certify futures for ADA and natural gas, signalling a broader push into both crypto and traditional commodities. If the CFTC raises no objections, trading could commence as early as March 31.
Coinbase’s diversification efforts extend beyond crypto assets, with the introduction of natural gas futures marking its inaugural foray into the energy sector. This move could attract institutional traders and position Coinbase as a competitor to traditional futures exchanges.
As the largest U.S.-based crypto exchange, Coinbase is also preparing to launch 24/7 Bitcoin and Ethereum perpetual futures in the U.S., aligning domestic markets with global trading standards. With crypto derivatives accounting for 75% of global trading volumes, Coinbase aims to attract a greater share of this activity to U.S. markets while remaining compliant with CFTC regulations. Additionally, Coinbase ranks as the largest Ethereum staking operator, holding 11.42% of staked ETH and reinforcing its influence across trading and staking sectors.
