Coinbase is set to acquire the world’s largest crypto derivatives exchange for Bitcoin and Ether options, Deribit.
According to Bloomberg, the companies have reached “advanced talks” in the deal and have notified regulators in Dubai about these discussions as Deribit holds a license in the region, which would be transferred to any acquirer.
The update follows reports of Deribit being in discussions with Kraken regarding a potential acquisition as well as Coinbase. Both exchanges have been actively bolstering their institutional offerings, and derivatives represent one of the fastest-growing segments in the industry.
Coinbase, Kraken in Talks to Acquire Deribit as Crypto Derivatives Market Heats Up
This potential deal underscores the growing importance of derivatives in the digital asset space and signals a strategic push by major players to expand their institutional offerings.
Last week, Kraken acquired NinjaTrader, a US-based retail futures trading platform, in a deal valued at $1.5 billion.
By gaining access to an established and regulated futures trading platform, Kraken is well-positioned to capitalize on the increasing demand for crypto derivatives among both retail and institutional investors in the United States.
Kraken Eyes $1.5 Billion Acquisition of NinjaTrader to Launch US Crypto Futures
Kraken’s reported pursuit of NinjaTrader underscores the growing importance of derivatives in the digital asset space and the exchange’s strategic push to enhance its offerings in this growing market segment.
Meanwhile, for Coinbase, which has been expanding its derivatives division through Coinbase International Exchange, acquiring Deribit would fast-track its ability to compete with global derivatives giants like Binance and Bybit.
Deribit specializes in options, which allow traders to buy or sell assets at a predetermined price within a specific timeframe without the obligation to execute the trade.
This feature makes options particularly useful in managing the volatility inherent in cryptocurrencies. Last year, Deribit’s total trading volume nearly doubled, reaching approximately $1.2 trillion, underscoring the strong demand for its products.
Coinbase currently offers derivatives trading outside the U.S. through a Bermuda-based venue launched in 2023 but the company has been more dominant in the spot trading market.
Bloomberg previously reported that Deribit could be valued between $4 billion and $5 billion, with some estimates suggesting an even higher price tag.
However, as discussions are ongoing, it is uncertain whether Coinbase has reached a final agreement with Deribit. If the deal materializes, it would be one of the most significant acquisitions in the crypto industry’s history.
Deribit has received backing from notable investors such as crypto investment firm XBTO and growth equity investor 10T Holdings.
