In $2.9B Deal, Coinbase Buys Deribit to Expand in U.S. Crypto Options Market

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By Helene Braun | Edited by Parikshit Mishra Updated May 8, 2025, 1:54 p.m. Published May 8, 2025, 1:28 p.m. Coinbase CEO, Brian Armstrong, at Consensus 2019 (CoinDesk) What to know : Coinbase has agreed to acquire crypto options exchange Deribit for $2.9 billion in cash and stock, marking a major move into U.S. crypto derivatives. The deal follows a months-long bidding contest with Kraken, which opted instead to buy NinjaTrader for $1.5 billion. Deribit processed $1.2 trillion in trading volume last year, making it a dominant player in the crypto options market. Coinbase has agreed to pay $2.9 billion to buy bitcoin (BTC) and ether (ETH) options platform Deribit, according to a press release , marking its official push into the highly profitable crypto derivatives market in the U.S. The crypto exchange, alongside competitor Kraken, had been in talks to buy Deribit for months, with Bloomberg reporting that options giant could be valued at $4 billion to $5 billion. STORY CONTINUES BELOW Don't miss another story. Subscribe to the Crypto Daybook Americas Newsletter today . See all newsletters Sign me up By signing up, you will receive emails about CoinDesk products and you agree to our terms of use and privacy policy . Kraken, instead, purchased U.S. futures platform Ninja Trader for $1.5 billion, allowing the exchange to compete with Coinbase in offering futures and derivatives in the U.S. Coinbase’s acquisition comes after what has been a busy year in crypto dealmaking as companies are positioning themselves in what U.S. President Donald Trump has promised to become the “ crypto capital of the world .” The deal with Deribit includes $700 million in cash and 11 million shares of Coinbase Class A common stock, according to the companies, making it one of the largest deals in the industry. “We’re excited to join forces with Coinbase to power a new era in global crypto derivatives,” Deribit CEO Luuk Strijers said in a statement. “As the leading crypto options platform, we’ve built a strong, profitable business, and this acquisition will accelerate the foundation we laid while providing traders with even more opportunities across spot, futures, perpetuals, and options – all under one trusted brand. Together with Coinbase, we’re set to shape the future of the global crypto derivatives market," Strijers. Founded in 2016, Deribit has quickly taken over market share for digital asset options trading. The exchange processed $1.2 trillion in volume in 2024, a 95% year-over-year increase, the company had reported in January. Coinbase Deribit M&A Top Stories Helene Braun Helene is a New York-based markets reporter at CoinDesk, covering the latest news from Wall Street, the rise of the spot bitcoin exchange-traded funds and updates on crypto markets. She is a graduate of New York University's business and economic reporting program and has appeared on CBS News, YahooFinance and Nasdaq TradeTalks. She holds BTC and ETH. X icon About About Us Masthead Careers CoinDesk News Crypto API Documentation Contact Contact Us Accessibility Advertise Sitemap System Status DISCLOSURE & POLICES CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. 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