Coinbase gulps Deribit for $2.9 Billion
Coinbase agreed to pay $2.9 billion to acquire Deribit
Quick overview
- Coinbase has agreed to acquire Deribit for $2.9 billion, marking the largest transaction in the cryptocurrency industry to date.
- The deal includes 11 million shares of Coinbase stock and $700 million in cash, with an expected closure by 2025.
- This acquisition positions Coinbase as a global leader in crypto derivatives, enhancing its ability to compete with firms like Binance.
- Deribit, which handled over $1 trillion in trading volume last year, will provide Coinbase with expanded opportunities in various trading products.
Coinbase agreed to pay $2.9 billion to acquire Deribit, a significant cryptocurrency derivatives exchange based in Dubai. This is the biggest transaction in the cryptocurrency industry to date.
The cost includes 11 million shares of Coinbase class A common stock and $700 million in cash. The deal is anticipated to close by 2025. Coinbase’s stock increased almost 6%.
According to a blog post by Greg Tusar, vice president of institutional products, the acquisition places Coinbase as a global leader in crypto derivatives by open interest and options volume, potentially enabling it to compete with major firms like Binance.
Although Coinbase runs the biggest cryptocurrency marketplace in the United States, it holds a smaller market share globally, where Binance is where most activity occurs. Last year, Deribit handled more than $1 trillion in trading volume, and the platform currently has roughly $30 billion in open interest.
“We’re thrilled to work with Coinbase to drive a new era in global cryptocurrency derivatives,” Luuk Strijers, CEO of Deribit, said in a statement. “As the top cryptocurrency options platform, we have established a solid and lucrative business.
This acquisition will strengthen the foundation and give traders even more opportunities in spot, futures, perpetuals, and options—all under one reliable brand. We will work with Coinbase to influence the direction of the global cryptocurrency derivatives market.
Tusar added that Deribit has a “repeated history” of producing positive adjusted EBITDA, which the company anticipates will increase as a combined business.
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