Crypto Giant Coinbase to Acquire Deribit in $2.9 Billion Deal: Largest Acquisition in History
Coinbase (COIN) executives confirmed to The Wall Street Journal an agreement to acquire cryptocurrency derivatives exchange Deribit in a landmark $2.9 billion deal. This transaction represents the largest acquisition in the history of the cryptocurrency industry.
For context, the deal significantly surpasses the $1.5 billion buyout of NinjaTrader by crypto firm Kraken earlier this year. Separately, Stripe (STRIPE) announced a $1.1 billion deal for analytics firm Bridge, while Ripple Labs revealed its intention to spend $1.25 billion for API provider Hidden Road.
The structure of the Coinbase-Deribit deal includes $700 million in cash and 11 million shares of Coinbase’s Class A common stock. Deribit, which has been exploring acquisition options for months, anticipates the deal closing by the end of 2025 following regulatory approvals, according to a statement from Coinbase.
In a blog post, Coinbase highlighted its strategic objective: expanding into crypto derivatives markets. Deribit has experienced increased trading volume amid a softening global regulatory climate and growing institutional investor interest in leveraging cryptocurrency derivatives.
“With Deribit’s strong presence and professional client base, Coinbase is making its most substantial move yet to accelerate our international growth strategy,” a Coinbase spokesperson stated.
“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,” stated Deribit CEO Luuk Strijers.
Deribit CEO Luuk Strijers elaborated, “We’re excited to join forces with Coinbase to power a new era in global crypto derivatives… Together with Coinbase, we’re set to shape the future of the global crypto derivatives market.”
Notably, cryptocurrency exchange Kraken had previously expressed interest in acquiring Deribit, suggesting competition for premium assets intensifies within the sector.
According to Blockworks Research data cited by news outlets, overall cryptocurrency mergers and acquisitions saw increased activity in the preceding quarter. Financial-focused cryptocurrency firms demonstrated the highest M&A activity volume.
.Update
This story was previously published [Original Publish Date] and is being republished as part of a series on significant cryptocurrency market developments. Earlier reporting identified the Coinbase-Deribit deal as the record acquisition value in the cryptocurrency sector.
