Coinbase has entered into an agreement to acquire Deribit, a crypto options exchange.
This acquisition, valued at approximately US$2.9 billion, comprises US$700 million in cash and 11 million shares of Coinbase Class A common stock, subject to customary adjustments.
The acquisition of Deribit, which currently holds around US$30 billion in open interest, strengthens Coinbase’s position in the global crypto derivatives market.
By integrating Deribit’s advanced options platform with its own rapidly expanding US futures and international perpetual futures offerings, Coinbase aims to provide a more comprehensive suite of products for institutional and advanced traders.
“We’re excited to join forces with Coinbase to power a new era in global crypto derivatives,”
said Luuk Strijers, CEO of Deribit.
“We’ve built a strong, profitable business, and this acquisition will accelerate the foundation we’ve laid while offering traders more opportunities across spot, futures, perpetuals, and options.”
With the acquisition, Coinbase aims to offer traders access to a seamless, capital-efficient platform for spot, futures, perpetual futures, and options trading.
The deal is expected to provide Coinbase with more stable and diversified revenues, as options trading tends to be less cyclical compared to spot trading.
The acquisition also supports Coinbase’s global growth strategy, particularly in international markets.
Coinbase’s international exchange will be significantly strengthened, allowing the company to extend its reach in crypto derivatives to institutional and advanced traders worldwide.
“This acquisition is a key step in accelerating our international growth,”
said Brian Armstrong, CEO of Coinbase.
“It positions Coinbase as a leader in the growing global crypto derivatives market, enhancing our product offerings and expanding our reach.”
Featured image credit: edited from freepik
