Overview

• Coinbase has agreed to acquire Dubai-based Deribit for $2.9 billion, comprising $700 million in cash and 11 million shares of Class A common stock.
• Deribit, a leader in crypto options trading, processed $1.2 trillion in trading volume in 2024, a 95% year-over-year increase.
• This acquisition makes Coinbase the largest crypto derivatives platform by open interest and options activity, strengthening its competitive position against Binance and Kraken.
• The deal supports Coinbase's strategy to diversify revenue streams and expand its presence in Asia and Europe, where leveraged trading is more prevalent.
• Regulatory approval is pending, with the transaction expected to close by the end of 2025, as the company updates investors on integration progress during its earnings call.