Coinbase to acquire Deribit in $2.9B deal

The deal is made up of $700 million in cash and 11 million shares of Coinbase’s Class A common stock

article-image

allme3d/Shutterstock modified by Blockworks

share

Coinbase has agreed to snap up Deribit in a $2.9 billion deal, executives from both companies told The Wall Street Journal. 

The deal is the single largest acquisition in crypto’s history, easily beating Kraken’s $1.5 billion deal for NinjaTrader earlier this year. Stripe said it planned to acquire Bridge in a $1.1 billion deal, and Ripple announced it would acquire Hidden Road for $1.25 billion. 

The makeup of the deal is $700 million in cash and 11 million shares of its Class A common stock. 

In a blog post, Coinbase said that it expects the deal to close by the end of this year.

By acquiring Deribit, which had been shopping itself around for a few months, Coinbase will now expand into crypto derivatives. Deribit has seen an uptick in overall trading volume activity thanks to a softening regulatory environment and expanding interest from institutional investors looking to capitalize on crypto. 

“With Deribit’s strong presence and professional client base, Coinbase is making its most substantial move yet to accelerate our international growth strategy,” Coinbase said. It plans to create the most “comprehensive institutional derivatives platform.”

“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 emailed to Blockworks.

“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.”

Prior to striking the deal with Coinbase, Kraken also expressed interest in the options exchange. 

Overall crypto M&A has seen an uptick last quarter, per data from Blockworks Research. Crypto firms specializing in finance have seen the largest amount of M&A activity. 

Updated May 8, 2025 at 9:30 am ET: Added additional context throughout.


Get the news in your inbox. Explore Blockworks newsletters:

Tags

Decoding crypto and the markets. Daily, with Byron Gilliam.

Upcoming Events

Javits Center North | 445 11th Ave

Tues - Thurs, March 24 - 26, 2026

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

recent research

Unlocked by Template.png

Research

The march toward an interoperable and onchain-by-default internet depends on reliable messaging and value transfer across heterogeneous domains. Crosschain protocols now process >$1.3T in combined annual transfer volume and secure tens of millions of user interactions, yet no single design dominates.

article-image

Reform UK’s party leader Farage took the stage at DAS London this morning

by Blockworks /
article-image

Friday saw dramatic crypto market activity in the hours after President Donald Trump threatened a new flare-up in US-China trade tensions.

article-image

Officials suspect potential insider trading after wagers on Nobel Peace Prize winner surged hours before announcement

by Blockworks /
article-image

The bank will allow bitcoin and ether fund exposure in any account type, marking a post-election shift in Wall Street’s crypto stance

by Blockworks /
article-image

The CFTC-regulated event-trading platform expands into hybrid markets as Wall Street and crypto investors converge

by Blockworks /
article-image

The Bank of Russia will let banks handle cryptocurrencies under tight reserve caps as lawmakers prepare a digital asset bill

by Blockworks /