Coinbase has just announced its acquisition of Deribit, the world's leading crypto options exchange, in a landmark $2.9 billion deal. This strategic move positions Coinbase as the premier global platform for crypto derivatives, with Deribit bringing approximately $30 billion in current open interest to the table.
The acquisition significantly enhances Coinbase's derivatives offering, creating a comprehensive platform where traders can access spot, futures, perpetual futures, and options trading in one seamless, capital-efficient environment. With Deribit facilitating over $1 trillion in trading volume last year in markets outside the US, this acquisition immediately establishes Coinbase as the global leader in crypto derivatives by open interest and options volume.
A key strategic benefit for Coinbase is the diversification of revenue streams. Options trading revenues tend to be less cyclical than spot trading, as traders use options to manage risk in both bull and bear markets. Deribit has consistently generated positive Adjusted EBITDA, which Coinbase expects to grow further as a combined entity.
The $2.9 billion deal consists of $700 million in cash and 11 million shares of Coinbase Class A common stock, with the transaction expected to close by year-end, subject to regulatory approvals.
Coinbase's Proven Track Record of Strategic M&A
This transaction marks the next significant chapter in Coinbase's strategic acquisition strategy, building upon a successful track record:
- Xapo (2019) led to Coinbase Custody
- Tagomi (2020) led to Coinbase Prime
- FairX (2022) led to Coinbase Derivatives Exchange
- One River Digital (2023) led to Coinbase Asset Management
Each of these moves has enhanced Coinbase's institutional offerings, reinforcing Coinbase as a market-leading crypto platform trusted by sophisticated traders globally.
The Bigger Picture: Major Acquisitions Reshaping Crypto
The crypto industry continues to see significant consolidation, with major players expanding through strategic acquisitions:
Kraken's Recent NinjaTrader Acquisition: In March 2025, Kraken announced its agreement to acquire NinjaTrader, the leading U.S. retail futures trading platform, for $1.5 billion. This deal marks a significant milestone as the largest-ever transaction combining traditional finance (TradFi) and crypto.
The acquisition strengthens Kraken's position as a 24/7, always-on technology platform built for professional traders, making it a leader in U.S. futures for both traditional and crypto markets. It also accelerates Kraken's multi-asset-class ambitions, which include plans for equities trading and payments.
By acquiring NinjaTrader, Kraken intends to offer a more seamless trading experience across various asset classes, making crypto and traditional finance more interconnected. The transaction was completed in early May 2025, with NinjaTrader capabilities to be integrated into Kraken Pro and Kraken Desktop soon.
Other Major Crypto Industry Acquisitions:
- Binance purchased CoinMarketCap in 2020 for approximately $400M
These strategic acquisitions reflect the industry's maturation and consolidation as major players seek to expand their service offerings, reach new markets, and build more comprehensive crypto ecosystems. The recent Coinbase-Deribit and Kraken-NinjaTrader deals particularly highlight a growing trend of integration between traditional finance and crypto markets, potentially signaling a new phase in the industry's evolution toward mainstream financial infrastructure.