Coinbase has officially agreed to acquire Deribit, a Dubai-based crypto derivatives exchange, in a landmark deal valued at approximately $2.9 billion. The agreement, disclosed on 8 May, represents the largest acquisition ever made in the cryptocurrency industry.
The transaction will be settled through a combination of $700 million in cash and 11 million shares of Coinbase Class A common stock, according to the company’s announcement.
The acquisition gives Coinbase, the largest cryptocurrency exchange in the United States, a significant lead in the global crypto derivatives market. Deribit, founded in 2016, has emerged as the most active trading venue for crypto options and futures globally.
In 2024 alone, the exchange recorded an impressive $1.2 trillion in trading volume — a 95% increase compared to the previous year.
“We’re excited to join forces with Coinbase to power a new era in global crypto derivatives. 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”, said Deribit CEO, Luuk Strijers.
According to Benchmark analyst, Mark Palmer, the deal “gives the company an immediate and dominant foothold in the high-growth derivatives space ahead of an anticipated increase in institutional adoption of digital assets.”
The transaction is still subject to regulatory approval and other standard closing conditions. Coinbase expects the deal to be finalised by the end of 2025.
Until then, Deribit will continue operations independently. In a statement, the company said: “Same platform, same team, same commitment to excellence.”
Once completed, the deal will also see Deribit’s founders, John and Marius Jansen, step away from the firm, marking the end of a venture they began in 2014.
Coinbase & Kraken compete in escalating crypto M&A landscape
Coinbase’s move to acquire Deribit follows months of competition with rival US exchange Kraken, which had also been eyeing Deribit.
Ultimately, Kraken opted for a different path, announcing earlier this month the acquisition of NinjaTrader, a US-based futures trading platform, for $1.5 billion.
The deal is intended to strengthen Kraken’s own derivatives offerings, allowing it to compete more effectively in the American futures market.
Coinbase’s acquisition, however, signals a more aggressive international strategy. By acquiring Deribit, which operates under a Dubai licence, Coinbase positions itself at the forefront of the derivatives trading space. This segment of the market has seen rapid growth driven by increased institutional participation.
“With Deribit’s strong presence and professional client base, Coinbase is making its most substantial move yet to accelerate our international growth strategy,” said Coinbase’s Vice President of Institutional Product, Greg Tusar.
Coinbase’s derivatives expansion began in 2023, when it launched a derivatives platform in Bermuda. The company’s move into futures and options has since intensified, particularly as the regulatory landscape in the United States continues to evolve.
In a notable development, the federal securities regulator dropped its case against Coinbase on 27 February, removing a major legal obstacle and potentially paving the way for more aggressive growth.
This acquisition comes at a time when the US political environment is becoming increasingly favourable to crypto. President Donald Trump has publicly pledged to make the United States the “crypto capital of the world” and transform it into a “Bitcoin superpower”.
His administration has been widely regarded as supportive of pro-business and pro-crypto policies, contributing to a surge in dealmaking activity across the digital asset industry.
In fact, the value of Deribit had previously been estimated to be between $4 billion and $5 billion during early-stage talks, reflecting the high level of interest from multiple buyers.
Coinbase ultimately secured the deal at a valuation of $2.9 billion, but only after notifying regulators in Dubai of the intended acquisition — a necessary step given Deribit’s licensing structure.
The crypto industry is witnessing a wave of consolidation as exchanges and service providers race to expand their offerings and capture market share.
“This transaction is subject to regulatory approvals and other customary closing conditions and is expected to close by year-end”, Coinbase noted in its announcement.
Bitcoin nears $100K as market confidence strengthens
While Coinbase’s acquisition of Deribit has dominated headlines, the broader crypto market is also experiencing a period of renewed investor confidence, particularly in Bitcoin ($BTC).
The leading digital asset has posted its third consecutive weekly all-time high in Realized Capitalization, a metric that tracks the total value of Bitcoin based on the last time each coin moved on-chain.
According to data from CryptoQuant, Bitcoin’s Realized Cap hit a record $890 billion, indicating strong inflows from both long-term holders and new market participants. This surge in capital is seen by analysts as a key signal of market recovery and the potential start of a new bull cycle.
Bitcoin is currently trading at $99,836, less than $200 away from breaching the key psychological level of $100,000. Over the last 24 hours, the asset has gained 3.03% in value, while trading volumes have soared by over 60% to reach $54.04 billion.
Market commentator, Max Keiser, has issued one of the most bullish forecasts yet, predicting a 410% increase in Bitcoin’s price from current levels. According to Keiser, this would bring the asset’s value to around $500,000 per coin, driven by “growing adoption and a limited supply”.
The Federal Reserve’s recent decision to hold interest rates steady at 4.25%–4.50% had a brief impact on Bitcoin’s price, which dipped near $96,000 before quickly rebounding. This suggests a level of resilience among investors in the face of monetary policy uncertainty.
The latest on-chain data shows that wallets holding between 10 BTC and 10,000 BTC have collectively added more than 81,000 coins since late March 2025. Analysts believe this kind of sustained accumulation often precedes major price rallies.
Realized Capitalization, which is considered a more grounded metric than speculative market capitalisation, continues to climb steadily. In late April, it stood at $872.2 billion, up from $800 billion earlier that month, highlighting consistent investor interest.
While many experts anticipate Bitcoin reaching between $150,000 and $200,000 in the upcoming cycle, Keiser’s projection of $500,000 adds a more dramatic ceiling — one that would require continued strength in on-chain data and favourable macroeconomic trends.
For now, the convergence of record institutional activity, increased trading volumes, and high-profile acquisitions like Coinbase’s Deribit deal suggest that the crypto sector may be entering a new phase of maturity and expansion.
Whether this will translate into sustained market growth remains to be seen, but for now, both Coinbase and Bitcoin appear to be moving decisively in the right direction.
