- Coinbase announces acquisition of crypto options leader Deribit for $2.9 billion.
- Deal includes $700 million in cash and the remainder in stock, aiming to strengthen Coinbase’s global derivatives position.
- Completion of the transaction is expected by year-end, pending regulatory approval.
Coinbase has confirmed its agreement to purchase Deribit, the world’s largest crypto options exchange, for $2.9 billion. The transaction was disclosed today and will be settled through $700 million in cash, with the rest paid in stock. The deal is anticipated to close by the end of this year, subject to necessary regulatory approvals.
Based on details provided by Coinbase, acquiring Deribit will reinforce its subsidiary’s existing derivatives business, which primarily operates in perpetual futures trading. Deribit stands as the global leader in crypto options with more than $30 billion in open interest, a figure that measures the total value of active contracts. “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,” stated Deribit CEO Luuk Strijers.
The new partnership is expected to help Coinbase diversify its revenue. According to the company, bringing crypto options into its business model could stabilize earnings, as options trading tends to be less affected by market cycles compared to spot trading.
Founded in the Netherlands, Deribit has operated from Panama for several years before relocating to Dubai. The move was made to provide greater regulatory certainty for its clients, most of whom are institutional investors, representing 80% to 90% of its total client base.
Once completed, the acquisition will combine Coinbase’s strengths in cryptocurrency futures with Deribit’s leadership in options. The companies expect this will establish a top global player in the crypto derivatives market.
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