Coinbase, the leading U.S.-based cryptocurrency exchange, is reportedly in advanced negotiations to acquire Deribit, a prominent crypto derivatives platform known for its dominance in Bitcoin (BTC) and Ethereum (ETH) options trading. While Deribit does offer perpetual futures (“perps”), it is primarily recognized as the world’s largest centralized trading platform for crypto options by volume, not exclusively a “perps’ platform.” This distinction matters, as perpetual futures are just one part of its offerings alongside options and spot trading.
Reports indicate that Coinbase and Deribit have informed regulators in Dubai—where Deribit holds an operational license—about these discussions. The potential acquisition would transfer this license to Coinbase, facilitating its expansion into the global derivatives market. Deribit’s trading volume reached approximately $1.2 trillion in 2024, nearly doubling from the previous year, underscoring its significance in the crypto derivatives space. Earlier estimates from January 2025 pegged Deribit’s valuation between $4 billion and $5 billion, which, if accurate, would make this one of the largest acquisitions in crypto history.
Implications for Coinbase and the Market
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For Coinbase, acquiring Deribit would turbocharge its push into derivatives, a sector where it currently has a limited presence compared to its spot trading dominance. Coinbase has been expanding its derivatives arm, notably through its Bermuda-based Coinbase International Exchange launched in 2023, but Deribit’s established infrastructure and market share—handling 75-80% of centralized crypto options volume—would provide an immediate leap forward. This move aligns with a broader trend among U.S. exchanges, as seen with Kraken’s recent $1.5 billion acquisition of NinjaTrader to bolster its futures offerings.
Derivatives trading volumes are outpacing spot markets 20-to-1, with daily turnovers exceeding $70 billion for BTC alone. Deribit, a key player, saw $1.2 trillion in 2024 volume, highlighting why Coinbase’s potential acquisition is a game-changer. Perpetual futures (“perps”) remain popular due to their flexibility, with open interest at record highs ($35 billion for BTC perps). Hedge funds and proprietary trading firms are piling into options, with Deribit reporting a 40% uptick in institutional clients since Q3 2024. This trend could accelerate if Coinbase integrates Deribit’s infrastructure.
The acquisition could reshape the competitive landscape. Coinbase would gain a foothold in perpetual futures and options, markets that dwarf spot trading in volume (e.g., BTC derivatives hit $70 billion daily versus $3 billion in spot recently). This could diversify its revenue streams, especially critical as its spot trading traffic reportedly dropped 29% earlier this month. However, it’s not a done deal—sources caution that negotiations, while advanced, may not finalize.
This comes amid a shifting regulatory climate. Japan’s approval of Circle’s USDC (as noted earlier) and a more crypto-friendly U.S. stance under the Trump administration—evidenced by the SEC dropping investigations and clearer policies—may be emboldening such consolidations. For Deribit, which recently exited Russia due to EU sanctions, a buyout by a publicly listed firm like Coinbase could stabilize its operations and expand its reach, particularly in the Middle East via Dubai. If successful, this acquisition would position Coinbase as a powerhouse in both spot and derivatives markets, potentially challenging global giants like Binance and Bybit, while signaling a new wave of consolidation in crypto as institutional demand surges.