• Coinbase is acquiring Deribit for $2.9 billion in a cash-and-stock deal to expand into the crypto options market.
  • Coinbase shares rose 5.7% after the announcement, despite a 21% drop in value earlier in 2025.

Coinbase, the largest publicly traded crypto exchange, announced on Thursday that it will acquire crypto derivatives platform Deribit in a $2.9 billion cash-and-stock deal. The move aims to strengthen Coinbase’s foothold in the growing crypto options market, especially outside the United States.

The acquisition includes $700 million in cash and 11 million shares of Coinbase’s Class A common stock. The company stated the acquisition will allow it to offer crypto options, a widely used tool for hedging, to its international clients, particularly in Asia and Europe, where leverage trading is more common.

According to Bo Pei, analyst at US Tiger Securities, the acquisition gives Coinbase “a foothold in non-U.S. markets, especially Asia and Europe, where leverage trading is more prevalent.”

Though Coinbase is still considered a new player in the derivatives space, it recorded a record market share in both consumer and institutional derivatives volumes in the previous quarter. The company currently enables trading in crypto futures for both U.S. and international users.

Market reacts positively as shares surge

Shares of Coinbase, which have seen a 21% decline in 2025, jumped 5.7% following the announcement. The company is expected to report its first-quarter earnings later on Thursday.

Analysts suggest the potential for greater revenue if U.S. regulations shift.

“Should the U.S. legalize crypto options trading/perpetuals trading domestically, Coinbase will be swift to offer these services to US clients, bringing significant revenue upside,” said Steven Nie of Daiwa Securities.

This deal comes amid increasing M&A activity in the crypto industry. Ripple recently acquired prime broker Hidden Road for $1.25 billion, while Kraken announced plans in March to acquire retail futures trading platform NinjaTrader for $1.5 billion.

Edited by Harshajit Sarmah