Record breaking $2.9 billion, Coinbase acquires Deribit to reshape cryptocurrency derivatives market In 2025, Coinbase announced the acquisition of Deribit, a cryptocurrency options exchange, for $2.9 billion ($700 million in cash+11 million Class A common shares), setting a new record for cryptocurrency acquisitions. As the largest cryptocurrency options platform in terms of market share, Deribit's Bitcoin options trading volume accounted for 80% and Ethereum options trading volume accounted for 90% in the 2024 bull market, causing industry shock with this transaction. Deribit was founded by the Jansen brothers in 2016 to fill a gap in the cryptocurrency options market. In the bull market of 2024, its annual trading volume exceeded $1.1 trillion, daily trading volume exceeded $1.9 billion, and open contracts reached a historical high of $48 billion. Its business covers 160 countries and regions and has obtained the Dubai VARA license. Coinbase's Ambition and Industry Impact This acquisition is Coinbase's largest in terms of scale. In 2024, the daily trading volume of global encrypted derivatives will exceed $100 billion. Although Coinbase is expanding its derivatives business, acquiring Deribit can quickly obtain $30 billion in open contracts and over $1 trillion in trading volume, directly benchmarking giants such as Binance and Bybit. The acquisition will enhance market concentration, accelerate industry integration, and attract more traditional financial institutions to enter. However, it remains to be seen whether Coinbase can continue Deribit's professional advantages.