Coinbase, the largest publicly traded cryptocurrency exchange, said on Thursday it will buy derivatives exchange Deribit in a $2.9 billion deal to expand into the crypto options markets.
The move underscores a push by crypto firms to widen their institutional investor base, while also catering to retail traders who are becoming more sophisticated.
The cash-and-stock deal will allow Coinbase to offer crypto options to its international clients. Widely used for hedging, options can be a key source of stability as their demand typically holds up during bouts of volatility.
The company already allows its US and international customers to trade crypto futures.
The deal consists of $700 million in cash and 11 million shares of Coinbase‘s Class A common stock, the company said in a blog post.
Although still early in the derivatives space, Coinbase reached a record market share in its consumer and institutional derivatives volume in the last quarter. It is set to report its first-quarter earnings on Thursday after the markets close.
The deal also coincides with US President Donald Trump’s advocacy for digital assets and his pledge to establish America as the global centre of cryptocurrency.
Buoyed by the regulatory optimism, several crypto-related firms are clinching deals to increase their user base.
Ripple last month bought multi-asset prime broker Hidden Road in a $1.25 billion deal, in one of the largest deals in the crypto company’s history.
Kraken, another cryptocurrency exchange, had said in March it would buy retail futures trading platform NinjaTrader for $1.5 billion.
“Together with Coinbase, we’re set to shape the future of the global crypto derivatives market,” Deribit CEO Luuk Strijers said.
Shares of Coinbase, which have lost nearly 21% of their value in 2025, jumped 3.6%.
Reuters
