Coinbase spends $2.9 billion to acquire Deribit, setting a new record for crypto industry M&A

In a major deal for the cryptocurrency industry, Coinbase announced the acquisition of crypto options exchange Deribit for $2.9 billion, making it the largest M&A deal in the history of the crypto industry. The deal includes $700 million in cash and 11 million shares of Coinbase Class A common stock, marking Coinbase's major layout in the crypto derivatives market.

Deribit's Growth

Deribit was founded in the Netherlands in 2016 by brothers John Jansen and Marius Jansen, with the original intention of providing early Bitcoin investors with a tool to hedge risk. With a professional options trading background, Deribit quickly filled the gap in the crypto derivatives market and launched Bitcoin options and futures trading. In 2017, Deribit took the lead in launching Bitcoin perpetual contracts, becoming one of the first exchanges in the market to offer such products. By 2024, Deribit's Bitcoin and Ethereum options trading volumes will account for 80% and 90% of the total market volume, respectively, with annual trading volume exceeding $1.1 trillion and total open interest reaching a record high of $48 billion.

Challenges and choices

Although Deribit dominates the crypto options market, it also faces compliance challenges and growth bottlenecks in its development. In response to the EU's strict KYC requirements, Deribit moved its operating base to Panama in 2020 and then to Dubai. In addition, as the global regulatory framework continues to strengthen and operating costs rise, Deribit has to withdraw from some markets, such as the Russian market in 2023. In terms of competition, other exchanges such as BitMEX, OKX, Bybit, etc. are also constantly expanding derivatives trading functions, intensifying market competition. Faced with these challenges, Deribit chose to merge with Coinbase to seek new growth opportunities with its global user base and compliance advantages.

Coinbase's strategic layout

This acquisition is the largest deal in Coinbase's history, marking its strategic upgrade in the crypto derivatives market. By acquiring Deribit, Coinbase will obtain approximately $30 billion in open interest and more than $1 trillion in trading volume, significantly enhancing its competitiveness in the derivatives market. In addition, Coinbase can also compete with global derivatives giants such as Binance and Bybit with the help of Deribit's expertise and market share.

M&A trends in the crypto industry

According to RootData data, there have been 48 M&A events in the crypto field since 2025, with an average of nearly 10 events per month. In 2024, there were 105 M&A events, a record high, an increase of 36.3% from 77 in 2023. As the cryptocurrency market matures, the industry consolidation trend is obvious, and only a few platforms can finally stand out.

The acquisition of Deribit by Coinbase not only reshapes the landscape of the crypto derivatives market, but also indicates that the crypto industry will enter a more mature and standardized development stage. For other cryptocurrency exchanges, this acquisition may prompt them to re-evaluate their strategies and even trigger a new round of industry consolidation.