Crypto exchange Coinbase is reportedly in advanced negotiations to acquire Deribit, the world’s largest exchange for Bitcoin (BTC) and Ether (ETH) options trading.
According to Bloomberg, Coinbase is looking to expand its derivatives offerings, which currently focus only on futures. Acquiring Deribit would give Coinbase a dominant position in the crypto derivatives market, a sector that saw Deribit’s trading volumes nearly double to $1.2 trillion in 2024.
Deribit, which is licensed in Dubai, has reportedly notified local regulators about the ongoing discussions. If the acquisition goes through, Coinbase would need to transfer Deribit’s Dubai license under its name.
While no final agreement has been reached, the deal is estimated to be valued at $4 billion to $5 billion, making it one of the biggest acquisitions in crypto history.
The talks come amid a more crypto-friendly regulatory environment in the U.S., following Donald Trump’s return to the presidency in January 2025. Since taking office, Trump has appointed crypto advocates to key government positions. Issued an executive order on digital assets, directing the creation of a crypto strategic reserve.
This shift in policy has fueled optimism in the industry. Kraken, Coinbase’s key competitor, recently acquired NinjaTrader for $1.5 billion, expanding its derivatives offerings in the U.S.
Coinbase already offers derivatives trading outside the U.S. through a Bermuda-based platform launched in 2023. If the Deribit deal materializes, it would represent Coinbase’s largest move yet into the highly lucrative crypto derivatives sector, cementing its position as a global leader in digital asset trading.
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