According to a Bloomberg report published Friday, Coinbase Global Inc. is in advanced negotiations to acquire Deribit, a leading crypto derivatives exchange, in a deal that could be worth as much as $5 billion. The move would represent the largest acquisition in Coinbase’s history and significantly expand its presence in the derivatives market.
The two companies have reportedly notified regulators in Dubai, where Deribit is licensed. A transfer of that license would be required as part of any deal. People familiar with the matter, who requested anonymity due to the confidential nature of the talks, told Bloomberg the agreement is not yet final and may still fall through.
Founded in the Netherlands in 2016 by John Jansen and Marius Jansen, Deribit has become the world’s largest Bitcoin and Ether options trading platform. Early backers include crypto investment firm XBTO and growth equity investor 10T Holdings. According to internal figures, the company’s total trading volume nearly doubled last year to $1.2 trillion.
Strategic Shift Toward Derivatives
Coinbase has traditionally dominated the spot trading market. But the exchange has recently expanded into crypto derivatives, launching a Bermuda-based venue in 2023. The Deribit acquisition would mark Coinbase’s most ambitious effort yet to compete in the high-volume derivatives.
Deribit offers options products that allow traders to hedge their positions in the notoriously volatile crypto market. Unlike spot trades, options give investors the right—but not the obligation—to buy or sell assets at predetermined prices, offering flexibility and strategic advantages. Deribit also provides futures and spot trading services.
A Deribit purchase would position Coinbase alongside other major players making similar moves. Earlier this week, Coinbase’s rival Kraken announced a $1.5 billion acquisition of NinjaTrader, a retail futures trading platform. That deal gives Kraken its first foothold in U.S. crypto derivatives and comes amid preparations for a potential public offering in early 2026.
The Trump administration’s return has led to a more favorable regulatory stance on digital assets, fueling renewed activity across the crypto sector. The administration has appointed crypto-friendly officials to regulatory positions and introduced industry-supportive policies, including forming a national Bitcoin reserve.
Coinbase’s financial performance has also rebounded. The exchange reported stronger-than-expected earnings last quarter, with profits and revenue more than doubling year-over-year. Executives attributed the growth to a resurgence of retail investor activity following the last market downturn.
Deribit’s estimated valuation of $4 billion to $5 billion highlights the scale of the opportunity. If completed, the deal would be among the largest ever in the crypto industry. Coinbase and Deribit declined to comment on the ongoing discussions.
