Coinbase in Talks to Acquire Crypto Derivatives Exchange Deribit

Coinbase is in advanced negotiations to acquire Deribit, a major crypto derivatives exchange focused on Bitcoin and Ether options, according to Bloomberg. While no agreement has been finalized, both companies have reportedly informed regulators in Dubai, where Deribit holds a license and headquarters, about the discussions.

Deribit dominates the crypto options market, with its valuation estimated between $4 billion and $5 billion earlier this year. The platform handled nearly $1.2 trillion in trading volume in 2024, almost doubling its activity compared to the previous year.

Coinbase, best known for its spot trading business, has been working to expand its derivatives offerings. The acquisition of Deribit would significantly strengthen its position in this sector. Coinbase has already taken steps in this direction by launching derivatives trading for U.S. retail users and securing a license to offer crypto futures.

Kraken had previously explored a bid for Deribit, highlighting the growing interest in crypto derivatives. The derivatives market now accounts for a large portion of overall crypto trading volumes, making it a key battleground for exchanges looking to expand their market share.