Quick take:
Coinbase expects the transactions to close by the end of the year subject to regulatory approvals and other customary closing conditions.
It follows Coinbase’s previous strategic acquisition of FairX in 2022, which led to the formation of the Coinbase Derivatives unit.
The company also acquired Xapo in 2019, forming Coinbase Custody, Tagomi in 2020 for Coinbase Prime, and One River Digital in 2023, which led to Coinbase Asset Management.
Coinbase has announced the $2.9 billion acquisition of the crypto options exchange platform Deribit. The two-part deal comprises $700 million in cash and 11 million shares of Coinbase Class A common stock.
The acquisition is part of Coinbase’s long-term strategy of becoming “the most comprehensive global crypto derivatives platform.” It follows the crypto company’s 2022 acquisition of FairX for $275 million, which led to the formation of the Coinbase Derivatives unit.
The company has been rapidly expanding its crypto strategy over the years through mergers and acquisitions, first buying Xapo in 2019, which led to the formation of Coinbase Custody, later augmented with the acquisition of Tagomi in 2020 to form Coinbase Prime.
In 2023, the crypto exchange company also acquired One River Capital to launch Coinbase Asset Management.
The company stated in the announcement that the Deribit acquisition is far more than just an addition to its list of M&As. “It’s foundational to our vision of creating the most comprehensive, compliant, and user-friendly derivatives platform globally.”
“We’re excited to join forces with Coinbase to power a new era in global crypto derivatives,” said Deribit CEO Luuk Strijers. “As the leading crypto options platform, we’ve built a strong, profitable business, and this acquisition will accelerate the foundation we laid while providing traders with even more opportunities across spot, futures, perpetuals, and options – all under one trusted brand. Together with Coinbase, we’re set to shape the future of the global crypto derivatives market.”
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