Coinbase Eyes Global Derivatives Expansion with $2.9B Bid for Deribit

Coinbase is reportedly preparing to make its boldest move yet in the derivatives space with the planned acquisition of Deribit, a crypto options and futures exchange known for commanding a significant slice of global trading volume.

The $2.9 billion deal, which combines cash and stock, would mark Coinbases largest purchase to date and signal its growing appetite for a bigger share of offshore markets. Talks between the two firms have been ongoing for months, with sources indicating that the agreement is nearing completion—pending regulatory sign-off.

Deribit, which handled over $1 trillion in volume this year alone, brings more than just market share to the table. Now based in Dubai and operating under a VARA license since late 2024, the platform offers institutional-grade derivatives access and a regulatory foothold in a fast-growing financial hub. Transferring that license to Coinbase will be one of the final hurdles in sealing the deal.

Coinbase has been slowly building its derivatives presence through past acquisitions and international expansion, but it still trails offshore rivals in this lucrative corner of the market. By absorbing Deribit, the exchange could instantly gain a dominant position in the crypto options ecosystem.

The timing coincides with growing confidence in U.S. regulatory clarity and increased institutional interest. Other exchanges, like Kraken, have also jumped into the race—spending billions to secure futures infrastructure as the competition heats up.

While Deribit‘s leadership hadn’t openly sought a buyer, the firms strong performance and global reputation attracted multiple suitors in recent months. For Coinbase, this acquisition could offer not only deeper liquidity and global reach but also a springboard for shaping the next chapter of regulated crypto derivatives trading.

Alexander Stefanov