Coinbase Global Inc (NASDAQ:COIN) announced on Thursday it will acquire Deribit, the world’s largest crypto options exchange by volume, for $2.9 billion in a landmark deal that positions the US-based company as the top global platform for crypto derivatives.
The acquisition, which includes $700 million in cash and 11 million Coinbase shares, marks the largest merger and acquisition in the history of the cryptocurrency industry, according to the Wall Street Journal.
“With Deribit, Coinbase becomes the number one global platform for crypto derivatives by open interest and options volume,” the company said in a statement posted on social media platform X.
Deribit, headquartered in Panama, brings approximately $30 billion in open interest and over $1 trillion in trading volume.
The deal significantly expands Coinbase’s presence in derivatives - an area that has increasingly become a profit driver for crypto exchanges - and enhances its offering across spot, futures, perpetuals and options trading.
“This is a major step in our global expansion strategy,” Coinbase said, citing Deribit’s international footprint alongside Coinbase’s regulated operations in the U.S. and abroad.
The transaction is the latest in a string of strategic acquisitions by Coinbase aimed at strengthening its product lineup and institutional offerings. Past deals include the 2019 purchase of Xapo’s institutional business, Tagomi in 2020, FairX in 2022, and One River Digital in 2023.
Shares of Coinbase were up 3.5% on Thursday morning. The company’s first-quarter earnings report are due after the bell on Thursday.