Coinbase Global Inc (NASDAQ:COIN) is set to acquire Deribit, a crypto derivatives exchange based in Dubai, for $2.9 billion in a move that will significantly boost its international presence and place it in direct competition with global heavyweight Binance.
The deal, announced Thursday, includes $700 million in cash and 11 million Coinbase class A shares. It is expected to close by the end of 2025.
The acquisition is the largest in the digital asset space to date and gives Coinbase a strong foothold in the fast-growing crypto derivatives market.
Deribit, which handled more than $1 trillion in trading volume last year and currently has $30 billion in open interest, is widely recognised as the market leader in crypto options.
Coinbase shares rose more than 5% after hours.