Coinbase Stock Rallies After Announcing $2.9B Deribit Acquisition Aimed At Boosting Derivatives Business

The company expects the acquisition to add diversity and durability to its trading revenues, given that options trading revenues are typically less cyclical than spot trading.

Shares of Coinbase Global Inc. (COIN), the world’s largest publicly listed cryptocurrency exchange, shot up 5% on Thursday after the company said it would acquire crypto derivatives exchange Deribit for approximately $2.9 billion in a cash and stock deal.

The transaction cost comprises $700 million in cash and 11 million shares of Coinbase Class A common stock. The deal is expected to close by the end of the year.

Coinbase said the acquisition significantly advances its derivatives business, as Deribit complements Coinbase’s rapidly growing U.S. futures and international perpetual futures businesses.

“We believe crypto options are on the cusp of significant expansion, similar to the equity options boom of the 1990s,” Coinbase said.

The firm expects the acquisition to add diversity and durability to its trading revenues, given that options trading revenues are typically less cyclical than spot trading, as traders utilize the derivative instruments to manage risk during both rising and falling markets.

Deribit CEO Luuk Strijers said the acquisition will provide traders with even more opportunities across spot, futures, perpetuals, and options under one trusted brand.

The vocal support of President Donald Trump for digital assets, coupled with an easing regulatory environment, has prompted industry players to consider mergers and acquisitions.

For example, recently, Kraken, a technology platform built on crypto, completed the acquisition of U.S. retail futures trading platform NinjaTrader. Kraken plans to introduce additional asset classes to both platforms, including stocks, prediction markets, and options.

Meanwhile, Coinbase shares have lost over 19% in 2025 and are down over 1% over the past 12 months.

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