Coinbase has announced a significant step in its global expansion strategy by acquiring the leading crypto options exchange Deribit for $2.9 billion. This deal will allow Coinbase to control 85% of the global crypto options market.
Acquisition of Deribit
Coinbase is acquiring Deribit in a deal worth $2.9 billion, which includes $700 million in cash and 11 million shares of Coinbase stock. This deal significantly expands Coinbase's presence beyond spot trading, strengthening its position in the derivatives market.
Prospects for Crypto Derivatives
The deal highlights a strategic shift among major crypto exchanges towards derivatives trading. Deribit currently holds about $30 billion in open interest in options, showcasing its dominance in this area. Derivatives, especially options, provide tools for hedging and complex strategies, which is particularly important for institutional investors.
Regulatory Timing
Coinbase's expansion aligns with a more favorable regulatory environment in the U.S. Policymakers are working on comprehensive crypto legislation expected by August 2025. Recent signals from the SEC suggest easing restrictions, which could open the doors for crypto options trading in the U.S.
The acquisition of Deribit strategically strengthens Coinbase's position in the rapidly growing crypto options sector while highlighting regulatory changes in the cryptocurrency market.
