Coinbase has agreed to acquire Deribit, a bitcoin (BTC) and ether (ETH) options platform, for $2.9 billion, marking its entry into the crypto derivatives market in the U.S. The deal includes $700 million in cash and 11 million shares of Coinbase Class A common stock. This acquisition aims to give Coinbase a dominant position in the derivatives space as institutional adoption of digital assets increases, according to Benchmark analyst Mark Palmer.

Founded in 2016, Deribit has gained significant market share in digital asset options trading, processing $1.2 trillion in volume in 2024, a 95% year-over-year increase. The acquisition allows Coinbase to expand its crypto options offerings to international clients and gain a foothold in non-U.S. markets, especially in Asia and Europe, where leverage trading is more common, according to US Tiger Securities analyst Bo Pei.

The move underscores a wider trend among crypto firms to expand their institutional investor base while also catering to retail traders. Options are valuable for hedging, providing stability during periods of volatility. Coinbase already offers crypto futures to its U.S. and international customers and achieved record market share in consumer and institutional derivatives volume in the last quarter.

Daiwa Securities analyst Steven Nie noted that if the U.S. legalizes crypto options trading, Coinbase will be ready to offer these services to U.S. clients, significantly boosting revenue. This deal aligns with U.S. President Donald Trump's support for digital assets and his goal to make America the global center of cryptocurrency.

Other crypto-related firms are also making strategic acquisitions. Ripple recently acquired multi-asset prime broker Hidden Road for $1.25 billion. Kraken purchased U.S. futures platform NinjaTrader for $1.5 billion to compete with Coinbase in offering futures and derivatives in the U.S. Bo Pei anticipates further consolidations in the crypto market led by U.S. firms.

Executives from Coinbase and Deribit told The Wall Street Journal that the acquisition price is roughly $2.9 billion. Coinbase's stock jumped 5.7% following the announcement, despite having lost nearly 21% of its value in 2025.