Emre Yumlu 
By acquiring Deribit, Coinbase could strengthen its global market share and leadership in the crypto derivatives market.
Coinbase in Advanced Talks to Acquire Deribit
Coinbase is in advanced talks to acquire cryptocurrency derivatives exchange Deribit. According to a March 21 report from Bloomberg, if the deal goes through, it would significantly strengthen Coinbase’s existing derivatives platform. Currently focused primarily on futures, Coinbase could become a leader in Bitcoin and Ethereum options trading by acquiring Deribit.
According to Bloomberg, Coinbase and Deribit have informed regulators in Dubai about the ongoing discussions. Deribit, which holds a license in Dubai, would need to transfer this license to Coinbase if the deal is finalized.
In January, Bloomberg reported that a potential deal could value Deribit between $4 billion and $5 billion. Deribit offers options, futures, and spot cryptocurrency trading. In 2023, its total trading volume reached approximately $1.2 trillion.
On March 20, competitor exchange Kraken announced plans to acquire NinjaTrader, a derivatives trading platform, for around $1.5 billion.
Crypto Derivatives Market Rapidly Growing
Cryptocurrency derivatives, such as futures and options, are gaining increasing popularity, especially in the U.S. Futures allow traders to buy or sell assets at a fixed price in the future, while options give traders the right to buy or sell an underlying asset at a predetermined price.
These derivative products are widely used by both retail and institutional investors for hedging and speculation purposes.
In December 2024, Coinbase reported that derivatives trading volumes surged by approximately 10,950% year-over-year. Coinbase lists derivatives tied to 92 different assets on its international exchange and offers a smaller number in the U.S..
In January, Robinhood launched cryptocurrency futures, increasing its competition with Coinbase.
In February, the world’s largest derivatives exchange, CME Group, announced an average daily trading volume of approximately $10 billion in crypto derivatives for the fourth quarter of 2024, marking an increase of over 300% compared to the previous year.
In February, Coinbase launched the first CFTC-regulated Solana futures in the U.S. and, in March, CME Group launched its own SOL futures contracts.
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