Coinbase reportedly in advanced talks to acquire crypto derivatives exchange Deribit

Coinbase is in advanced negotiations to acquire the crypto derivatives platform Deribit, Bloomberg News reported on March 21, citing people familiar with the matter.

The parties have reportedly notified Dubai regulators about the ongoing discussions since Deribit holds a license in the jurisdiction that would transfer to any acquiring entity. 

Sources told the newswire that the talks are at an advanced stage, but it’s unclear if the discussions will result in a finalized agreement. 

Coinbase and Deribit declined to comment on the matter.

According to Kaiko data, Deribit is currently the world’s largest options exchange for Bitcoin (BTC) and Ethereum (ETH), while Coinbase remains the top US-based crypto trading platform by volume.

A previous Bloomberg report noted that Deribit was valued at between $4 billion and $5 billion In January, while Coinbase’s enterprise value surpassed $43 billion, according to Yahoo Finance data.

Notably, the reported talks follow Kraken’s acquisition of NinjaTrader for $1.5 billion.

Strategic expansion into derivatives

The derivatives market is an important avenue in crypto, as traders use it to hedge risk and leverage their exposure to assets.

As of press time, BTC’s spot daily trading volume was nearly $3 billion. Meanwhile, its derivatives daily trading volume is close to $70 billion per Coinglass data, over 23 times the spot amount.

Deribit is a key player in this market, processing nearly $1.2 trillion in trading volume last year across options, futures, and spot markets.

The deal would position Coinbase properly in the crypto derivatives space. Despite the exchange launching a Bermuda-based derivatives venue in 2023, its operations have primarily focused on spot trading markets, particularly within the US.

Favorable regulatory winds

Recently, venture capital partners highlighted during The Tie’s InnovateDenver Conference that mergers and acquisitions in crypto would pick up the pace in 2025.

The changing regulatory crypto landscape in the US, which has drastically shifted since President Donald Trump returned to the White House for a second term, is boosting this movement.

Notable differences are the US Securities and Exchange Commission (SEC) terminating 12 investigations and lawsuits against crypto firms as of March 21, the removal of Tornado Cash from the US sanctions list, efforts to stop debanking of crypto companies, and clarity about proof-of-work mining activities being exempt from securities law.

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