22-3-2025 – Industry giant Coinbase is reportedly engaged in advanced negotiations to acquire Deribit, the prominent derivatives exchange, amidst a flourishing digital assets market buoyed by the relaxed regulatory environment under the Trump administration.
The prospective merger, which could reshape the competitive dynamics of digital asset trading, has already prompted formal notifications to Dubai’s regulatory authorities, where Deribit maintains its operational licence. Market analysts suggest the deal could command a valuation between $4 billion to $5 billion, echoing earlier speculation when Kraken had expressed interest in acquiring the derivatives platform.
The potential acquisition marks a strategic pivot for Coinbase, traditionally recognised for its spot trading dominance in the American market. Should the deal materialise, it would grant Coinbase access to Deribit’s remarkably successful derivatives operation, which witnessed an impressive surge in trading activity, processing nearly $1.2 trillion in transactions throughout 2024—marking a twofold increase from the previous year’s figures.
This development follows closely on the heels of another significant market consolidation, as rival exchange Kraken recently strengthened its derivatives capabilities through a $1.5 billion acquisition of Ninja Trader. These strategic manoeuvres suggest an intensifying race amongst major cryptocurrency exchanges to diversify their service offerings and capture larger market share in the increasingly lucrative derivatives sector.
