Coinbase, the most important publicly traded cryptocurrency trade, mentioned on Thursday it should purchase derivatives trade Deribit in a $2.9 billion deal to broaden into the crypto choices markets.
The transfer underscores a push by crypto companies to widen their institutional investor base, whereas additionally catering to retail merchants who’re changing into extra subtle.
The Deribit acquisition provides Coinbase “a foothold in non-U.S. markets, particularly Asia and Europe, the place leverage buying and selling is extra prevalent,” mentioned Bo Pei, analyst at US Tiger Securities.
Crypto choices for worldwide purchasers
The cash-and-stock deal will enable Coinbase to supply crypto choices to its worldwide purchasers. Extensively used for hedging, choices could be a key supply of stability as their demand sometimes holds up throughout bouts of volatility.
Coinbase shares rebound after announcement
Shares of Coinbase, which have misplaced practically 21% of their worth in 2025, jumped 5.7%. The corporate already permits its U.S. and worldwide clients to commerce crypto futures.
The deal consists of $700 million in money and 11 million shares of Coinbase’s Class A typical inventory, the corporate mentioned in a weblog publish.
Though nonetheless early within the derivatives house, Coinbase reached report market share in its client and institutional derivatives quantity within the final quarter. It’s set to report its first-quarter earnings on Thursday after markets shut.
Potential US Market enlargement
“Ought to the U.S. legalize crypto choices buying and selling/perpetuals buying and selling domestically, Coinbase will likely be swift to supply these companies to US purchasers, bringing important income upside,” Daiwa Securities analyst Steven Nie mentioned.
The deal additionally coincides with U.S. President Donald Trump’s advocacy for digital property and his pledge to determine America as the worldwide heart of cryptocurrency.
Buoyed by the regulatory optimism, a number of crypto-related companies are clinching offers to extend their consumer base.
Ripple final month purchased purchase multi-asset prime dealer Hidden Highway in a $1.25 billion deal, in one of many largest offers within the crypto firm’s historical past.
“There will likely be extra consolidations within the crypto market led by U.S. companies,” Pei mentioned.
Kraken, one other cryptocurrency trade, had mentioned in March it could purchase retail futures buying and selling platform NinjaTrader for $1.5 billion.
