Crypto exchange Coinbase (COIN) Global will purchase Dubai-based Deribit, the world’s largest trading platform for Bitcoin and Ether options, for approximately $2.9 billion — in Bitcoin.
Coinbase announced the news on its website, noting that the $2.9 billion will consist of $700 million in cash as well as 11 million shares of Coinbase Class A common stock, “subject to customary purchase price adjustments.”
Both companies lauded the transaction.
“We’re excited to join forces with Coinbase to power a new era in global crypto derivatives,” said Deribit chief executive Luuk Strijers in a prepared statement. The CEO went on to say that the deal will “accelerate the foundation we laid while providing traders with even more opportunities across spot, futures, perpetuals, and options – all under one trusted brand.”
For its part, Coinbase pointed to several “synergies” that will be achieved through the transaction — if regulators let the deal through.
“Deribit’s robust options platform complements Coinbase’s rapidly growing US futures and international perpetual futures businesses, completing our derivatives offering. This is an important step toward our goal of providing traders access to spot, futures, perpetual futures, and options trading,” Coinbase noted in a press release.
The deal comes as some lawmakers examine crypto with heightened scrutiny, while the Trump family cashes in on the sector.
“I promised to make America the world’s Bitcoin superpower and the planet’s crypto capital. And we’re taking historic action to deliver on that promise,” President Donald Trump said at the White House’s Digital Assets Summit in March.