Currently, Deribit’s total open contracts amount to approximately $30 billion. This strategic acquisition is expected to significantly expand Coinbase’s derivatives business and further solidify its leadership position as a cryptocurrency trading platform.
The announcement states that Coinbase will complete this transaction for approximately $2.9 billion, which includes $700 million in cash and 11 million shares of Coinbase Class A common stock. The transaction amount will be subject to final adjustments. This transaction is still pending approval from regulatory authorities and other customary closing conditions, with the completion of the deal expected by the end of this year.
Deribit’s robust options platform will complement Coinbase’s existing futures and perpetual contract offerings, marking a critical step towards Coinbase’s goal of integrating spot, futures, perpetual, and options trading into a comprehensive trading platform.
This acquisition is expected to immediately enhance Coinbase’s profitability and strengthen the diversity and resilience of its trading revenue. Compared to the spot market, options revenue is more resilient to market volatility, as traders utilize options for risk management in both bullish and bearish market conditions.
Deribit has consistently maintained strong adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) performance, with continued growth anticipated post-merger.
Deribit CEO Luuk Strijers expressed excitement about the merger, believing that partnering with Coinbase will accelerate the foundation they have built over the years and provide traders with more opportunities and product choices, covering markets such as spot, futures, perpetual contracts, and options.
