Coinbase is reportedly in “advanced talks” to acquire crypto derivatives exchange Deribit, according to Bloomberg sources.
The deal has the potential to supercharge its expansion into options trading and intensify its rivalry with US competitors Robinhood and Kraken
Deribit — licensed in Dubai and the largest platform globally for Bitcoin and Ether options — could be valued between $4 billion and $5 billion.
An acquisition would mark Coinbase’s most aggressive push yet into derivatives, an increasingly lucrative segment of the market.
Deribit processed nearly $1.2 trillion in volume last year, showing that there is high demand for advanced trading products like options and futures.
Coinbase has long dominated US spot markets, but Robinhood’s $200 million acquisition of Bitstamp, announced last June, includes plans to roll out staking, stablecoins, and more tokens.
Bitstamp lists about 100 tokens and has deep ties to institutional players, positioning Robinhood to enter the international derivatives and staking arena.
While Robinhood has received praise for its rapid product development, Coinbase is benefitting from surging trading volumes and tailwinds from pro-crypto US policy.
“Coinbase remains the dominant platform to ride the tailwinds,” Bernstein recently wrote, adding that perpetual futures and other new trading products could soon gain US approval.
Kraken, meanwhile, has taken a different route — acquiring traditional futures broker NinjaTrader in a $1.5 billion deal announced on Thursday.
The purchase gives Kraken a CFTC-registered license and opens the door to offering crypto futures in the US.
Kyle Baird is DL News’ Weekend Editor. Got a tip? Email at kbaird@dlnews.com.
