Coinbase has officially announced its acquisition of Deribit, a leading crypto derivatives exchange, in a blockbuster $2.9 billion deal aimed at accelerating its international growth and entry into the booming derivatives sector. The deal, revealed on May 8, includes $700 million in cash and 11 million shares of Coinbase Class A stock and is expected to close by the end of 2025, pending regulatory approvals.

This strategic move positions Coinbase to compete more aggressively in the global crypto trading space by adding futures, perpetuals, and options under its umbrella. Coinbase Vice President Greg Tusar highlighted that the acquisition marks the company’s most significant push into international markets, citing Deribit’s professional client base and strong global presence.

Deribit, which has been operational since 2014, confirmed that founders John and Marius Jansen will step down after the deal is finalized. CEO Luuk Strijers emphasized that the acquisition will strengthen Deribit’s foundation and bring advanced trading opportunities to users worldwide.

Despite the pending transition, Deribit will continue operating as usual with no immediate changes. However, once integrated, the platforms aim to improve onboarding, fiat services, and capital efficiency for institutional and retail traders alike.

This acquisition follows reports that both firms notified Dubai regulators about the potential transaction, since Deribit holds a key license in the region. Prior estimates valued Deribit at up to $5 billion, underscoring the scale of Coinbase’s expansion.

Coinbase’s move follows rival Kraken’s $1.5 billion acquisition of derivatives platform NinjaTrader, signaling a new wave of consolidation among major crypto exchanges racing to capture the lucrative derivatives market.