Dubai – Sharikat Mubasher: Coinbase agreed to acquire Dubai-based Deribit, one of the world’s leading crypto derivatives exchanges, in a landmark $2.9 billion deal, marking the largest acquisition in crypto industry history.

The transaction includes $700 million in cash and 11 million shares of Coinbase Class A stock, and is expected to close by year-end. Following the announcement, Coinbase shares rose over 5%, according to a recent press release.

With Deribit handling more than $1 trillion in trading volume last year and $30 billion in current open interest, the deal significantly boosts Coinbase’s presence in the global derivatives market. While Coinbase dominates crypto trading in the U.S., it has a smaller international footprint, an area where Deribit’s platform could offer a strategic edge.

Greg Tusar, Coinbase’s vice president of institutional product, said the acquisition was a major milestone in the company’s international expansion and would help diversify revenue while enhancing profitability. He noted that Deribit had a consistent track record of generating positive adjusted EBITDA, and Coinbase believed that this would grow further after the merger.

Luuk Strijers, Deribit CEO, stated that the acquisition would accelerate the company’s progress and offer traders more opportunities across spot, futures, perpetuals, and options, all under the Coinbase brand. He emphasized that Deribit had built a strong, profitable business and looked forward to shaping the future of global crypto derivatives together with Coinbase.

The deal comes amid a surge in crypto M&A activity, driven by increased regulatory support in the U.S. Coinbase, which held $8.5 billion in cash as of 31 December, structured the acquisition as a cash-and-stock transaction, allowing flexibility for additional deals in the near future.