Coinbase has announced the acquisition of Deribit, a major crypto derivatives exchange, for approximately $2.9 billion. The deal is comprised of $700 million in cash from Coinbase's balance sheet and 11 million shares of its Class A common stock, with the transaction expected to close by the end of the year. This represents the largest M&A in crypto history.

Deribit reported $1.1 trillion in options trading volume and $400 million in earnings in 2024. Derivatives account for 70% of all crypto trading activity, and the acquisition is expected to offer customers a unified platform for spot, options, and futures trading.

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