Coinbase, a leading U.S. spot exchange, is in advanced talks to acquire Deribit, a prominent global crypto derivatives exchange. The potential deal has been reported to Dubai regulators, where Deribit is licensed. Deribit’s valuation is estimated to be between $4 billion and $5 billion. This acquisition would mark Coinbase’s significant entry into the lucrative crypto derivatives market. In 2024, Deribit recorded a trading volume of nearly $1.2 trillion, almost double the previous year’s figure. Meanwhile, another U.S. crypto exchange, Kraken, recently expanded its derivatives business with a $1.5 billion acquisition of Ninja Trader.
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