In the largest deal in the crypto industry’s history, Coinbase has announced its acquisition of the derivatives exchange Deribit in a $2.9 billion deal. This strategic move marks Coinbase’s expansion into the growing crypto options markets, a significant step as it looks to solidify its position as a global player in the crypto derivatives space.
The deal includes $700 million in cash along with 11 million shares of Coinbase, according to a blog post from the company.
“This acquisition is not just a simple addition, but a cornerstone of our vision to build the most comprehensive, compliant, and user-friendly derivatives platform worldwide,” the blog post reads. “We are excited for the future and look forward to welcoming Deribit into the Coinbase family as we shape the next phase of the crypto market together.”
A Bold Step in Crypto M&A Activity
The acquisition of Deribit is the latest in a series of high-profile mergers and acquisitions (M&A) in the crypto space. While deal volume in the industry has remained relatively small, the size of transactions is on the rise, fueled by a renewed optimism in the market following President Donald Trump’s reelection, with many speculating that crypto regulations will ease.
Earlier in the month, Ripple, a crypto payment firm, announced it would acquire brokerage house Hidden Road for $1.25 billion. This follows the U.S. Securities and Exchange Commission (SEC) dropping its case against Ripple in March, which had accused the company of conducting an illegal securities offering.
In another major deal, cryptocurrency exchange Kraken revealed its plans to acquire retail futures trading platform NinjaTrader for $1.5 billion in March. These moves highlight the increasing activity in the crypto space, particularly in the acquisition of companies that can bolster market reach and operational capabilities.
In addition to these M&A activities, venture capital funding in the crypto and blockchain sectors is surging. In Q1 2025, venture funding reached $3.8 billion across 220 deals, a massive 138% increase from the $1.6 billion raised in the previous quarter. The rise in funding reflects investor confidence in Web3 startups and blockchain-based businesses.
However, a significant portion of the funding in Q1 came from Binance’s $2 billion investment from the Abu Dhabi-based MGX, which remains the single-largest investment into a crypto company to date.
