Coinbase’s Bold $2.9B Move for Deribit Seen as Direct Threat to Industry Peers

Coinbase’s $2.9B Deribit Acquisition Redefines Crypto Derivatives Market

Coinbase (COIN) has announced a landmark $2.9 billion acquisition of Deribit, catapulting the U.S. exchange into a leadership role in the global crypto derivatives space and positioning it as a serious competitor to Binance, according to analysts.

The deal, which grants Coinbase control over a platform that dominates 85% of the global crypto options market, represents a significant strategic pivot. Analysts say it may signal the start of an industry-wide shakeup, as well-capitalized players eye consolidation opportunities amid shifting market conditions.

Last year, Deribit processed $1.2 trillion in trading volume, and by absorbing it, Coinbase becomes the top derivatives player globally by open interest and options activity, KeyBanc said.

Barclays analyst Benjamin Buddish noted that Coinbase is also addressing a key growth weakness — its lack of international exposure. Currently, just 20% of Coinbase’s revenue comes from non-U.S. sources, but the Deribit deal could accelerate its global expansion.

Oppenheimer analysts called the move a “legitimate disruption,” underscoring how Coinbase’s public status enabled it to fund the acquisition with stock — a distinct advantage over private rivals. With $8.5 billion in cash reserves, Coinbase is well-positioned to pursue additional deals if consolidation momentum builds.

Options markets are valued for their consistent volume even during volatile periods. Barclays estimates Deribit will add between $425 million and $450 million in revenue annually, strengthening Coinbase’s earnings potential.

KeyBanc praised the acquisition’s strategic alignment, emphasizing Deribit’s institutional clientele and global reach as complementary to Coinbase’s current product suite.

While regulatory clearance is still required, more insights are expected during Coinbase’s Q1 earnings report. Despite expectations of an earnings miss, Coinbase shares climbed 6.58% on Thursday, and bitcoin advanced 4.31%, suggesting optimism about the exchange’s new direction.