Coinbase has reportedly agreed to acquire crypto derivatives platform Deribit in a deal valued at approximately $2.9 billion.

The agreement, which includes a mix of cash and Coinbase stock, would mark the largest acquisition in the company’s history.

According to the Wall Street Journal, negotiations have reached the final stages following months of discussions. Coinbase aims to cement its position in crypto derivatives, a fast-expanding sector responsible for the majority of daily global crypto trading volumes.

Deribit processed about $1.2 trillion in total volume during 2024.

Deribit’s Dubai-based entity holds a full license from the Virtual Assets Regulatory Authority (VARA), obtained in late 2024 after migrating operations from Panama. The license grants the company legal standing to offer crypto derivatives trading to institutional and qualified investors. Any acquisition would require regulatory approval to transfer the license to Coinbase, adding complexity to the transaction.

Coinbase has steadily expanded into derivatives over the past three years. After acquiring FairX to offer CFTC-regulated futures products in the United States, it launched Coinbase International Exchange to enable perpetual futures trading outside its domestic market. Buying Deribit would fast-track efforts to scale its global derivatives footprint, which still lags offshore rivals.

In March, Bloomberg reported that Coinbase is pursuing the deal amid renewed optimism surrounding crypto regulation in the United States.

Political signals from Washington promote a friendlier environment, with derivatives exchanges seeking to capitalize on potential regulatory clarity. Competitors like Kraken have moved similarly, agreeing to acquire futures broker NinjaTrader for $1.5 billion earlier this year.

Deribit CEO Luuk Strijers said in January the exchange had not been formally put up for sale, but noted interest from multiple parties due to its market-leading status. As of May, sources indicate terms have largely been agreed upon, though final regulatory steps remain before the deal can close.

Pending approval, the Deribit acquisition would provide Coinbase with an established engine for derivatives liquidity and access to a licensed offshore exchange catering to professional investors.

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