Coinbase to buy derivatives exchange Deribit in a $2.9 billion deal

Coinbase , the largest publicly traded cryptocurrency exchange, said on Thursday it will buy derivatives exchange Deribit for $2.9 billion. The deal coincides with U.S. President Donald Trump's advocacy for the digital asset and his pledge to establish America as the global center of cryptocurrency. That has prompted several crypto-related firms to explore mergers and acquisitions to expand increase their user base. The deal consists of $700 million in cash and 11 million shares of Coinbase Class A common stock, Coinbase said in a blog post. For Coinbase, the deal is a push into the highly profitable crypto derivatives market and will help provide traders access to spot, futures and options trading. "Together with Coinbase, we're set to shape the future of the global crypto derivatives market," Deribit CEO Luuk Strijers said. Shares of Coinbase, which have lost nearly 21% in 2025 as of last close, jumped 5.2% in trading before the bell. Kraken, another cryptocurrency exchange, had said in March it would buy retail futures trading platform NinjaTrader for $1.5 billion.