Coinbase’s $2.9B Deribit Takeover Reshapes Crypto Derivatives Landscape, Threatens Binance’s Reign
Coinbase (COIN) is making waves with its $2.9 billion acquisition of Deribit, a move that firmly positions the U.S.-based exchange as a dominant force in the global crypto derivatives market and a formidable challenger to Binance, according to Wall Street analysts.
Far more than a routine expansion, the acquisition marks a structural shift in the digital asset industry. Analysts see it as the beginning of a broader consolidation trend, where smaller platforms struggle to compete and traditional finance institutions deepen their crypto ambitions.
With Deribit commanding roughly 85% of global crypto options volume and clocking in $1.2 trillion in trading activity last year, the deal instantly vaults Coinbase to the top of the crypto derivatives sector by open interest and options market share, KeyBanc noted in a client report.
Beyond market share, the acquisition significantly boosts Coinbase’s international exposure. Just 20% of its revenue currently comes from non-U.S. markets, but Deribit’s overseas user base fills that void, said Barclays analyst Benjamin Buddish.
Oppenheimer described the acquisition as a “credible threat” to Binance and other major players, highlighting Coinbase’s unique advantage as a publicly traded firm. Unlike most competitors, Coinbase could leverage its stock for the purchase and still has a sizable $8.5 billion cash war chest to fund further strategic moves.
Barclays estimates Deribit generated between $425 million and $450 million in revenue in 2024—making the unit a strong earnings contributor even before post-deal synergies. The consistent volume in options markets, regardless of broader volatility, adds to the appeal.
KeyBanc emphasized the complementary nature of the deal: Deribit’s strong institutional base and global reach align neatly with Coinbase’s ambitions across futures and spot trading.
While the transaction is still awaiting regulatory clearance, further updates are expected during Coinbase’s Q1 earnings call on Thursday.
Coinbase shares climbed 6.58% on the news, while bitcoin (BTC) rose 4.31%, reflecting renewed optimism from traders and investors alike.
