Coinbase Goes Global with $2.9B Deribit Takeover, Igniting Industry Shakeup
Coinbase (COIN) is set to become the world’s largest crypto derivatives exchange following its $2.9 billion acquisition of Deribit — a deal analysts say reshapes the competitive landscape and signals a new era of consolidation in digital asset trading.
The purchase hands Coinbase control of a platform responsible for 85% of global crypto options activity, with $1.2 trillion in volume last year. The move positions Coinbase directly against Binance in the derivatives arena, long dominated by offshore players.
“This is more than an expansion — it’s Coinbase planting a global flag,” said KeyBanc in a Thursday note. With the acquisition, Coinbase leaps to the top of the leaderboard in open interest and options trading, marking a major pivot toward institutional-grade offerings.
The acquisition also helps Coinbase close its international revenue gap — only 20% of its income currently comes from overseas. Barclays analyst Benjamin Buddish called the global exposure “a missing puzzle piece now firmly in place.”
Oppenheimer analysts labeled the deal a “credible threat” to incumbents, noting Coinbase’s public listing and deep war chest ($8.5 billion in cash) gave it a clear edge in sealing the deal with equity — an option unavailable to many rivals.
Deribit’s stability through market cycles adds to the appeal. Barclays expects it to deliver $425M–$450M in 2024 revenue, boosting Coinbase’s bottom line and diversifying income away from spot trading.
According to KeyBanc, Deribit’s institutional-heavy client base and offshore reach are a “seamless fit” for Coinbase’s current roadmap in derivatives and beyond.
While regulatory hurdles remain, more clarity is expected in Coinbase’s Q1 earnings call. Shares of COIN were up 6.58% Thursday, while BTC rose 4.31%, showing investor support for the bold strategic move.
