Coinbase has announced that it will acquire Deribit, the world’s largest crypto options platform, for approximately $2.9 billion. The deal is being viewed through the lens of a 6.9 times price-to-sales ratio, according to the source item, and is designed to help Coinbase bring spot, futures and options trading into a more unified crypto asset trading ecosystem.
Deribit is a central asset in this transaction because it holds more than 80% of the crypto options market and has recorded $1 trillion in trading volume. As the largest platform in the crypto options segment, Deribit gives Coinbase a direct path to strengthen its derivatives business while adding a major options trading venue to its existing trading operations.
For Coinbase, the acquisition is aimed at more than simply adding another product category. By combining spot, futures and options businesses, Coinbase expects the transaction to enhance its profitability and market position, while also supporting the global expansion of its derivatives operations and its broader one-stop crypto trading ecosystem.