There are buyouts that make more noise than others. He caused a shock wave in the crypto ecosystem: Coinbase announces the redemption of Deribit for 2.9 billion dollars, confirming his desire to impose his domination in the world market for digital derivative products. A colossal operation mixing cash, international actions and ambitions.
Concretely, the agreement includes $ 700 million in cash and 11 million Coinbase shares. It will allow the American Exchange to integrate the most powerful platform in the world for the trading of options on Bitcoin and Ethereum, with more than $ 1,000 billion exchanged in 2024, despite a globally lower market.
Coinbase is positioned as a leader in Crypto options
Behind this acquisition, a clear strategy: take control of a segment still largely dominated by Binance and Okx, that of Crypto derivatives. So far, Coinbase was mostly shone on the Spot market, but struggled to capture the institutional volumes linked to complex contracts such as options or future.
With Deribit, the jump is huge. Founded in 2016 in Dubai, the platform alone concentrated $ 743 billion in notional volume of options in 2024, an increase of 99 % over one year. It also held nearly $ 30 billion in open interests. It is not an actor, it is a fortress.
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“This operation makes us the most complete actor in the sector,” said Greg TUSAR, vice-president of institutional products at Coinbase. Exchange now becomes able to offer its customers a one -stop shop: spot, future, perpetual and options, in a single interface.
A takeover that targets global institutional investors
The interest of this acquisition goes far beyond volumes. It opens in Coinbase the doors of the offshore market, still very little regulated, where a number of non -American professional investors are located. Deribit, recently dismissed by the Virtual Assets Regulatory Authority (VARA) of Dubai, already has the authorizations necessary to operate with this clientele.
For Coinbase, it is also a direct response to the giants Binance and OKX, who remain leaders on the derivative markets. By buying a profitable business with a solid positive history, the American group finally diversifies its income, too long dependent on cash trading alone.
Luuk Strijers, CEO of Deribit, does not hide its enthusiasm: “This alliance will redefine the future of Crypto derivatives on a global scale. »»
A bet at 2.9 billion before the arrival of the regulation
If the acquisition is still subject to the approval of the authorities and should not be finalized until the end of the year, it marks a strategic turning point. Coinbase here anticipates a probable global regulation of digital derivative products. By consolidating her position now, she hopes to lock her advance and fix the rules of the game to come.
This acquisition is part of a series of targeted movements: after Xapo, Tagomi, Fairx or One River, Deribit represents a completely different caliber, both by its size and by its ability to transform the place of Coinbase in the global crypto ecosystem.
The scholarship was not mistaken. On the day of the announcement, the title Coinbase closed up 5.06 %, to 206.50 dollars, before giving in slightly to 200.98 dollars after the session. A measured, but revealing reaction: investors see in this deal a real bet on the future of the sector.
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