Coinbase to Acquire Deribit in $2.9B Deal, Becoming Leading Global Crypto Derivatives Platform

By: bitcoin ethereum news|2025/05/08 22:15:02
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Coinbase has announced a definitive agreement to acquire Deribit, the world’s largest crypto options exchange by open interest, in a landmark $2.9 billion transaction. This move positions Coinbase as the premier global platform for crypto derivatives, combining spot, futures, perpetuals, and options under a unified, institutional-grade infrastructure. Consolidating Market Leadership in Crypto Derivatives Deribit currently manages $30 billion in open interest and facilitated over $1 trillion in trading volume last year across key international markets. Known for its dominance in crypto options trading, Deribit adds immediate scale to Coinbase’s expanding futures and perpetuals businesses in the U.S. and abroad. The acquisition allows Coinbase to become the largest player globally in crypto derivatives, tapping into the rapidly growing options market that many compare to the early stages of the equity options boom in the 1990s. A Profitable, Diversified Revenue Stream Deribit brings with it a strong profitability track record, with consistent positive adjusted EBITDA, and offers non-cyclical trading revenues that complement Coinbase’s existing business. Options trading typically retains volume in both bullish and bearish markets, helping Coinbase build a durable, diversified revenue base. The acquisition also deepens Coinbase’s foothold in international markets, enhancing its ability to serve institutional and advanced retail traders with a full suite of products across major jurisdictions. Combined Offering Sets New Industry Standard With Deribit integrated, Coinbase aims to deliver a capital-efficient, seamless trading experience , spanning: Spot trading (Coinbase Exchange) Futures and perpetual futures (Coinbase Derivatives Exchange and International Exchange) Options trading (via Deribit) Deribit CEO Luuk Strijers praised the merger: “Joining forces with Coinbase will allow us to accelerate our mission while expanding opportunities for traders worldwide. Together, we’re positioned to define the future of global crypto derivatives.” Deal Terms and Regulatory Approval The $2.9 billion transaction consists of $700 million in cash and 11 million shares of Coinbase Class A common stock, subject to customary adjustments. The deal is pending regulatory approvals and is expected to close by the end of 2025. A Continuation of Coinbase’s Strategic M&A Legacy This acquisition continues Coinbase’s pattern of high-impact M&A activity: Xapo (2019) → Coinbase Custody Tagomi (2020) → Coinbase Prime FairX (2022) → Coinbase Derivatives Exchange One River Digital (2023) → Coinbase Asset Management With Deribit, Coinbase further solidifies its role as the global leader in institutional crypto infrastructure, offering comprehensive trading and custody services under one trusted brand. Reporter at Coindoo Kosta has been a part of the team since 2021 and has solidified his position with a thirst for knowledge, incredible dedication to his work and a “detective-like” mindset. He not only covers a wide range of trending topics, he also creates reviews, PR articles and educational content. His work has also been referenced by other news outlets. Related stories Next article !function(f,b,e,v,n,t,s){if(f.fbq)return;n=f.fbq=function(){n.callMethod?n.callMethod.apply(n,arguments):n.queue.push(arguments)};if(!f._fbq)f._fbq=n;n.push=n;n.loaded=!0;n.version='2.0';n.queue=[];t=b.createElement(e);t.async=!0;t.src=v;s=b.getElementsByTagName(e)[0];s.parentNode.insertBefore(t,s)}(window,document,'script','https://connect.facebook.net/en_US/fbevents.js');fbq('init','1188189499475368');fbq('track','PageView'); Source: https://coindoo.com/coinbase-to-acquire-deribit-in-2-9b-deal-becoming-leading-global-crypto-derivatives-platform/

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Mixin has launched USTD-margined perpetual contracts, bringing derivative trading into the chat scene.

The privacy-focused crypto wallet Mixin announced today the launch of its U-based perpetual contract (a derivative priced in USDT). Unlike traditional exchanges, Mixin has taken a new approach by "liberating" derivative trading from isolated matching engines and embedding it into the instant messaging environment.


Users can directly open positions within the app with leverage of up to 200x, while sharing positions, discussing strategies, and copy trading within private communities. Trading, social interaction, and asset management are integrated into the same interface.


Simplified Trading Experience: No KYC Required, Opening a Position in Five Steps


Based on its non-custodial architecture, Mixin has eliminated friction from the traditional onboarding process, allowing users to participate in perpetual contract trading without identity verification.


The trading process has been streamlined into five steps:

· Choose the trading asset

· Select long or short

· Input position size and leverage

· Confirm order details

· Confirm and open the position


The interface provides real-time visualization of price, position, and profit and loss (PnL), allowing users to complete trades without switching between multiple modules.


Social-Native Trading: Strategy and Execution Completed in the Same Context


Mixin has directly integrated social features into the derivative trading environment. Users can create private trading communities and interact around real-time positions:

· End-to-end encrypted private groups supporting up to 1024 members

· End-to-end encrypted voice communication

· One-click position sharing

· One-click trade copying


On the execution side, Mixin aggregates liquidity from multiple sources and accesses decentralized protocol and external market liquidity through a unified trading interface.


By combining social interaction with trade execution, Mixin enables users to collaborate, share, and execute trading strategies instantly within the same environment.


Referral Mechanism: Non-institutional users can receive up to 60% fee split


Mixin has also introduced a referral incentive system based on trading behavior:

· Users can join with an invite code

· Up to 60% of trading fees as referral rewards

· Incentive mechanism designed for long-term, sustainable earnings


This model aims to drive user-driven network expansion and organic growth.


Self-Custody Architecture and Built-in Privacy Mechanism


Mixin's derivative transactions are built on top of its existing self-custody wallet infrastructure, with core features including:


· Separation of transaction account and asset storage

· User full control over assets

· Platform does not custody user funds

· Built-in privacy mechanisms to reduce data exposure


The system aims to strike a balance between transaction efficiency, asset security, and privacy protection.


A New Path for On-Chain Derivatives


Against the background of perpetual contracts becoming a mainstream trading tool, Mixin is exploring a different development direction by lowering barriers, enhancing social and privacy attributes.


The platform does not only view transactions as execution actions but positions them as a networked activity: transactions have social attributes, strategies can be shared, and relationships between individuals also become part of the financial system.


Regulatory Background


Mixin's design is based on a user-initiated, user-controlled model. The platform neither custodies assets nor executes transactions on behalf of users.


This model aligns with a statement issued by the U.S. Securities and Exchange Commission (SEC) on April 13, 2026, titled "Staff Statement on Whether Partial User Interface Used in Preparing Cryptocurrency Securities Transactions May Require Broker-Dealer Registration."


The statement indicates that, under the premise where transactions are entirely initiated and controlled by users, non-custodial service providers that offer neutral interfaces may not need to register as broker-dealers or exchanges.


About Mixin


Mixin is a decentralized, self-custodial privacy wallet designed to provide secure and efficient digital asset management services.


Its core capabilities include:

· Aggregation: integrating multi-chain assets and routing between different transaction paths to simplify user operations

· High liquidity access: connecting to various liquidity sources, including decentralized protocols and external markets

· Decentralization: achieving full user control over assets without relying on custodial intermediaries

· Privacy protection: safeguarding assets and data through MPC, CryptoNote, and end-to-end encrypted communication


Mixin has been in operation for over 8 years, supporting over 40 blockchains and more than 10,000 assets, with a global user base exceeding 10 million and an on-chain self-custodied asset scale of over $1 billion.


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