Coinbase, the biggest crypto exchange in the US, is reportedly having acquisition talks with derivatives platform Deribit.

Citing people familiar with the matter, Bloomberg reports that Coinbase is in advanced discussions with Deribit to acquire the firm.

Deribit is currently the largest centralized trading platform for Bitcoin (BTC) and Ethereum (ETH) options contracts by volume.

Both companies have notified regulators in Dubai where Deribit holds a license. The license would be taken over by whichever company acquires the trading platform.

Financial details of the deal – which may not go through – haven’t been determined, but Bloomberg reported earlier this year that Deribit could be valued between $4 and $5 billion.

Both companies declined to comment, and Bloomberg’s sources asked not to be identified due to the confidential nature of the discussions.

In a similar move, Kraken, the second-largest crypto exchange in the US, acquired futures trading platform NinjaTrader

NinjaTrader, which was founded in 2003, provides services for nearly two million traders and is a Commodity Futures Trading Commission (CFTC)-registered Futures Commission Merchant (FCM).

Kraken says the deal represents the largest ever between traditional finance and crypto.

Kraken co-CEO Arjun Sethi said,

“Traditional markets run on post-WWII, 1950s banking systems, exchanges that close at 4 p.m. ET and settlement delays that take days to resolve. Crypto rails fixed these issues, operating with efficient and real-time infrastructure.

But legacy finance and crypto have remained separate ecosystems, until today. This transaction is the first step in our vision of an institutional-grade trading platform where any asset can be traded, anytime.”

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Coinbase is in advanced negotiations to acquire the crypto derivatives platform Deribit, Bloomberg News reported on March 21, citing people familiar with the matter.

The parties have reportedly notified Dubai regulators about the ongoing discussions since Deribit holds a license in the jurisdiction that would transfer to any acquiring entity. 

Sources told the newswire that the talks are at an advanced stage, but it’s unclear if the discussions will result in a finalized agreement. 

Coinbase and Deribit declined to comment on the matter.

According to Kaiko data, Deribit is currently the world’s largest options exchange for Bitcoin (BTC) and Ethereum (ETH), while Coinbase remains the top US-based crypto trading platform by volume.

A previous Bloomberg report noted that Deribit was valued at between $4 billion and $5 billion In January, while Coinbase’s enterprise value surpassed $43 billion, according to Yahoo Finance data.

Notably, the reported talks follow Kraken’s acquisition of NinjaTrader for $1.5 billion.

Strategic expansion into derivatives

The derivatives market is an important avenue in crypto, as traders use it to hedge risk and leverage their exposure to assets.

As of press time, BTC’s spot daily trading volume was nearly $3 billion. Meanwhile, its derivatives daily trading volume is close to $70 billion per Coinglass data, over 23 times the spot amount.

Deribit is a key player in this market, processing nearly $1.2 trillion in trading volume last year across options, futures, and spot markets.

The deal would position Coinbase properly in the crypto derivatives space. Despite the exchange launching a Bermuda-based derivatives venue in 2023, its operations have primarily focused on spot trading markets, particularly within the US.

Favorable regulatory winds

Recently, venture capital partners highlighted during The Tie’s InnovateDenver Conference that mergers and acquisitions in crypto would pick up the pace in 2025.

The changing regulatory crypto landscape in the US, which has drastically shifted since President Donald Trump returned to the White House for a second term, is boosting this movement.

Notable differences are the US Securities and Exchange Commission (SEC) terminating 12 investigations and lawsuits against crypto firms as of March 21, the removal of Tornado Cash from the US sanctions list, efforts to stop debanking of crypto companies, and clarity about proof-of-work mining activities being exempt from securities law.

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Coinbase has reportedly entered advanced discussions to acquire Deribit, the world’s largest crypto options exchange for Bitcoin and Ether, Bloomberg reported Friday, citing sources familiar with the matter.

The companies notified regulators in Dubai about the discussions, as Deribit holds a license there, which would be transferred to any acquirer, Bloomberg reported.

Coinbase and Deribit in Merger Talks, Dubai Regulators Notified

Deribit, valued between $4 billion and $5 billion in January, has been exploring acquisition opportunities after drawing interest from potential buyers.

Bloomberg previously reported that the exchange had hired a financial adviser to evaluate its options.

While Kraken was also rumored to be considering an acquisition, a source told Bloomberg that no discussions had taken place between the two parties.

Sources indicated that Coinbase and Deribit have not finalized any agreement, and discussions could still fall through. Neither company has publicly commented on the matter.

The potential acquisition highlights Coinbase’s broader focus on expanding its derivatives offerings amid shifting market dynamics.

Deribit leads crypto options trading, a market segment that has expanded rapidly in recent years as institutional investors seek exposure to digital assets through derivatives.

Its acquisition would allow Coinbase to strengthen its footprint in this fast-growing segment.

Coinbase, the largest U.S.-based crypto exchange, has been growing its presence in the derivatives space as part of its broader strategy.

If completed, the acquisition would bolster Coinbase’s position in the crypto derivatives market as demand for regulated platforms increases.

Coinbase Derivatives Expansion Includes ADA, Natural Gas Futures Amid Deribit Talks

As Coinbase explores acquiring crypto options exchange Deribit, the company is also advancing its derivatives strategy, seeking regulatory approval for new futures contracts.

On March 15, Coinbase Derivatives filed with the U.S. Commodity Futures Trading Commission (CFTC) to self-certify futures for Cardano (ADA) and Natural Gas (NGS), signaling a broader push into both crypto and traditional commodities.

If the CFTC raises no objections, trading could begin as early as March 31. This move follows the recent launch of Solana (SOL) and Hedera (HBAR) futures.

Coinbase’s introduction of Cardano futures offers traders exposure to ADA’s price movements without holding the asset itself.

Cardano, known for its scalable and energy-efficient blockchain, has seen growing adoption in DeFi and enterprise use cases. Following the announcement, ADA rose 2%, hitting $0.75, according to CoinGecko.

Beyond crypto assets, Coinbase is also diversifying its offerings. The introduction of Natural Gas futures marks Coinbase’s first venture into the energy sector, positioning it as a competitor to traditional futures exchanges.

Natural gas’s importance in global markets could attract institutional traders beyond crypto.

Beyond its latest futures filings, Coinbase is set to launch 24/7 Bitcoin and Ethereum perpetual futures in the U.S., aligning domestic markets with global trading standards.

Crypto derivatives account for 75% of global trading volumes, and Coinbase’s expansion seeks to attract more of this activity to U.S. markets while staying compliant with CFTC regulations.

Coinbase ranks as the largest Ethereum staking operator, holding 11.42% of staked ETH.

With 3.84 million ETH staked and near-perfect validator uptime, the exchange continues strengthening its influence across trading and staking sectors.

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The post Coinbase in Talks to Acquire Crypto Options Exchange Deribit: Bloomberg appeared first on Cryptonews.