Coinbase Global Inc. agreed to acquire Deribit, the world’s largest exchange for Bitcoin and Ether options, for $2.9 billion as the biggest US crypto exchange makes a push into the derivatives market.

Coinbase's (COIN) $2.9 billion acquisition of Deribit will be a tipping point for the company, pushing the U.S.-based exchange into direct competition with global heavyweights like Binance, Wall Street analysts wrote on Thursday.

The transaction – the crypto sphere’s largest of the year – positions Coinbase to boost its international foothold and diversify its trading revenue.

Coinbase shares skyrocketed 24% on Tuesday following news the cryptocurrency exchange will be added to the S&P 500. Monitor these key chart levels.

Coinbase has announced the strategic acquisition of crypto options exchange Deribit to “significantly advance” its derivatives business and provide spot, futures, and options under its umbrella.

Coinbase to acquire Deribit for $2.9B, expanding crypto derivatives reach across Dubai, Asia, and global institutional markets.

Wall Street analysts rerated Coinbase Global (COIN) after disappointing Q1 results. Rosenblatt maintained Buy, Needham lowered price target.

Coinbase Inc. today announced it will acquire Dubai-based Deribit, a leading global cryptocurrency derivatives exchange, in a deal valued at $2.9 billion.

Coinbase will purchase options trading platform Deribit for $2.9 million. The firm said the acquisition aims to accelerate its international growth strategy within the global crypto derivatives markets. The announcement noted that the deal will close in late 2025, after which Deribit top executives will move away from the company.

The crypto exchange's broadening product suite and dominant U.S. market position set it up well for the long term, many analysts said.

CEO Brian Armstrong added that Deribit’s acquisition is his company’s “biggest move yet” to expand internationally.