Coinbase’s $2.9 Billion Deribit Purchase Poses Major Competitive Risk, Analysts Warn

Coinbase Becomes Global Derivatives Powerhouse With $2.9B Deribit Acquisition

Coinbase (COIN) is reshaping the crypto exchange landscape with its $2.9 billion purchase of Deribit, a move that establishes it as the largest player in the crypto derivatives space and a serious competitor to Binance, according to analysts from multiple Wall Street firms.

The acquisition isn’t just a scale play—it marks a turning point for Coinbase and the broader industry, signaling the start of what analysts predict will be a wave of consolidation. As crypto matures, major exchanges and traditional financial institutions are poised to swallow up key players, and Coinbase is leading that charge.

Deribit, which accounts for 85% of all global crypto options trading and logged $1.2 trillion in 2024 volume, catapults Coinbase into the top spot for derivatives by both open interest and activity, according to KeyBanc.

Barclays analyst Benjamin Buddish pointed out that the deal also boosts Coinbase’s international reach—an area currently underweight in its revenue mix, with only 20% coming from outside the U.S.

Oppenheimer analysts framed the move as a “serious competitive threat,” highlighting Coinbase’s advantage as a publicly traded company. With access to public markets and over $8 billion in cash, it has tools that private exchanges simply don’t.

Options trading’s resilience across bull and bear markets makes Deribit especially attractive, with Barclays estimating annual revenues of $425–$450 million. That could translate into a major boost for Coinbase’s bottom line.

KeyBanc also noted the strategic synergy: Deribit’s strong institutional client base and global presence mesh well with Coinbase’s existing product suite in spot and futures trading.

The acquisition still awaits regulatory signoff, but analysts expect more insight in Coinbase’s Q1 earnings report due later today.

Despite the broader market’s volatility, Coinbase shares rose 6.58%, and bitcoin gained 4.31% following the news, showing investor confidence in the strategic shift.