Coinbase agrees to acquire Deribit for about $2.9B

Coinbase/Coinbase derivatives (incl. Deribit)

Coinbase disclosed in an 8-K filing on May 8 a deal to acquire Deribit (Sentillia B.V.), the largest crypto options exchange, for $700M cash plus ~11M Coinbase shares (total ~$2.9B). Closing is targeted for November 8, 2025, pending regulatory approvals.

• $700M cash plus ~10.997M Coinbase Class A shares; subject to working-capital adjustments.
• Deribit shareholders face lock-up provisions: two-thirds of received shares restricted with phased releases at 90 and 180 days post-close.
• Gives Coinbase a significant share of global crypto options trading; largest options exchange acquisition.
• $100M termination fee if deal fails due to regulatory approval delays beyond outside date.