Coinbase in ‘Advanced’ Stages of Acquiring Derivatives Platform Deribit: Report

Coinbase in ‘Advanced’ Stages of Acquiring Derivatives Platform Deribit: Report

  • 23.03.2025 20:16
  • dailyhodl.com
  • Keywords: Acquisition

Coinbase, the largest US crypto exchange, is in advanced talks to acquire Deribit, a major derivatives platform, with both companies notifying Dubai regulators. Meanwhile, Kraken has acquired futures platform NinjaTrader, signaling expansion into institutional-grade trading.

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Estimated market influence

Coinbase

Coinbase

Negativesentiment_dissatisfied
Analyst rating: Buy

Coinbase is in advanced stages of acquiring Deribit, which could impact their market position as they expand into derivatives.

Deribit

Positivesentiment_satisfied
Analyst rating: N/A

Deribit's acquisition by Coinbase may lead to increased valuation and market reach.

Kraken

Neutralsentiment_neutral
Analyst rating: N/A

Kraken is acquiring NinjaTrader, which could enhance their services but the impact on their market position is unclear at this stage.

NinjaTrader

Positivesentiment_satisfied
Analyst rating: N/A

Acquisition by Kraken may lead to increased exposure and customer base for NinjaTrader.

Context

Analysis and Summary: Coinbase-Deribit Acquisition Report

Market Position

  • Coinbase: Largest crypto exchange in the US by market share.
  • Deribit: Currently the largest centralized trading platform for Bitcoin (BTC) and Ethereum (ETH) options contracts by volume.

Deal Details

  • Coinbase is in advanced acquisition talks with Deribit, according to Bloomberg sources.
  • Financial valuation of Deribit reported at $4–$5 billion earlier this year.
  • Regulatory notification has been made to Dubai authorities, where Deribit holds a license.

Competitive Landscape

  • Kraken's Move: Kraken, the second-largest US crypto exchange, recently acquired futures trading platform NinjaTrader.
    • NinjaTrader serves nearly two million traders and is a CFTC-registered Futures Commission Merchant (FCM).
    • Kraken claims this deal represents the largest ever between traditional finance and crypto.

Strategic Considerations

  • Kraken's Vision: Co-CEO Arjun Sethi emphasized the need to bridge legacy financial systems with modern crypto infrastructure.
    • Highlighted inefficiencies in traditional markets, such as settlement delays and operating hours.
    • Aims to create an institutional-grade platform for trading any asset, anytime.

Long-term Implications

  • Potential market consolidation in derivatives trading space.
  • Increased competition between Coinbase and Kraken in expanding their institutional offerings.
  • Regulatory implications of cross-border acquisitions and license transfers.

Key Metrics and Figures

  • Deribit Valuation: $4–$5 billion (potential deal value).
  • NinjaTrader Users: Nearly 2 million active traders.
  • Kraken's Position: Second-largest crypto exchange in the US.