Kraken isn’t done yet. Despite earlier reports suggesting the U.S. crypto exchange had walked away from acquiring Deribit, the world’s largest Bitcoin (BTC-USD) and Ethereum (ETH-USD) options exchange, new sources confirm that discussions are still ongoing. Bloomberg reported that Deribit could be valued at over $5 billion, making it one of the most significant potential acquisitions in the crypto space.
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According to CoinDesk, Kraken continues its talks with Deribit, while Coinbase (COIN) has also shown interest in a possible deal. However, Deribit CEO Luuk Strijers pushed back on claims that the company is actively for sale, stating, “Deribit has not been put up for sale… but we have received strategic investment interest from various parties.”
Deribit’s Dominance in Crypto Options Makes It a Hot Target
So, why is everyone after Deribit? It’s the undisputed leader in crypto options trading. The exchange handled nearly $1.2 trillion in total trading volume last year, with options trading alone surging 99% to $743 billion in 2024, according to Deribit’s latest figures.
For Kraken, acquiring Deribit would mean an immediate expansion into crypto derivatives. This is a lucrative market that allows traders to hedge risk with options and futures contracts.
Trump’s Win Fuels Crypto M&A Boom
There’s also a bigger backdrop to all this: Donald Trump’s U.S. election victory has revived crypto markets and triggered a surge in mergers and acquisitions (M&A). According to Architect Partners, crypto-related M&A activity hit $1.2 billion in Q4 2024, up from $400 million a year earlier.
With Kraken, Coinbase, and other major players circling Deribit, investors should keep their eyes on cryptocurrency stocks on TipRanks. Imagine what could happen to COIN stock if Coinbase ends up acquiring Deribit.
