Coinbase has announced its acquisition of Deribit, the largest trading platform for bitcoin and ether options, in a deal valued at approximately $2.9 billion. This strategic move enhances Coinbase's position in the cryptocurrency market as it seeks to expand its offerings and capabilities.

Coinbase has agreed to acquire the crypto options exchange Deribit for $2.9 billion in a strategic move to expand its presence in the U.S. crypto derivatives market. The deal, which includes $700 million in cash and 11 million shares of Coinbase stock, follows a competitive bidding process with Kraken, which ultimately chose to acquire NinjaTrader instead. Deribit processed $1.2 trillion in trading volume last year, establishing itself as a leader in digital asset options trading.