The Endgame: Global Expansion and Profit Diversification
This deal isn’t just about Deribit’s impressive metrics. It’s about scale, global presence, and diversified revenue. Coinbase has long dominated the U.S. crypto scene but has struggled to dent the global crypto market, where Binance remains king. Deribit now gives it the rocket fuel it needs to break through.
“It’s not just a game changer for our international expansion plans — it immediately diversifies our revenue and enhances profitability,” said Greg Tusar, Coinbase’s VP of Institutional Product. He also noted Deribit’s consistent delivery of positive adjusted EBITDA, painting a picture of a deal built on both ambition and fundamentals.
Timing Is Everything: Riding the Regulatory Tailwinds
The acquisition comes at a moment of regulatory optimism for the crypto sector. With the first-ever pro-crypto White House, M&A activity has gained significant momentum. Coinbase’s move follows hot on the heels of other high-profile deals—Kraken’s $1.5B acquisition of NinjaTrader and Ripple’s purchase of prime broker Hidden Road.
