Coinbase is in advanced negotiations to acquire Deribit, a top platform for trading Bitcoin and ethereum options. The deal, valued between $4 billion and $5 billion, still faces final negotiation hurdles.

This potential acquisition could mark one of the largest in the crypto sector and aligns with an uptick in merger activities since the Trump administration. Deribit’s recent trading volumes surged to $1.2 trillion in 2024.

As Coinbase aims to strengthen its crypto derivatives offerings, rival Kraken has also expanded by acquiring futures platform Ninjatrader for $1.5 billion, illustrating ongoing competitive growth in the industry.