Overview of Transaction

• On May 8, 2025, Coinbase announced that it has entered into a definitive agreement to acquire Deribit for a total consideration of approximately $2.9 billion, consisting of $700 million in cash and 11 million shares of Coinbase Class A common stock
• Founded in 2016, Deribit is the world’s leading crypto options and futures exchange, providing institutional-grade infrastructure for derivatives trading across Bitcoin, Ethereum, and other major tokens
• Deribit is a market leader amongst institutional players and market makers, having consistently held strong market share globally in Bitcoin options and being widely recognized for its deep liquidity, superior risk management tools, and robust margin engine
• In 2024, Deribit processed more than $1.1 trillion in notional volume, with record open interest and increasing participation from hedge funds, asset managers, and proprietary trading firms
• Founded in 2012 and publicly listed on Nasdaq, Coinbase is the largest publicly traded Crypto platform in the world, serving more than 100 million users across 100+ countries
• Coinbase has been investing heavily in institutional services, and the acquisition of Deribit enables a transformational leap into global crypto derivatives
• Moreover, the Company engages actively with regulators to promote compliant and transparent crypto innovation

Significance of Transaction

• This strategic acquisition makes Coinbase the global leader in crypto derivatives by open interest and options volume, with Deribit’s robust options platform complementing Coinbase’s rapidly growing US futures and international perpetual futures businesses
• This transaction is the largest strategic M&A deal ever in the Digital Assets space, and comes shortly after several other large transactions in the space including Hidden Road’s $1.25 billion sale to Ripple in April, on which FT Partners also served as financial advisor

FT Partners' Role

• FT Partners served as exclusive financial and strategic advisor to Deribit
• This transaction underscores FT Partners’ extensive expertise in the Digital Assets space and its successful track record generating highly favorable outcomes for cutting-edge FinTech companies globally