Deribit Acquisition, Valuation, Funding & Investors
Deribit was acquired by Coinbase for $2.9B in May 2025, a 9.7x multiple on $300M of revenue.
Deribit revenue at acquisition
$300M
Last twelve months · May 2025
Deribit revenue multiple at acquisition
9.7x
EV/Revenue · May 2025
Cumulative funding Deribit raised
$40M
across 1 funding round
About Deribit
Deribit is an UAE-headquartered derivatives exchange for cryptocurrencies. The platform lists European-style options and futures on Bitcoin, Ethereum, Solana, and altcoins with expiries weekly to quarterly. Deribit dominates crypto options liquidity, offering delta hedging, straddle strategies, and portfolio margin across accounts. Institutional features include API trading, subaccounts, and OTC desk for large blocks. Spot markets for BTC, ETH carry zero maker fees with seamless fiat onramps via bank wires.
Founded
2015
HQ
DubaiWebsite
Status
Acquired
Customer focus
B2C & B2B
Revenue model
Commission
Revenue
$300M (May 2025)
Valuation
$400M (Sep 2022)
Deribit Acquisition
Deribit was acquired by Coinbase for $2.9B on 8 May 2025.
The acquisition price implies a 9.7x revenue multiple on $300M of revenue.
Before the acquisition Deribit had raised $40M across 1 funding round.
Coinbase, the largest publicly listed U.S. crypto exchange founded in 2012, acquired Deribit, the world's leading crypto options exchange, for $2.9 billion in an all-stock and cash deal announced on May 8, 2025. The transaction consisted of $700 million in cash plus 11 million shares of Coinbase Class A Common Stock. Deribit operates the dominant crypto options platform with over $1 trillion in annual trading volume, 87% of Bitcoin options market share, and 94% of Ether options market share, holding approximately $30-60 billion in open interest. The acquisition was completed on August 14, 2025, with Deribit generating record July 2025 volumes exceeding $185 billion and over $30 million in monthly transaction revenue at closing. The strategic rationale centers on completing Coinbase's derivatives ecosystem by integrating Deribit's options capabilities with Coinbase's existing futures and perpetuals business, creating a unified platform offering spot, futures, perpetuals, and options trading under one brand. The deal dramatically expands Coinbase's international reach and establishes it as the global leader in crypto derivatives by open interest and volume. Deribit's profitable business model and positive EBITDA provide more stable, less cyclical revenue while improving Coinbase's overall financial profile. Key regulatory approvals were required from the EU under MiCA rules for Deribit's Dutch entity and from Dubai's VARA following Deribit's recent headquarters relocation, with closing expected in late 2025. The transaction includes Coinbase acquiring 100% of Deribit's equity, including shares tied up in the Three Arrows Capital bankruptcy, with liquidators consenting to monetize that portion of the estate.
| Acquirer | Date | Type | Price | EV/Revenue |
|---|---|---|---|---|
| 8 May 2025 | Strategic M&A | $2.9B | 9.7x |
Deribit Valuation
Deribit is currently valued at $400M, based on its undisclosed-stage round in September 2022.
The $40M round included QCP Capital, Polybius Capital, 50T Funds and Akuna Capital.
Deribit valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Sep 2022 | Undisclosed stage | $400M |
Deribit Funding History
Deribit has raised a total of $40M across 1 funding round, plus 1 secondary share sale.
Deribit funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Sep 2022 | Undisclosed stage | QCP Capital; Polybius Capital; 50T Funds; Akuna Capital | $40M | $400M | Deribit is a professional-grade cryptocurrency derivatives exchange based in Panama, specializing in options and futures markets while also offering spot trading for digital assets. The platform is known as a high-performance exchange serving institutional and retail traders in the crypto ecosystem. On September 26, 2022, Deribit closed a Series A funding round of $40 million at a post-money valuation of $400 million. The round was led by existing investors including QCP Capital, Akuna Capital, and 10T Fund (referenced as both 10T Holdings and 50T Funds in different sources). The funding was intended to support platform development and expansion efforts. This valuation represented a significant decline from the company's previous valuation of $2.1 billion in August 2021, when Deribit had raised $100 million, reflecting the broader cryptocurrency market downturn in 2022. |
| Aug 2021 | Secondary | 50T Funds (lead); Akuna Capital (lead) | $100M | - | - |
Who has invested in Deribit?
4 investors have backed Deribit across its funding rounds, including 50T Funds, Akuna Capital, QCP Capital and Polybius Capital.
Lead investors include 50T Funds and Akuna Capital.
Deribit Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
 United States | 2 | Lead | Aug 2021 | |
| Chicago, IL | 2 | Lead | Aug 2021 | |
This data is available for Pro users. Sign up to see all 4 Deribit investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialInvestments by Deribit
Deribit has invested in 8 companies to date.
Latest investment by Deribit was on May 8th 2024. Deribit invested in Arbelos Markets in their $28M Seed round.
Latest Investments by Deribit
| Description | Arbelos Markets is a London-based electronic trading platform for fixed income and derivatives, offering direct access to interdealer brokers and liquidity providers. The system aggregates RFQ pricing and execution for government bonds, repos, and swaps across major currencies. Arbelos emphasizes low-latency connectivity and transparent order books for institutional clients. Launched in 2022, it connects to venues like Tradeweb and MarketAxess. | Kemet Trading is a New York-based platform for institutional digital asset derivatives trading, offering futures, options, and swaps on Bitcoin and Ethereum. Its API supports low-latency execution with sub-100ms speeds and risk engines handling $1B daily notional. Launched in 2022, Kemet connects to exchanges like CME and Deribit, serving hedge funds from Jump Trading alumni. | StablR is a Liechtenstein-regulated stablecoin issuer providing EURST, a euro-pegged digital asset tailored for the financial industry. Launched to facilitate seamless transactions in DeFi and traditional finance, the platform ensures 1:1 backing by euro reserves held in European banks. StablR supports institutional adoption through compliant infrastructure, including partnerships with custodians and exchanges across Europe. | Ethena is a DeFi protocol on the Ethereum blockchain that issues USDe, a synthetic dollar stablecoin backed by delta-hedged positions in Bitcoin, Ethereum, and Solana alongside short futures on exchanges like Binance and Bybit. It also offers sUSDe, a staked version capturing yields from funding rates, basis trades, and liquid staking rewards. The ENA governance token facilitates decisions on treasury allocation, risk parameters, and protocol upgrades through the Ethena DAO. Launched in 2024, Ethena integrates with lending platforms like Aave and Morpho, as well as exchanges including Bybit and OKX, achieving rapid growth in total value locked across Ethereum and Layer 2 networks like Arbitrum and Optimism. | |
| HQ Country |  | |  |  | |
| HQ City | London | New York City, NY | Amsterdam | Lisbon | |
| Deal Date | 8 May 2024 | 19 Mar 2024 | 7 Nov 2023 | 17 Jul 2023 | |
| Round | Seed | Seed | Seed | Seed | |
| Raised | $28M | $5M | $4M | $7M | |
| Investors | Polygon Ventures; Dragonfly; FalconX; Chorus One; Circle Ventures; Room40 Ventures; Selini Capital; Immutable Systems; StarkWare Industries; Paxos; Breed VC | QCP Capital; C2 Ventures; Blockchain Founders Fund; FalconX; Flow Traders; Further Ventures; Hyperithm | BlockTech; Theta Capital; Folkvang; Maven 11 Capital | Arthur Hayes; Wintermute Ventures; Putnam Premier IT; BitMEX; Dragonfly; Maelstrom; Gemini Space Station; GSR; Bybit; Daniel Dizon; OKX | |
| Valuation | undisclosed | undisclosed | undisclosed | undisclosed | |
| EV/Revenue | |||||
| EV/EBITDA | |||||
This data is available for Pro users. Sign up to see all Deribit investments and their VC round multiples. Start Free Trial | |||||
Deribit Competitors
Deribit competitors include listed companies like Coinbase and BTCS, and private ones like Mercado Bitcoin, CoinList, KuCoin and Kraken.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
 São Paulo | Private | - | - | $2.1B | - | |
| San Francisco, CA | Private | - | - | $1.5B | - | |
 China | Private | - | - | $10B | - | |
| San Francisco, CA | Private | $2.2B | $531M | $21B | 9.5x | |
| United States | Publicly listed | $7.2B | $1.8B | $46B | 7.6x | |
| United States | Publicly listed | $16M | ($30M) | $73M | 2.2x |
Deribit Public Comps
Deribit is no longer listed, but its public comps include Hyperliquid Strategies, AJ Bell, Plus500, CMC Markets, eToro, flatexDEGIRO, Matsui Securities, TOP Financial Group, Sharplink and Techcom Securities.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $9M | - | 308.0x | 162.2x | - | - | |||
| $427M | $180M | 6.8x | 5.8x | 16.1x | 13.6x | |||
| $730M | $285M | 3.4x | 3.0x | 8.7x | 7.0x | |||
| $562M | $159M | 3.7x | 3.3x | 13.0x | 8.7x | |||
| $14B | $277M | 0.1x | 1.1x | 3.8x | 3.4x | |||
| $624M | $302M | - | - | - | - | |||
| $316M | - | - | - | - | - | |||
| $5M | ($716K) | 396.4x | - | (2613.7x) | - | |||
This data is available for Pro users. Sign up to see all Deribit competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Deribit
| When was Deribit founded? | Deribit was founded in 2015. |
| Where is Deribit headquartered? | Deribit is headquartered in Dubai, UAE. |
| Is Deribit publicly listed? | No, Deribit was acquired by Coinbase in May 2025. |
| Who acquired Deribit? | Deribit was acquired by Coinbase in May 2025. |
| How much was Deribit acquired for? | Deribit was acquired for $2.9B in May 2025, a 9.7x revenue multiple. |
| What is Deribit's valuation? | Deribit was last valued at $400M in its undisclosed-stage round in September 2022. |
| How much funding has Deribit raised? | Deribit has raised $40M across 1 funding round. |
| What was Deribit's last funding round? | Deribit's last funding round was a $40M undisclosed-stage round in September 2022. |
| Who are Deribit's investors? | Deribit's investors include 50T Funds, Akuna Capital, QCP Capital and Polybius Capital. |
| Which companies are comparable to Deribit? | Companies comparable to Deribit include Mercado Bitcoin, CoinList, KuCoin, Kraken, Coinbase and BTCS. |
| How many companies has Deribit invested in? | Deribit has invested in 8 companies, including Arbelos Markets, Kemet Trading, StablR, Ethena, Finst, Thetanuts Finance, Colizeum and Horizen Labs. |
| What was Deribit's last investment? | In May 2024, Deribit invested in Arbelos Markets' $28M seed round alongside Polygon Ventures, Dragonfly, FalconX and 8 other investors. |
See companies similar to Deribit
Start Your
Free Trial Today
Try Multiples for free for 3 days. Got questions or need a demo? Schedule a call with us below.