Options trading platform Deribit has attracted the attention of potential buyers and is working with FT Partners to explore strategic opportunities, Bloomberg News reported on January 14, citing people familiar with the matter.
The platform has seen a rapid increase in trading activity, with total trading volume nearly doubling to $1.2 trillion in 2024. Starting this year, Deribit will serve institutional clients directly through Dubai-based Deribit FZE, while its Panamanian subsidiary will manage its retail operations. client.
FT Partners, initially retained in early 2023 to arrange a secondary share sale for Deribit investors, has expanded its role to include evaluating potential bids for the entire company, according to sources.
Although Deribit has not been officially sold, the company has acknowledged receiving interest from a variety of parties for strategic investments. The company said in a statement:
“Over time, we have received interest from a variety of parties for strategic investments, which we will not disclose.”
Kraken reportedly considered acquiring Deribit, but ultimately decided not to proceed. One source estimates Deribit’s valuation to be between $4 billion and $5 billion. FT Partners and Kraken declined to comment.
According to CoinGlass data, Deribit has recorded over $26 billion in monthly trading volume for Bitcoin (BTC) and Ethereum (ETH) Option contracts as of January 13th.
Rapidly increasing M&A movement
The interest in Deribit comes amid a surge in cryptocurrency-related mergers and acquisitions (M&A), fueled in part by the post-election uptick in digital asset markets.
Publicly announced M&A activity in the cryptocurrency sector rose to $1.2 billion in the fourth quarter of 2024, up sharply from $400 million in the same period a year ago, according to Architect Partners.
Recent transactions include cryptocurrency brokerage FalconX’s acquisition of derivatives startup Arbelos Markets and acquisitions by MoonPay and Chainalytic.
President-elect Donald Trump’s friendly stance on digital assets has further energized the industry. He promised to position the United States as a global hub for cryptocurrency innovation.
With significant interest from potential buyers and a thriving business model, Deribit is poised to play a central role in the next phase of cryptocurrency M&A development.