Leading cryptocurrency options trading platform Deribit has caught the attention of potential buyers, with valuations estimated between $4-5 billion, according to sources familiar with the matter.
The platform, which saw its trading volume surge to $1.2 trillion in 2024, has enlisted investment bank FT Partners to evaluate strategic opportunities and potential acquisition offers. FT Partners was initially brought on in early 2023 to manage secondary stock sales for Deribit's investors, but their role has since expanded.
While not officially for sale, Deribit acknowledged receiving interest from various parties regarding strategic investments. Major crypto exchange Kraken reportedly explored acquiring the platform but opted not to proceed with the deal.
The platform's strong market position is evident in its recent performance, with over $26 billion in monthly trading volume for Bitcoin and Ethereum options contracts recorded as of January 13, according to CoinGlass data.
Deribit's operational structure includes a Dubai-based entity, Deribit FZE, serving institutional clients, while its Panamanian subsidiary manages retail trading operations.
The interest in Deribit reflects broader industry trends, as crypto-related mergers and acquisitions reached $1.2 billion in Q4 2024, tripling from $400 million year-over-year. Recent notable deals include FalconX's acquisition of Arbelos Markets, alongside moves by MoonPay and Chainalysis.
The surge in crypto M&A activity has been partly driven by positive market sentiment following the U.S. presidential election, with President-elect Donald Trump's supportive stance toward digital assets and commitment to establishing the U.S. as a global crypto innovation hub.
Both FT Partners and Kraken declined to comment on the matter.