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The largest cryptocurrency derivatives exchange Deribit has received a takeover offer. Kraken was interested in acquiring the largest platform for trading cryptocurrency derivatives.
The largest cryptocurrency derivatives exchange, Deribit, has received an offer to be acquired, according to Bloomberg, citing anonymous sources. According to the publication, the trading platform could be valued at between $4 billion and $5 billion or more.
Deribit hired Financial Technology Partners in early 2023 to arrange a secondary share sale to the exchange's existing investors, and now the consulting firm's responsibilities also include evaluating bids for the entire company, the sources told reporters. According to them, cryptocurrency exchange Kraken would be interested in buying Deribit.
Kraken and FT Partners declined to comment. Deribit said the platform is not for sale, but is attracting interest from various strategic investors. The platform declined to provide details.
The total trading volume on Deribit, which offers options, futures and spot trading, has nearly doubled in the past year to about $1.2 trillion, according to the company. It recorded a trading volume of $1.15 billion in the past 24 hours, according to CoinGecko.
Options give traders the right to buy or sell an asset at a predetermined price at a specific time, but do not force them to make a trade. In the highly volatile cryptocurrency market, they allow traders to hedge risk.
A Surge in Cryptocurrency M&A Activity Fueled by Trump's Election Victory
The discussions on the sale of Deribit suggest that the rise of cryptocurrencies following the Donald Trump's victory in the US election is spurring M&A activity in the market, Bloomberg posted on Twitter (X).
The number of publicly announced M&A deals in the sector rose to $1.2 billion in the fourth quarter of 2024, up from $400 million a year earlier, according to consulting firm Architect Partners.
Cryptocurrency broker FalconX announced the acquisition of derivatives startup Arbelos Markets in early January. Payment service MoonPay and blockchain analytics platform Chainalysis have also recently made acquisitions.
Deribit was founded in 2016 in the Netherlands. In 2020, the platform left the European Union. The reason for the move was the EU directive requiring crypto platforms to identify their customers. Deribit called this policy unacceptable, as it hinders free trade and entails significant costs. Since then, the platform is based in Panama.
Deribit is one of the most popular trading platforms. The share of visits in 2024 on Deribit averaged 8%. Pakistan ranks first (44%), while the US ranks third (7%).
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