Malta’s Office for Competition (MCCAA) has given the green light to Coinbase’s $2.9 billion acquisition of Deribit, one of the largest crypto derivatives platforms. 

The $2.9 billion deal marks one of the biggest acquisitions in crypto history and positions Coinbase as a full-spectrum trading platform. With Deribit’s offerings in options and futures, Coinbase can now offer more financial products, appealing to a wider range of investors.

The transaction comprises $700 million in cash and 11 million shares of Coinbase's Class A common stock. As a result, Coinbase will hold 100% shareholding of Deribit. The deal is aimed to close by the end of 2025.

The approval comes after a Phase 1 review, where the MCCAA determined that the deal would not significantly reduce competition in the Maltese market. The transaction was assessed under Malta’s Competition Act, with regulators concluding that the merger does not raise antitrust concerns given the global nature of crypto derivatives trading and the presence of strong competitors like Binance and OKX.

The MCCAA’s review focused on whether the acquisition would create unfair market dominance, particularly in Bitcoin and Ethereum options trading, where Deribit holds a leading position. However, the regulator noted that the crypto derivatives market remains highly competitive, with sufficient alternatives for traders.

The decision also highlighted that Coinbase and Deribit operate in somewhat different segments, Coinbase primarily in spot trading and retail services, while Deribit specialises in advanced derivatives for institutional and professional traders. This complementary nature of their businesses played a role in the approval.

However, it is unclear if Malta’s approval is a significant milestone, even as the country has been a proactive regulator in the crypto space, or if its clearance paves the way for the deal’s finalisation in the coming months. The next steps include operational integration, with Coinbase expected to gradually merge Deribit’s services into its ecosystem while maintaining compliance with global regulations.

For Coinbase, the move strengthens its competitive edge against rivals, particularly in derivatives trading, which has been a high-growth segment in crypto markets.