Deribit, the dominant platform for Bitcoin and Ether options trading, is evaluating a potential sale, Bloomberg reported Wednesday, citing sources familiar with the matter.
The company reportedly hired Financial Technology Partners LLC (FT Partners) to advise on this process. While FT Partners was initially recruited in early 2023 to assist with the sale of secondary shares for existing Deribit investors, their mandate has now expanded to include a broader strategic review, encompassing the evaluation of potential bids for the whole of society.
This exploration comes as the cryptocurrency market is experiencing a resurgence, sparking renewed interest in mergers and acquisitions. This increase in M&A activity represents a notable change from the previous year, which saw a significant slowdown amid increased regulatory scrutiny.
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Publicly announced M&A activity in the crypto sector jumped to $1.2 billion in the fourth quarter of the previous year, up from $400 million in the same period, according to consulting firm Architect Partners. period from the previous year, Bloomberg reported. This data point highlights the growing appetite for strategic consolidation within the sector.
Although Deribit has not explicitly stated that it is “for sale”, FT Partners’ commitment to a comprehensive strategic review suggests that the company is seriously considering various options to capitalize on renewed market interest. Sources indicate that Deribit could have a valuation of $4-5 billion or more, reflecting its significant market share in the crypto options space. It was reported that Kraken had previously considered acquiring Deribit but ultimately did not proceed.
Deribit offers options, futures and spot trading, and has seen substantial growth in trading volume over the past year. Total trading volume nearly doubled to nearly $1.2 trillion, with notional options trading volume increasing 99% to $743 billion in 2024. Platform success highlights sophistication growth in the cryptocurrency market, with traders using options contracts to manage risk and execute more complex trades. strategies.
Deribit’s timing for exploring a potential sale coincides with a more positive outlook for the crypto sector, influenced in part by the recent US election results and a perceived shift towards a more favorable regulatory environment.
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Founded in 2016 by John and Marius Jansen and based in the Netherlands, Deribit has also recently restructured its operations, with institutional clients now served by Deribit FZE in Dubai and retail clients managed by a Panamanian broker member of Deribit FZE. The parent company remains based in the Netherlands.
