Coinbase Global (COIN) has reached an agreement to acquire crypto options platform Deribit for $2.9 billion, one of the most significant deals ever for the cryptocurrency industry.

The deal marks another milestone for Coinbase, the largest cryptocurrency exchange in the US, after missing out for years on the wider transaction volumes and margins that other exchanges captured from derivatives trading.

Following the announcement, Coinbase's stock rose 6% through Thursday afternoon. The Wall Street Journal first reported the deal.

Read more about Coinbase's stock moves and today's market action

"This isn't just more products — it's deeper liquidity, tighter spreads, and better tools for institutional and retail traders alike," Greg Tusar, Coinbase's head of institutional product, said in an emailed statement.

Deribit "isn't just another addition," he added in a blog post.

The acquisition follows Coinbase's purchase of asset manager One River Digital in 2023, derivatives exchange FairX in 2022, crypto brokerage platform Tagomi in 2020, and custody business Xapo in 2019.

Coinbase is paying for Deribit with a mix of its own common stock and $700 million in cash.

The deal is the latest example of how the crypto industry has emerged as one of the few bright spots for merger and acquisition activity this year, even as other industries hold back amid the economic uncertainties triggered by President Trump's trade wars and tariffs.

Read more: The latest news and updates on Trump's tariffs

The biggest driver of that crypto optimism is Trump's continued embrace of digital assets. He is pushing for more favorable regulation of the industry, and Coinbase is expected to be one of the biggest beneficiaries.

Some other big crypto deals so far this year include Coinbase's US rival Kraken announcing an agreement to purchase crypto futures trading platform Ninja Trader for $1.5 billion in March and Ripple Labs agreeing last month to buy crypto broker and financing firm Hidden Road for $1.25 billion.

Coinbase reports first quarter earnings Thursday afternoon. Its profits are expected to decline, while net revenue is expected to jump compared to a year ago. It recognized a $737 accounting gain on its crypto asset holdings in the first three months of last year.

David Hollerith is a senior reporter for Yahoo Finance covering banking, crypto, and other areas in finance.

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