Deribit, the largest global trading platform for Bitcoin and Ether options, has garnered attention from potential buyers and is working with Financial Technology Partners LLC (FT Partners) to explore strategic opportunities. 

According to a Bloomberg report, the firm is evaluating bids as part of a broader advisory mandate initially aimed at facilitating secondary stock sales for its investors.

The valuation of Deribit could range between $4 billion and $5 billion or more, according to one individual with knowledge of the discussions. Kraken, a US-based digital asset exchange, reportedly explored the possibility of acquiring Deribit but decided against proceeding. 

Representatives for Deribit, Kraken, and FT Partners declined to comment on the matter. In a statement, Deribit clarified, “In short, Deribit has not been put up for sale. Over time, we have received interest in strategic investments from a variety of parties, which we will not disclose.”

As of January 2025, Deribit’s operations have undergone structural changes, with all qualified and institutional investors becoming direct clients of Deribit FZE in Dubai. Retail investors, meanwhile, are now served by a Panamanian entity operating as a broker member of Deribit FZE. Deribit entities remain under a Dutch parent company.‍

M&A Activity in Crypto Gains Momentum

The interest in Deribit comes amid a broader uptick in crypto mergers and acquisitions following Donald Trump’s US election victory. Publicly disclosed M&A activity in the crypto sector surged to $1.2 billion in Q4 2024, up from $400 million during the same period the previous year, according to Architect Partners.

Recent acquisitions include FalconX’s takeover of derivatives startup Arbelos Markets, MoonPay’s strategic expansion through acquisitions, and Chainalysis’s purchase of complementary firms to bolster its blockchain forensics capabilities. Analysts suggest the crypto rally under Trump’s administration is fueling renewed interest in the industry.‍

Policy Shift Sparks Optimism

Trump’s administration has signaled a stark shift in policy toward digital assets, with the president pledging to position the United States as a global hub for the sector. This marks a dramatic change from the SEC’s regulatory crackdowns during the past two years, which were prompted by events such as the collapse of FTX. Industry players are optimistic that a reshaped SEC will foster an environment more conducive to growth and innovation.