Author: flowie, ChainCatcher

Amid the sharp decline in the cryptocurrency market, some established exchanges are beginning to seek "acquisition."

Today, according to CoinDesk, the crypto derivatives platform BitMEX, founded by Arthur Hayes, is looking for a buyer.

Not long ago, it was reported that Kraken and Coinbase are competing to acquire another major crypto derivatives trading platform, Deribit. According to insiders who spoke to ChainCatcher, this acquisition deal may have already been signed, with the acquisition amount potentially reaching $5 billion, setting a new record for the largest acquisition in crypto history.

Additionally, the crypto brokerage FalconX is also expanding its derivatives business through the acquisition of the crypto derivatives startup Arbelos Markets.

Not only in the crypto derivatives market, but the entire cryptocurrency market may be facing a wave of mergers and acquisitions.

Reshaping the Crypto Derivatives Market

BitMEX and Deribit are both important leaders in the crypto derivatives market.

Founded in 2014, BitMEX was one of the earliest platforms focused on cryptocurrency derivatives trading, especially between 2017 and 2019, when its Bitcoin derivatives trading volume ranked first in the world.

However, due to compliance pressures, unsuccessful transformations, and market competition, BitMEX has gradually fallen behind competitors like Binance and OKX. But according to data from CoinMarketCap and others, BitMEX still ranks in the top ten for crypto derivatives trading volume.

Deribit, on the other hand, has long held a dominant position in the options market. In 2024, Deribit's annual trading volume exceeded $1.1 trillion, with its Bitcoin options trading volume accounting for over 80% of the total market trading volume, and Ethereum options trading volume reaching as high as 90%.

2024 is a record-breaking year for the global crypto derivatives market, with an average daily trading volume exceeding $100 billion and monthly trading volumes surpassing $3 trillion, far exceeding the trading volumes of the spot market. Major exchanges are also competing vigorously in the derivatives market.

With BitMEX and Deribit seeking to sell at this time, they may be facing multiple challenges such as compliance and competition from leading exchanges.

Given the scale of BitMEX and Deribit, only a few top-tier exchange players would have the capability to acquire them. If the acquisitions are completed, the entire crypto derivatives and exchange market will face a reshaping.

M&A Wave Approaches: Nearly 15 Deals Monthly, Large Acquisitions Frequent

According to RootData, there have been nearly 30 M&A events in the crypto space in the first two months of 2025, averaging over 10 crypto mergers and acquisitions per month.

In total, there were 105 M&A events in 2024, setting a historical high, a 36.3% increase from 77 in 2023.

In terms of acquisition amounts, there have been 6 M&A deals exceeding $100 million in 2024 so far, with acquisition amounts consistently breaking new highs. In December 2024, traditional payment giant Stripe acquired the stablecoin platform Bridge for $1.1 billion. If Deribit and BitMEX complete their acquisitions, the acquisition amounts are sure to break new records.

M&A Deals Over $100 Million in 2024 So Far

As the cryptocurrency market matures, the trend of industry consolidation is evident, with only a few platforms able to ultimately stand out.

In the competitive market, giants are rapidly expanding their products and services through acquisitions. For the projects being acquired, in a situation where primary and secondary valuations are inverted, selling may be a perfect exit strategy compared to issuing tokens.

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