According to Bloomberg reporters Ben Bartenstein, Anna Irrera, Matthew Monks, and Suvashree Ghosh, the companies have notified regulators in Dubai, where Deribit holds a license, about the potential deal, which would transfer the license to Coinbase upon completion, sources told the publication.

Deribit, valued between $4 billion and $5 billion in January, has not finalized terms with Coinbase, and negotiations could still collapse, the people familiar with the matter said.

A successful acquisition would rank among the crypto industry’s largest deals and follow a surge in mergers under policies favorable to digital assets enacted amid Donald Trump’s presidency. Trump’s administration has appointed crypto advocates like David Sacks to key roles and established initiatives like a federal strategic bitcoin reserve (SBR).

The talks coincide with rival Kraken’s $1.5 billion purchase of futures platform Ninjatrader, which will enable it to offer U.S. crypto derivatives. Kraken also plans to go public as early as Q1 2026, Bloomberg noted in the report.

Deribit’s 2024 trading volumes nearly doubled to $1.2 trillion, bolstering its dominance in options and futures. Coinbase, which launched a Bermuda-based derivatives venue in 2023, reported soaring revenue and profit in Q4 2024 amid a retail trading resurgence.

Founded in 2016 by John and Marius Jansen, Deribit counts investors like XBTO and 10T Holdings. The report by Bartenstein, Irrera, Monks, and Ghosh concluded by noting that Coinbase and Deribit declined to comment on this matter.

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