Crypto derivatives giant Deribit attracts buyers for potential acquisition: report

The crypto derivatives exchange Deribit obtained a financial adviser to "review opportunities" after attracting attention from possible acquirers, reported Bloomberg, citing people familiar with the matter. 

The firm tapped Financial Technology Partners LLC, or FT Partners, for the potential deal, which at one point included interest from the crypto exchange Kraken . However, Kraken did not move forward with the acquisition, Bloomberg's report continued, adding that Deribit's valuation could exceed $5 billion. Kraken declined to comment on the matter, according to a company spokesperson.

"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," Deribit wrote in a statement after The Block requested comment. "As a regular course of business operations, Deribit appointed FT Partners in early 2023 as an advisor for general advisory services and potential secondary market investments." 

Deribit is the leading digital asset derivatives platform, bringing in 73.4% of December's volume for bitcoin options, according to The Block's Data Dashboard. November 2024 was Deribit's peak month for bitcoin options volume after seeing record-high options open interest  following the 2024 United States presidential election. 

In addition to reportedly working with Deribit, FT Partners also helped World's (formerly Worldcoin's ) primary developer, Tools for Humanity, with its endeavors to raise capital via a token sale, The Block previously reported.