Today in crypto, Coinbase has agreed to acquire crypto options trading platform Deribit in a deal worth $2.9 billion, Arizona’s governor signed a “Bitcoin Reserve Fund” into law, and Robinhood plans a blockchain for tokenized securities offerings in Europe.
Coinbase to acquire options trading platform Deribit for $2.9 billion
Coinbase, the largest cryptocurrency exchange in the US by trading volume, has agreed to acquire Deribit, one of the world’s biggest crypto derivatives trading platforms.
Coinbase Global will acquire Deribit for about $2.9 billion, the exchange announced on May 8.
The acquisition will allow Coinbase to expand into the profitable crypto derivatives market and continue scaling the platform’s global growth, Greg Tusar, Coinbase’s vice president of institutional product, said in the announcement.
“With Deribit’s strong presence and professional client base, Coinbase is making its most substantial move yet to accelerate our international growth strategy,” he said.
The $2.9 billion deal includes $700 million in cash and 11 million shares of Coinbase Class A common stock, subject to customary purchase price adjustments.
“This transaction is subject to regulatory approvals and other customary closing conditions and is expected to close by year-end,” the announcement said.
Previous reports in March suggested that Coinbase and Deribit had alerted regulators in Dubai about the potential deal, as Deribit holds a license in Dubai, which would need to be transferred to Coinbase if the deal is successful.
Arizona gets a crypto stockpile
Arizona Governor Katie Hobbs signed a bill into law on May 7 that allows the state to keep crypto that’s been unclaimed for at least three years to put into a “Bitcoin and Digital Assets Reserve Fund.”
House Bill 2749 allows Arizona to claim ownership of abandoned digital assets if the owner fails to respond to communications within three years. The state’s custodians can stake the crypto to earn rewards or get airdrops.
Hobbs had vetoed a similar Bitcoin reserve bill, Senate Bill 1025, which would have allowed the state to invest seized funds into Bitcoin, citing concerns over using public funds for "untested assets.”
Meanwhile, on the same day, a Texas House Committee passed a Republican-backed bill to create a Bitcoin reserve in a 9-4 vote down party lines, which now only needs a successful full floor vote before heading to Governor Greg Abbott’s desk.
Robinhood plans blockchain for US asset trading in Europe — Report
Brokerage fintech Robinhood is reportedly developing a blockchain network that will enable retail investors in Europe to trade US securities.
According to a May 7 Bloomberg report citing sources familiar with the matter, the move seeks to expand the company's local presence by offering trading of tokenized securities, such as stocks.
Two crypto firms, Arbitrum and the Solana Foundation, are reportedly vying to become partners in the project. Tokenization is the process of turning real-world assets, like stocks, real estate, or commodities, into digital tokens that can be traded on a blockchain.
Tokenizing securities instead of providing direct exposure can offer several advantages: reduced costs by eliminating traditional financial infrastructure, enhanced accessibility, faster settlement times, and quicker transactions. More brokerages and investment firms are exploring asset tokenization.
Robinhood has been preparing to enter the European market. In April 2025, it acquired a brokerage license in Lithuania that allows the firm to offer investment services throughout the European Union. Robinhood has also inked a deal in 2024 to purchase crypto exchange Bitstamp.
