According to anonymous sources, Coinbase intends to buy Dubai-based derivatives platform Deribit. This has prompted Coinbase to discuss the possible takeover with regulators. Coinbase currently runs a Bermuda-based derivatives platform, launched in 2023, but it still operates predominantly as an exchange. Coinbase’s customers mainly use the exchange for spot trading but have started to branch out to other services.

Deribit holds an operational license in Dubai, so Coinbase has to seek out regulators in the country before initiating takeover procedures. The anonymous sources who broke the story are working with Bloomberg News. The anonymous sources may be Coinbase employees or could be connected to the regulatory process in Dubai.

Coinbase, a publicly listed company, operates the largest crypto exchange in America, sells hundreds of thousands of digital tokens, and offers an Ethereum-based wallet to allow clients to safeguard their tokens while accessing popular exchanges. The company has expanded rapidly, with various departments operating within the organization. Coinbase announced that 1,000 American jobs would be created at the White House summit.

Kraken, a rival exchange, has already started the process of buying futures platform NinjaTrader, worth around $1.5 billion. This would be the first time a crypto company was allowed to sell crypto derivatives in America.

Deribit’s founders, John Jansen and Marius Jansen, created the exchange in 2016. Initially based in the Netherlands, it attracted many early crypto investors. In January this year, a spokesperson for Deribit said the company was still not for sale but was in talks with various investors at the time. Deribit did not name the investors who were interested in the company. 

As the U.S. embraces the crypto business under Trump’s new administration, American exchanges may see this as a rare opportunity to expand their operations. Trump has dramatically escalated government support for the crypto industry, hiring pro-crypto civil servants. The changes may benefit companies like Coinbase and Kraken. 

In 2024, Deribit’s trading volume doubled to around $1.2 trillion. It operates with derivatives such as futures and is the largest exchange trading Bitcoin and Ethereum options.

Coinbase’s decision to buy Deribit could be part of a strategy to enter the Middle East market since Deribit is based in Dubai. Innovation hubs have emerged from adopting crypto, including the United Arab Emirates, Hong Kong, and Singapore. Conversely, during the ‘war on crypto’, American and European innovation suffered and became less noticeable despite these regions showing a strong market for crypto amongst the general population.

TL;DR

• Ever since it went live, Pi Network’s PI token has continued to be a controversial topic in the crypto community, but its price has slumped hard after the recent peaks.
• However, certain tokenomics and technical patterns point to a price reversal in the near future.

The massive Pi Network community finally saw the release of the project’s Open Network and native token on February 20 after years and years of development. The asset experienced enhanced volatility in its first trading days, which included a drop from $1.8 to $0.7 and an all-time high of $3.

However, its progress has stalled since then and PI is now down by over 30% on a weekly scale. It was once close to the top 10 cryptocurrencies by market cap, but it’s currently at the 26th spot, losing a significant chunk of its own.

As reported yesterday, certain partnerships could propel a price reversal for the token. However, there are other bullish hints as well.

A Pi Network-dedicated channel based in Vietnam indicated that this price crash could be related to the massive amount of unlocked PI tokens in the first month of its official existence. The team explained, though, that the supply continues to decline and is down to 6.7 billion from 7.2 billion.

The post further said the actual circulating supply is about 1.7 billion as many Pi Network users have failed to complete the necessary verification steps, and their 5 billion PI tokens are still locked.

The team concluded that the number of unlocked PI tokens for the next month should decrease significantly, from 13M PI per day to 3.8M/day.

Should that transpire and there are fewer coins being unlocked, the asset’s price could start to recover, especially if the demand remains the same or increases.

Separately, a popular analyst on X noted that the PI/USDT pair has been “confined within a falling channel, facing repeated rejections at the upper trendline while finding strong support at the lower edge.” He determined that a breakout from this descending channel with “notable momentum” could reverse the trend.

In addition, a previous resistance has been reclaimed and turned into a support line, which reinforces the bullish sentiments and could lead to a surge to $2 soon.

#PI Analysis: The PI/USDT pair has been confined within a falling channel, facing repeated rejections at the upper trendline while finding strong support at the lower edge. Recent price action indicated a breakout from this descending channel with notable momentum, hinting at a… pic.twitter.com/6UZEzqfskj

— Andrew Griffiths (@AndrewGriUK) March 22, 2025

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