Crypto options exchange Deribit is considering acquisition offers, with Kraken reportedly exploring a $4-5B deal that didn’t progress. Deribit, handling over $1T in trading volume, remains a key player despite regulatory challenges and market shifts. The firm, which relocated from the EU to Panama and then Dubai, faces competition from new crypto derivatives like Bitcoin ETF options. With the Trump administration fostering a crypto-friendly environment, Deribit’s potential sale aligns with a predicted wave of industry consolidation. The exchange has hired Financial Technology Partners LLC to facilitate deals, signaling strategic moves amid evolving market dynamics.