(Bloomberg) -- Deribit, the world’s largest trading platform for Bitcoin and Ether options, has drawn interest from potential acquirers and is working with a financial adviser to review opportunities, according to people with knowledge of the matter.

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Deribit is working with Financial Technology Partners LLC, said the people, who declined to be identified discussing a confidential process. FT Partners was initially hired in early 2023 to help arrange secondary stock sales for existing Deribit investors, though its general advisory mandate now also includes assessing bids for the whole firm, the people said.

Deribit may be worth $4 billion to $5 billion or more, one person said. Digital-asset exchange Kraken looked at Deribit but didn’t proceed, one person familiar with the matter said.

“In short, Deribit has not been put up for sale,” Deribit said in a statement. “Over time, we have received interest in strategic investments from a variety of parties, which we will not disclose.” Kraken and FT Partners declined to comment.

Deribit’s deliberations add to signs that a crypto rally in the wake of Donald Trump’s US election win is spurring merger activity. Publicly announced M&A in the sector jumped to $1.2 billion in the fourth quarter from $400 million a year earlier, according to advisory firm Architect Partners.

Crypto brokerage FalconX in early January announced the takeover of derivatives startup Arbelos Markets. Crypto payments company MoonPay and blockchain forensics firm Chainalysis have also made acquisitions since the start of the year.

Trump, once an industry skeptic, has vowed to make America a linchpin for the digital-asset sector and has appointed officials viewed as friendly toward the industry. That’s a sharp turnaround from the past two years, which saw the Securities and Exchange Commission clamp down on the industry following the implosion of Sam Bankman-Fried’s exchange FTX.

Total trading volume on Deribit, which offers options, futures and spot trading, almost doubled last year to almost $1.2 trillion, according to the company. Total options notional trading volume grew 99% to $743 billion in 2024, per Deribit.

Options give traders the right to buy or sell an asset at a predetermined price at a specific time, but don’t require them to execute the trade. In the highly volatile crypto market, they allow traders to effectively hedge their risk in various investments.