Crypto derivatives platform Deribit, has received potential acquisition interest, Bloomberg reported on Wednesday, citing sources.

The report added that the firm is working with Financial Technology Partners to review the opportunities.

Deribit CEO Luuk Strijers told CoinDesk that the options platform had appointed FT Partners as an advisor for general advisory services and potential secondaries, back in 2023.

“The interest in Deribit is due in part to the fact that we have continued to be the overwhelming market-leading exchange for digital asset options trading,” Strijers said.

“In short, 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,” Strijers added.

The firm may valued at $4 billion- $5 billion or more, the report said, citing a person with knowledge of the matter. The report also added that crypto exchange Kraken had reviewed buying Deribit, but did not proceed with an offer.

Kraken did not immediately respond to CoinDesk’s request for comment.

The current bull run in the crypto market seems to have reignited M&A activity with major players like Moonpay and Chainalysis having announced two large acquisitions this week.