"This is something I've been waiting for," Fisher said. "I'm excited to get started."
Fisher was a Competitive Balance Round A selection for the Astros out of Virginia, where he was the Cavaliers' No. 5 hitter on a team that went to the College World Series finals. The 20-year-old Fisher hit .281 with 30 doubles, 12 triples, 17 homers and 127 RBIs in three years at Virginia. MLB.com ranked the left-handed hitter as the No. 26 overall prospect in the 2014 Draft class.
MLB.com's Jim Callis reported that Fisher's bonus is $1,534,100, which is the full value for pick No. 37.
For the Harwich Mariners of the Cape Cod League last summer, Fisher hit .333 with 13 steals, 25 walks and 19 strikeouts in 36 games.
"Derek brings to our organization a hard-to-find blend of major college track record and physical upside," Astros scouting director Mike Elias said in a statement. "He's a big, strong kid with a good swing, outstanding bat speed and a plus running tool. His accomplishments at Virginia and on the Cape Cod League speak to his hitting ability, and we think his power-speed combo will continue to blossom in the pro game. He's a potential middle-of-the-order left-handed bat."
The Astros have signed 36 of their 41 selections from the Draft, but the No. 1 overall selection, Brady Aiken, remains unsigned.
Brian McTaggart is a reporter for MLB.com and writes an MLBlog, Tag's Lines. Follow @brianmctaggart on Twitter. Mike Vernon is an associate reporter for MLB.com. This story was not subject to the approval of Major League Baseball or its clubs.