TLDR
- Coinbase has completed its acquisition of Deribit, the world’s leading crypto options exchange by volume and open interest
- Deribit recorded $185 billion in trading volume during July 2025, its best month ever, with $60 billion in current platform open interest
- The deal makes Coinbase the most comprehensive global crypto derivatives platform, combining spot, futures, perpetuals, and options trading
- Deribit processed over $1 trillion in options trades in 2024 and generated over $30 million in transaction revenue in July 2025
- The acquisition is expected to be immediately accretive to Coinbase’s adjusted EBITDA despite $10 million in additional quarterly expenses
Coinbase has finalized its acquisition of Deribit, the world’s top crypto options exchange, the company announced on August 14, 2025. The deal transforms Coinbase into what it calls the most comprehensive global crypto derivatives platform.
The acquisition was first announced in May 2025 and comes after Deribit posted record performance numbers. July 2025 marked Deribit’s best month ever with trading volumes exceeding $185 billion.
We've closed the deal – excited to welcome @LStrijers and the whole Deribit team to Coinbase.
Their talent will be a key part of us building the everything exchange, and being able to offer industry-leading derivatives products around the world. pic.twitter.com/apX5tw95UI
— Brian Armstrong (@brian_armstrong) August 14, 2025
The platform currently holds approximately $60 billion in open interest. This strong performance reflects growing institutional interest in crypto options trading.
Deribit has established itself as the market leader in crypto options. The exchange processed over $1 trillion in options trades throughout 2024.
Its platform serves both institutional and advanced retail traders. The exchange is known for its fast trading technology and capital efficiency.
Strategic Integration Plans
Coinbase plans to integrate Deribit’s options capabilities with its existing trading products. The combined platform will offer spot trading, futures, perpetuals, and options under one system.
This integration aims to create deeper liquidity across all product categories. The move also expands Coinbase’s global reach in derivatives markets.
The company sees this as positioning itself for the next wave of crypto derivatives innovation. International momentum around crypto options continues to build.
Financial Impact and Performance
The acquisition is expected to boost Coinbase’s financial performance immediately. Deribit generated over $30 million in transaction revenue during July 2025 alone.
However, the deal will add approximately $10 million in additional quarterly expenses starting in Q3 2025. Deal-related amortization costs will also increase, though specific amounts have not been disclosed.
Despite these added costs, Coinbase expects the acquisition to be immediately accretive to its adjusted EBITDA. The company views this as a long-term growth catalyst.
The deal comes at a time when institutional flows into crypto derivatives are surging. Deribit’s July performance reflects this broader market trend.
