TLDR
- Coinbase has completed its $2.9 billion acquisition of Deribit.
- The deal strengthens Coinbase’s position in the global crypto derivatives market.
- Deribit remains the top crypto options exchange by volume and open interest.
- Deribit recorded $1 trillion in trading volume in the past year.
- Coinbase will integrate Deribit’s platform with its spot and futures products.
Coinbase has completed its $2.9 billion acquisition of Deribit, significantly expanding its global crypto derivatives presence. The deal, announced in May, positions Coinbase to offer spot, futures, perpetuals, and options trading worldwide. Deribit remains the top crypto options exchange by volume and open interest, with $60 billion in contracts currently open.
Acquisition Marks Strategic Expansion
Coinbase announced the closure on Thursday, calling it a milestone for building a comprehensive derivatives platform.
“We just closed the biggest deal in crypto history,” said Emilie Choi, President and COO of Coinbase. CEO Brian Armstrong stated that Deribit’s team will help build an “everything exchange” with leading global products.
The exchange saw over $1 trillion traded in the last year and $185 billion in July alone. This surge came as institutional interest in crypto derivatives reached record levels. Open interest in Bitcoin futures stands near $83 billion, with CME and Binance leading that segment.
Coinbase confirmed the acquisition will bring approximately $10 million in additional technology and administrative costs. However, executives believe the long-term growth potential outweighs these expenses. Deribit also accepted BlackRock’s USD Institutional Digital Fund (BUIDL) as collateral in June, offering investors yield-generating stability.
Coinbase Expands Portfolio With Deribit Integration
Coinbase said the acquisition strengthens its derivatives offering, creating a complete product suite for global traders. The platform now integrates Deribit’s options market with its existing spot and futures operations. This enables Coinbase to serve both institutional and retail clients more comprehensively.
Deribit’s market share in crypto options remains unmatched, making it a valuable addition to Coinbase’s expanding portfolio. The company has acquired five firms this year, including Spindle, Roam, and Liquifi. These moves reflect Coinbase’s aggressive growth strategy in 2025.
The firm expects the expanded capabilities to attract higher institutional participation. Moreover, Coinbase believes the acquisition will help meet growing demand for diversified crypto products. Global competition in derivatives trading continues to intensify, but Coinbase aims to strengthen its position through scale and integration.
Market Response and Performance
Coinbase shares closed flat at $325 after the announcement, as the market had priced in the deal. The stock has gained 4% over the past week amid Bitcoin’s record highs. COIN has risen 31% since January and 65% year-over-year.
The company’s all-time high of $420 was reached in July when Bitcoin surpassed $120,000. Market performance reflects strong investor confidence in Coinbase’s strategic direction. Executives continue to target global leadership in crypto derivatives trading.
