Coinbase has completed its acquisition of crypto options platform Deribit in a deal worth $2.9 billion, combining stock and cash. The deal, finalized on 14th August 2025 after being agreed in May, comes as Coinbase pushes to become the “Everything Exchange.”
According to the blog post, the acquisition aims to make Coinbase the most complete crypto derivatives platform globally. The platform will now offer spot trading, futures, perpetuals, and options on one site.
This comes after Deribit had a record month in July 2025, with trading volumes surpassing $185 billion. It currently holds around $60 billion in open interest. Coinbase said this timing is perfect, with the crypto options market heating up and institutional flows rising. The deal includes 11 million Class A shares and $700 million in cash.
Coinbase CEO Brian Armstrong said the Deribit team’s talent will help the company build the Everything Exchange. “This will enable us to offer industry-leading derivatives products around the world,” Armstrong added in a blog post. Coinbase also emphasized that the acquisition will allow the platform to scale globally and increase liquidity for all traders.
Deribit is the number one crypto options exchange by volume and open interest. Last year, over $1 trillion was traded on its platform, and it has a loyal base of institutional and advanced traders. Coinbase described Deribit as fast, capital-efficient, and battle-tested, making it a strong complement to Coinbase’s existing futures and perpetuals services.
Financially, Deribit generated over $30 million in transaction revenue in July. The Q3 outlook expects the platform to contribute roughly $10 million in additional expenses, excluding deal-related costs. Coinbase also expects Deribit to be adjusted EBITDA accretive immediately after the acquisition closes.
Just recently, Coinbase launched DEX trading for U.S. customers and plans to add support for Solana tokens. This is expected to boost trading volume, as Base and Solana lead in daily token launches.
After the acquisition announcement, Coinbase’s stock (COIN) fell over 2%, trading around $320 at the time of writing.
The acquisition puts Coinbase at the lead of the next wave of innovation in crypto derivatives and expands its global reach.
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