Coinbase finalizes $2.9B acquisition of Deribit's options trading business

Coinbase closed on the $2.9 billion acquisition deal of Deribit, an exchange platform known for crypto options trading. The collaboration marks the sixth deal for Coinbase this year and combines $700 million in cash with 11 million Class A shares of the exchange platform. 

The collaboration combines Deribit’s derivative infrastructure with Coinbase’s growing suite of digital assets. The acquisition is an attempt by the Coinbase exchange to enter the crypto derivatives conversation.

Coinbase moves for market share with Deribit’s acquisition

Deribit was founded in 2016 by brothers John and Marius Jansen with a strong base of institutional and advanced traders. In 2024, its trading volume reached $1.185 trillion, nearly twice that of the previous year’s $608 billion. July posted $185 billion in monthly trading volume and approximately $59 to $60 billion in open interest.

JUST IN: Coinbase completed the $2.9B acquisition of Deribit, becoming the global leader in crypto derivatives with Deribit's record $185B trading volume in July. pic.twitter.com/Gw14I9Yu48

— Cryptopolitan (@CPOfficialtx) August 14, 2025

Some of Coinbase’s executives have described the acquisition as a significant milestone towards becoming comprehensive in digital assets. The partnership will allow the U.S exchange platform to expand its derivatives offerings to include options. The company revealed that the integration will enable it to deliver products within a single platform, increasing liquidity and global reach. It will also offer various trading tools that meet diverse risk and jurisdictional requirements. 

Greg Tusar, Vice President of Institutional Products at Coinbase, acknowledged Deribit’s fast, capital-efficient, and battle-tested platform, saying it perfectly complements their growing futures and perpetuals business. He added that they are positioned to lead the next wave of innovation as demand for crypto options grows. 

Deribit’s July performance showed vigorous institutional activity and increased demand for derivative products. Industry data shows that crypto options are becoming more popular, drawing retail and institutional investors looking for advanced hedging and leverage strategies.

Coinbase is betting on the deal to immediately grow to the adjusted EBITDA, as Deribit generated over $30 million in transaction revenue in July alone. The U.S. crypto exchange will consolidate Deribit’s results from August 14 to September 30 for Q3 revenue results. It also anticipates approximately $10 million in additional technology, development, and administrative expenses for Q3, excluding deal-related amortization.

Coinbase stock remains 31% up since January

The acquisition is expected to help Coinbase compete with other exchanges that offer different services, such as Kraken, Binance, and Robinhood. Binance continues to lead with a broad suite of services and token launches, while Robinhood recently expanded into tokenized stock trading for European customers. 

Coinbase exchange stock dipped by 2.5% following the announcement, but remains up 31% since January and 65% year over year. It has also purchased Spindle, a blockchain-based advertising platform, the Roam browser development team, and Liquifi, a token management firm.

Briam Armstrong, CEO, has insisted that the deal is central to building a one-stop shop for all digital asset transactions. Emile Choi, COO, highlighted the importance of integrating Deribit’s technology and talent to accelerate product development and global market penetration. 

The exchange said the acquisition’s success depends on smooth integration, working with regulators, and ongoing demand for derivatives. The company also warned about possible risks, such as disruptions during integration, competition from global exchanges, and market volatility.

Coinbase described the collaboration as a step towards creating faster, more efficient, and more accessible crypto derivatives markets. Tusar noted that they are building the future of crypto derivatives markets.

The crypto exchange platform now controls approximately over $1 trillion in annual options trading, which Deribit held last year, and a dominant share of the options market. 

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