Coinbase Completes Deribit Acquisition: Here Are The Biggest Takeaways

Key Insights:

• Coinbase closed a $2.9 billion deal to acquire crypto options leader Deribit.
• Deribit posted a record $185 billion in July trades, $60 billion in open interest, showing its positive growth trend.
• The acquisition adds options to Coinbase’s spot, futures, and perpetuals lineup.

Coinbase Global Inc. has completed its $2.9 billion purchase of Deribit, the largest crypto options exchange.

The deal, closed on August 14, 2025, adds options to Coinbase’s trading range.

This follows Deribit’s record month with $185 billion in trades and $60 billion in open interest.

Coinbase Seals Deribit Deal

Coinbase confirmed on August 14, 2025, that it had completed the purchase of Deribit for $2.9 billion.

The agreement, first announced in May, combines cash and shares. Coinbase paid $700 million in cash and issued 11 million shares of its Class A stock to close the deal.

Deribit is widely known as the top crypto options exchange by trading volume and open interest.

The platform’s July figures showed more than $185 billion in monthly trades and almost $60 billion in open positions.

In the previous year, Deribit handled over $1 trillion in total trades. Coinbase said bringing Deribit into its business made it the most complete global crypto derivatives platform.

The company already offered futures and perpetual contracts, and the addition of options means traders can now find all major product types in one place.

The exchange said this deal would help it grow its reach worldwide. It expects broader participation from different markets and deeper liquidity in its order books.

Deribit Record Month and Financial Outlook

The timing of the deal followed a period of strong growth for Deribit. July 2025 was its best month on record.

Market activity increased as more institutional traders moved into crypto derivatives.

Coinbase said this was a sign of rising interest in the sector. In addition, Deribit’s July revenue exceeded $30 million from transaction fees.

Coinbase said its third-quarter results would include Deribit’s performance from August 14 to September 30.

The company cautioned against simply projecting those July figures forward, as trading activity can change month on month.

On the expense side, Coinbase estimated Deribit would add about $10 million to technology, development, and administrative costs in the third quarter.

Meanwhile, this excludes costs linked to the acquisition itself. It also said amortization from the deal would rise, though the amount was not yet known.

Coinbase expected Deribit to add to its adjusted earnings before interest, taxes, depreciation, and amortization immediately after the close.

This indicated the business could generate more income than it costs to run.

Coinbase is Building Toward the ‘Everything Exchange’

Coinbase linked the purchase to its broader aim of becoming what it calls the “Everything Exchange.”

This plan involves offering not only crypto spot and derivatives trading but also tokenized stocks and prediction markets in the United States.

Earlier in August, Coinbase launched decentralized exchange (DEX) trading for U.S. customers.

This allowed them to trade Base network tokens directly. The company planned to add Solana token support next.

Coinbase said the move could lift volumes because Base and Solana see frequent new token launches.

Chief Executive Officer Brian Armstrong said the skills and experience of the Deribit team would be key to expanding the range and quality of products on offer.

He said the combined operation could deliver faster and more advanced trading systems to users worldwide.

Despite the announcement, Coinbase’s stock fell on the day of the deal.

TradingView data showed the shares at about $320, down more than 2% during the session. The price had dropped from an all-time high of $436 reached in July 2025.

With Deribit now part of Coinbase, the company has added the largest crypto options platform to its lineup.

The next step will be integrating its products and systems while seeking growth in global markets where demand for derivatives is rising.