Coinbase Acquires Deribit to Boost Stablecoin and Crypto Derivatives Business

Key Takeaways:

• Coinbase finalizes acquisition of Deribit, the world’s largest crypto options exchange by volume and open interest.
• Deribit’s July trading topped $185B, with around $60B in open interest and over $1T in volume in 2024.
• The merger creates a one-stop global platform for spot, futures, perpetuals, and options, targeting deeper liquidity and institutional adoption.

Coinbase has officially completed its acquisition of Deribit, marking one of the most significant moves in the global crypto derivatives market to date. The deal instantly elevates Coinbase’s capabilities, giving it the largest, most liquid crypto options order book worldwide.

As the Deribit platform is now part of Coinbase, the latter intends to control the increasingly popular derivatives sector and provide high institutional grade services, wider market access and a consolidated trading environment to both retail and professional traders.

Read More: Coinbase Relaunches Stablecoin Bootstrap Fund to Strengthen DeFi Liquidity

Why Deribit Changes the Game for Coinbase

Deribit is not an exchange but the unchallenged market leader in crypto options. Its platform can be considered as the preferred destination of hedge funds, market makers, and professional traders who demanded the speed, liquidity, and capital efficiency that the platform offers with an open interest of about $60 billion and trade of over $1 trillion annually.

Deribit already broke the record when it handled a whopping $185 billion in futures in a single month alone (i.e. July 2025). This is indicative of an increasing international demand in crypto derivatives, in particular the options offerings that enable intricate hedging and speculative plays.

To Coinbase, the acquisition of Deribit will give it all the capacity of penetrating the market immediately without necessarily having a dominant position in the segment. The decision is also tactical in terms of timeliness; derivatives that have been growing exponentially in 2025 have recorded an increase in volatility across major cryptocurrencies and have attracted larger institutional involvement.

Building the Ultimate Global Trading Hub

The integration will allow Coinbase to offer the full spectrum of crypto trading products:

• Spot markets for direct asset ownership
• Futures for leveraged directional bets
• Perpetual contracts for long-term leveraged positions without expiry
• Options for hedging, volatility plays, and structured strategies

By consolidating these markets under one platform, Coinbase is positioning itself as the most comprehensive global crypto trading destination. Traders will benefit from:

• Deeper liquidity pools thanks to Deribit’s established order book
• Tighter spreads and faster execution via advanced matching engines
• Capital-efficient margining for multi-product portfolios

Institutional traders will be able to exploit the available tools on Deribit, including co-location services, as well as, bulk quoting tools, and the powerful market-maker protections with support derived through Coinbase compliance practices, fiat systems and custody infrastructure.

Financial Impact and Market Positioning

In 1 month (July 2025), Deribit attracted over 30m dollars worth of transaction revenue. Although the Q3 financial results will not be fully consolidated after August 14, the figures indicate a huge run-rate potential of Coinbase.

On the expenditure side, the company estimates about $10 million additional quarterly cost of technology, development and administrative cost due to the integration. Nonetheless, the management anticipates Deribit will be accretive to adjusted EBITDA as soon as it is operational and is a signal that it will be profitable on day one.

Market positioning-wise, this acquisition compels Coinbase to the frontiers of worldwide derivatives – about which rivalry with Binance, Bybit, and OKX would be intense. Through the pairing of infrastructures, Coinbase would be able to compete directly in all major jurisdictions with the eyes fixed on institutional crowd that is more focused on regulation, transparency, and the quality of execution.

Read More: Coinbase Reinforces Onchain Ambitions with Opyn’s DeFi Derivatives Pioneers

Timing and Strategic Significance

This deal comes as the trading volume of crypto derivatives in the market has been growing to new heights amid the new wave of volatility of Bitcoin and the growth in the interest towards it by traditional finance players. One tool that has become especially popular in making high-end market plays: Options, particularly, have proven a popular option, whether it comes to hedging of large trades to taking advantage of volatility spikes.

The action by Coinbase is in line with the greater trend in the market, in which regulated venues and institutional-grade infrastructure are becoming a precondition to participation of key players in the industry. That added to Deribit new speed and liquidity, along with the Deribit new brand and compliance strength, offers a combination of Coinbase in the next wave of the regulated derivatives adoption.