Coinbase Global Inc. has officially closed its $2.9 billion acquisition of Deribit, the world’s largest crypto options exchange by trading volume and open interest. The deal, finalized on August 14, 2025, marks a strategic expansion of Coinbase’s derivatives business, adding options to its existing futures and perpetual contracts.
The agreement, first announced in May, was funded with $700 million in cash and 11 million shares of Coinbase’s Class A stock. By bringing Deribit into its ecosystem, Coinbase positions itself as the most complete global crypto derivatives platform, offering all major product types under one roof.
Deribit’s Record-Breaking Performance
Deribit’s recent performance underscores why Coinbase moved aggressively to close the deal. In July 2025, the exchange saw $185 billion in monthly trades and nearly $60 billion in open interest, its best month on record.
Annual volumes have exceeded $1 trillion, with July revenue surpassing $30 million from transaction fees alone. This surge was driven by growing institutional participation in crypto derivatives markets, signaling rising demand for advanced trading products.
Coinbase will include Deribit’s financial performance in its third-quarter results from August 14 to September 30. While July’s strong figures are encouraging, the company cautioned that monthly volumes can fluctuate significantly.
On the cost side, Coinbase estimates an additional $10 million in quarterly technology, development, and administrative expenses from Deribit operations, excluding acquisition-related charges. Amortization costs will also increase, though the exact figure has yet to be determined.
The “Everything Exchange” Vision
Coinbase CEO Brian Armstrong emphasized that Deribit’s talent and expertise will accelerate the rollout of new products and enhance platform capabilities. “The combined operation can deliver faster and more advanced trading systems to users worldwide,” Armstrong said.
This acquisition aligns with Coinbase’s long-term strategy to become the “Everything Exchange,” encompassing spot, derivatives, tokenized stocks, and prediction markets. Earlier this month, Coinbase launched decentralized exchange (DEX) trading for U.S. customers, with plans to add Solana token support soon.
Market Reaction
Despite the milestone, Coinbase shares fell over 2% on the day of the announcement, closing near $320, down from a record $436 in July 2025, according to TradingView data.
With Deribit now integrated, Coinbase’s focus shifts to merging systems, expanding global market reach, and capturing rising demand for crypto derivatives in key trading hubs worldwide.
