Coinbase has completed its $2.9 billion acquisition of Deribit, the leading crypto options platform by market share.
The deal, first announced in May 2025, was finalized on August 14, 2025, marking one of the largest consolidation moves in the digital asset sector this year .
Deribit processed over $1 trillion in trading volume in 2024 , making it the dominant player in the global crypto options market.
In July 2025, it posted its best month on record with $185 billion in volume and roughly $60 billion in open interest.
Coinbase said the acquisition will allow it to offer a full range of trading products — including spot, futures, perpetual swaps, and options — all within its ecosystem .
“We’re thrilled to welcome the world’s leading crypto options exchange to Coinbase,” the company said in its announcement . “This move strengthens our global presence and brings new opportunities for traders and institutions.”
“Together with Coinbase, we’re set to shape the future of the global crypto derivatives market,” said Deribit CEO Luuk Strijers .
Global Expansion Strategy
Deribit has historically had a strong presence outside the United States . Coinbase plans to keep the Deribit platform operational while integrating it into its custody, compliance, and fiat on-ramp systems .
The company says the move will help it compete with major offshore derivatives exchanges and offer regulated access to institutional traders .
The deal included $700 million in cash and the issuance of 11 million Coinbase Class A shares . Coinbase shares fell about 2.5% following the announcement , though analysts expect derivatives trading to become an increasingly important part of the exchange’s revenue .
With volatility continuing to drive interest in derivatives, Coinbase’s acquisition positions it to capture a larger share of global trading activity . The company expects the deal to enhance liquidity, broaden its product suite, and strengthen its role in institutional crypto markets .
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