Coinbase completes purchase of Deribit, a popular cryptocurrency derivatives exchange.
Coinbase Global has made a significant move in the crypto derivatives market by acquiring Deribit, the world's leading crypto options exchange by volume and open interest. This acquisition, worth $2.9 billion, was finalized in August 2025 [1][3].
Deribit's trading volume exceeded $1 trillion in 2024, and it has a strong institutional trader base [1][2]. With this acquisition, Coinbase aims to build the future of crypto derivatives markets alongside Deribit.
The acquisition consolidates Coinbase’s dominance in the massive $28 trillion crypto derivatives market, which accounts for about 76% of total crypto trading volume globally [2]. By combining Deribit’s $30 billion open interest and advanced options offerings with Coinbase’s existing futures infrastructure and spot trading platform, Coinbase is positioned to offer a comprehensive, unified derivatives trading platform.
The deal is expected to increase deal-related amortization materially in Q3, but the exact amount is not calculable at this time. Deribit is anticipated to contribute approximately $10 million of additional expense to Coinbase’s technology & development and general & administrative expenses in Q3 (excluding deal-related amortization) [2]. However, Deribit is expected to be Adjusted EBITDA accretive immediately after close.
The acquisition allows for broader global participation and deeper liquidity in the crypto derivatives market. Deribit's platform is fast, capital-efficient, and battle-tested, making it a valuable addition to Coinbase's offerings.
In July '25, Deribit recorded its best month ever with over $185 billion in trading volume. In the same month, it generated over $30 million in transaction revenue [1]. Deribit's current platform open interest is approximately $60 billion.
This strategic move is seen as a step towards market consolidation and enhancing Coinbase’s ability to compete with traditional financial exchanges, potentially reshaping institutional participation in crypto derivatives. It also fits into Coinbase’s broader strategy of diversifying and expanding its crypto service offerings, as this is its sixth acquisition in 2025 alone [1][2].
With this acquisition, Coinbase Global has officially become the owner of the most comprehensive global crypto derivatives platform, offering a full spectrum of trading products, including spot, futures, perpetuals, and options, all in one seamless platform. This acquisition could help mainstream crypto derivatives trading worldwide, driving market consolidation and further solidifying Coinbase's leadership in the crypto derivatives market.
[1] Coinbase Global Press Release, August 1, 2025. [2] Coinbase Global Shareholder Letter, July 31, 2025. [3] Deribit Press Release, August 14, 2025.
- The acquisition of Deribit by Coinbase Global signifies a strategic step toward merging traditional finance and technology, aiming to create the future of crypto derivatives markets.
- By integrating Deribit's advanced options offerings and $30 billion open interest with Coinbase's existing futures infrastructure and spot trading platform, the combined entity will offer a comprehensive, unified derivatives trading platform, catering to a global business demand.
- This consolidation in the crypto derivatives market, amounting to a whopping $28 trillion, is expected to lead to increased liquidity, broader global participation, and deeper competition with traditional financial exchanges, ultimately driving mainstream adoption of crypto derivatives worldwide.
