Coinbase Completes Deribit Acquisition, Expands Derivatives Offering

TLDR

• Coinbase has officially completed its acquisition of Deribit, the leading crypto options exchange
• Deribit processed $185 billion in trading volume in July 2025, with $60 billion in current platform open interest
• The acquisition integrates spot, futures, perpetuals, and options trading under Coinbase’s platform
• Deribit generated over $30 million in July transaction revenue and is expected to be immediately EBITDA accretive
• The combined entity aims to become the most comprehensive global crypto derivatives platform

Coinbase has finalized its acquisition of Deribit, creating what the company calls “the most comprehensive global crypto derivatives platform.” The deal, announced on August 14, 2025, marks a major expansion of Coinbase’s derivatives offerings and comes during a period of strong growth for crypto options trading.

Deribit, recognized as the top crypto options exchange by volume and open interest, brings approximately $60 billion of current platform open interest to Coinbase. The acquisition follows Deribit’s record-breaking July performance, during which the exchange processed over $185 billion in trading volume.

“We’re thrilled to welcome the world’s leading crypto options exchange to Coinbase,” said Greg Tusar in the company’s announcement. “This milestone marks a major step forward in our mission to build the most comprehensive, trusted platform for global crypto derivatives trading.”

The strategic move allows Coinbase to offer a complete spectrum of trading products – spot, futures, perpetuals, and options – on a single platform. This consolidation aims to create deeper liquidity and broader market participation across crypto derivatives.

Market Position and Growth

Deribit has established itself as a powerhouse in the crypto derivatives space. In 2024, the exchange processed over $1 trillion in options trades, building a loyal base of institutional and advanced traders along the way.

The timing of the acquisition appears opportune as interest in crypto options continues to rise. Deribit’s July 2025 performance represented its best month ever, with the company experiencing a surge in institutional flows.

Coinbase highlighted Deribit’s trading infrastructure as “fast, capital-efficient, and battle-tested” – qualities that complement Coinbase’s existing futures and perpetuals business. The combined entity aims to lead innovation in the rapidly evolving crypto derivatives market.

Financial Impact

From a financial perspective, Coinbase expects the acquisition to enhance its bottom line immediately. The company disclosed that Deribit generated over $30 million in transaction revenue in July alone, providing investors with a glimpse of the revenue potential.

For Q3 2025 financial results, Coinbase will include consolidated results from Deribit starting August 14 through September 30. The company cautioned investors against simple extrapolation of July’s results.

On the expense side, Coinbase anticipates Deribit will add approximately $10 million to its technology & development and general & administrative expenses in Q3, excluding deal-related amortization. While deal-related amortization is expected to increase materially quarter-over-quarter in Q3, the exact amount was not specified.

Importantly, Coinbase stated that Deribit will be “Adjusted EBITDA accretive immediately after close,” suggesting the acquisition will positively impact profitability from day one.

Strategic Vision

The acquisition aligns with Coinbase’s long-term strategy to expand its product offerings and global reach. By bringing Deribit’s options trading expertise in-house, Coinbase positions itself to compete more effectively in the global derivatives market.

“Together, we’re building the future of crypto derivatives markets: faster, more sophisticated, and more accessible than ever before,” Tusar stated in the announcement.

The deal follows Coinbase’s ongoing efforts to diversify beyond spot trading and capture more institutional business. With regulatory clarity improving in some jurisdictions, derivatives trading represents a key growth vector for major crypto exchanges.

The acquisition was first announced in May 2025 and has now been successfully completed. Coinbase’s Q3 financial outlook, previously provided in its July 31 shareholder letter, has been updated to reflect the expected contributions from Deribit.

Coinbase’s stock, traded under the ticker COIN on Nasdaq, may see increased attention from investors as the market assesses the long-term value of this strategic acquisition.