Coinbase has completed its landmark acquisition of Deribit in a $2.9 billion cash-and-stock deal, dramatically expanding its footprint in the booming crypto derivatives market.
The acquisition, first announced in May 2025, includes $700 million in cash and 11 million Coinbase shares.
Deribit’s integration brings $59 billion in open interest and $1+ trillion in annual volume, reinforcing Coinbase’s dominance as the top crypto derivatives platform globally.
Deribit’s 2024 trading volume surged 95% YoY to $1.185 trillion, with July 2025 hitting a monthly record of $185 billion. With offshore crypto derivatives reaching $31 trillion last year, the deal positions Coinbase to capitalize on the next wave of institutional crypto adoption.
