Coinbase Finalizes $2.9B Deribit Acquisition, Completing the “Everything Exchange” Vision
Coinbase has officially closed its $2.9 billion acquisition of Deribit, the world’s largest crypto options exchange, marking a transformative step toward becoming the “Everything Exchange.” With Deribit’s record $185B in July trading volume now under its umbrella
A Landmark Deal: Coinbase Absorbs Deribit
On August 14, 2025, Coinbase completed its $2.9 billion acquisition of Deribit, the undisputed leader in cryptocurrency options trading. The deal—structured as $700 million in cash and 11 million shares of Class A stock—brings the most advanced derivatives platform in crypto under the Coinbase umbrella.
This isn’t just an expansion; it’s a consolidation of power. Deribit has long dominated the options market, handling over $1 trillion in annual trading volume and recently setting a new monthly record: $185 billion in trades and nearly $60 billion in open interest in July 2025 alone.
By integrating Deribit, Coinbase now offers every major derivative type—spot, futures, perpetuals, and options—making it the most comprehensive crypto trading platform globally.
Deribit’s Record Growth Fuels the Momentum
The timing of the acquisition couldn’t be better. Deribit’s blowout July performance reflects surging institutional demand for sophisticated crypto instruments. As macro uncertainty persists and volatility returns, traders are turning to options for hedging, yield generation, and leveraged exposure.
July’s revenue exceeded $30 million in transaction fees, and Coinbase expects Deribit to contribute positively to adjusted EBITDA immediately post-acquisition—meaning the platform is not just valuable, but profitable.
However, the company cautioned against extrapolating July’s highs into future forecasts, noting the volatile nature of derivatives trading. On the cost side, Deribit will add approximately $10 million in tech, development, and administrative expenses in Q3, excluding acquisition-related amortization, which remains undetermined.
Building the “Everything Exchange”
This move is central to Coinbase’s ambitious vision: the “Everything Exchange.” The goal? To be the one-stop platform for all digital asset activity—not just crypto, but tokenized stocks, prediction markets, and decentralized trading.
Just days before the Deribit close, Coinbase launched DEX trading for U.S. users, allowing direct access to tokens on the Base network, with Solana (SOL) support on the way. This positions Coinbase at the heart of the booming meme and launch economy, where new tokens emerge daily.
With Deribit’s elite engineering team now onboard, CEO Brian Armstrong emphasized that their expertise will accelerate product innovation, enabling faster, more robust, and globally scalable trading systems.
Market Reacts Cautiously
Despite the strategic win, the market response was muted. On the day of the announcement, Coinbase stock (COIN) dipped over 2% to $320, down from its July all-time high of $436. Investors may be weighing the integration risks, regulatory scrutiny, or simply taking profits after a strong run.
But long-term, the acquisition sends a clear message: derivatives are the future, and Coinbase intends to own them.
What’s Next?
- Product integration: Merging Deribit’s options engine with Coinbase’s existing interface
- Global expansion: Targeting high-demand regions like Asia, the Middle East, and Latin America
- Institutional onboarding: Leveraging Deribit’s reputation to attract hedge funds, prop desks, and family offices
With the puzzle now complete—spot, DEX, futures, options—Coinbase isn’t just a gateway to crypto. It’s becoming the central nervous system of digital finance.
