Coinbase is making its biggest bet yet on the future of crypto trading. The U.S.-based exchange just announced a $2.9 billion deal to acquire Deribit, the world’s largest crypto options platform by open interest. The move signals a bold expansion into derivatives, an area Coinbase has been building toward but hadn’t yet conquered—until now.
This blockbuster deal combines $700 million in cash with 11 million shares of Coinbase Class A stock. Once completed, it positions Coinbase as the top global platform for crypto derivatives, giving it dominance in options, futures, and perpetual contracts across both U.S. and international markets.
Founded in 2012, Coinbase has become a household name in digital asset trading. But as spot trading volumes remain volatile, the company is turning to more stable and profitable verticals—like derivatives. That’s where Deribit comes in. With over $30 billion in open interest and more than $1 trillion in annual trading volume, Deribit has long been the leader in crypto options, especially outside the U.S.
For Coinbase, this acquisition fills a major gap. The firm already offers U.S. futures via Coinbase Financial Markets and international perpetuals through its offshore exchange. By adding Deribit’s options suite to the mix, Coinbase now becomes a one-stop shop for every kind of crypto trade—spot, futures, perpetuals, and options.
Deribit CEO Luuk Strijers called the merger a natural fit. He said the partnership will unlock new opportunities for institutional and advanced traders who want everything under a trusted brand. The deal also strengthens Coinbase’s position outside the U.S., where Deribit has built a loyal user base and a profitable business.
This isn’t just about expanding product offerings—it’s a calculated move to smooth out revenue. While spot trading often rises and falls with market sentiment, derivatives like options tend to see consistent demand in both bullish and bearish cycles. With Deribit’s profitable model, Coinbase adds more reliable income while securing long-term market share in a key segment.
The timing is no accident. With political support for crypto gaining traction—especially after recent comments from Donald Trump backing digital assets—Coinbase is seizing the momentum. The crypto industry is seeing a new wave of consolidation, and this deal sets a high bar for what’s next.
Investors took notice. Coinbase shares, which had been down 21% year-to-date, jumped more than 5% in early trading after the announcement. The company expects the deal to close by the end of 2025, pending regulatory clearance.
As the world’s most recognizable crypto exchange and now the owner of its leading options platform, Coinbase is setting the pace in a high-stakes race to shape the next era of digital asset trading.
