Coinbase Eyes More Deals After Deribit Acquisition Hits $4.3 Billion

Coinbase's acquisition of Deribit, a Netherlands-based derivatives platform, is complete at an estimated value of $4.3 billion, up from the initial $2.9 billion due to stock price appreciation.

The deal, announced on May 8, 2025, and closed on August 14, 2025, gives Coinbase control over approximately 75% of global crypto options open interest.

With Deribit's record trading volumes exceeding $185 billion in July 2025 and roughly $60 billion in open interest, the combined entity now offers spot trading, futures, and options under one roof.

Coinbase CEO Brian Armstrong has signaled his interest in further M&A opportunities, leveraging the company's public status to make massive deals without depleting its cash reserves entirely.