Coinbase Expands Options Business with Completed Deribit Acquisition

Coinbase has completed its acquisition of Deribit, a move that adds options and derivatives to its platform. The deal was announced on May 8, 2025, and closed on August 14, 2025, with an initial value of $2.9 billion. However, the final transaction value rose to approximately $4.3 billion due to Coinbase's stock gains.

The acquisition gives Coinbase a significant presence in crypto options, holding about 75% of crypto options open interest at the time of the agreement. Deribit recorded over $185 billion in trading volume and held around $60 billion in open interest in July 2025.

Coinbase plans to pursue more acquisitions after completing this deal, with CEO Brian Armstrong framing M&A as part of the company's growth plan. The company has described 2025 as its busiest year for acquisitions, with several deals closed throughout the year.