Coinbase aims to become the largest player in cryptocurrency derivatives after completing the acquisition of Deribit.

## Acquisition Completed

On the 13th, major US cryptocurrency exchange Coinbase announced that it has completed the acquisition of the derivatives exchange Deribit. This integration is expected to make Coinbase a global leader in the cryptocurrency derivatives space in terms of open interest and options trading volume. The integrated assets will amount to $59 billion in open interest and over $1 trillion in annual trading volume.

The acquisition was realized through a cash and stock transaction of approximately $2.9 billion announced in early May 2025. The deal consists of $700 million in cash and 11 million shares of Coinbase Class A common stock. Deribit is an exchange that was established in 2016.

Deribit currently holds approximately $59 billion in open interest and achieved a record monthly trading volume of $185 billion in July in response to rising market conditions. The trading volume for 2024 has reached $1.185 trillion, a 95% increase from $608 billion the previous year.

At the time of the acquisition announcement, industry insiders pointed out that the merged company could become a trillion-dollar entity considering the global scale of derivative trading. Derivative trading tends to generally exceed the scale of the spot market.

Coinbase stated that Deribit is the leading cryptocurrency options exchange in terms of trading volume and open interest, with a loyal customer base of institutional investors and veteran traders. This acquisition aims to build a one-stop platform that integrates spot, futures, perpetual, and options trading.