TL;DR
- Coinbase completed the purchase of Deribit for $2.9 billion, combining $700 million in cash and 11 million Class A shares.
- In July 2025, Deribit set a monthly record with $185 billion in trading volume and $59 billion in open interest.
- The acquisition merges options with spot, futures, and perpetuals into a single platform, expanding liquidity, global reach, and product offerings for traders.
Coinbase closed the acquisition of Deribit for approximately $2.9 billion, making it the largest crypto derivatives platform in the world by trading volume and open interest.
The deal combined $700 million in cash and 11 million Class A shares of Coinbase. Through this integration, the U.S.-based company gains control of a business that dominates the crypto options market and has experienced explosive growth in recent years.
A Path Marked by Success
Deribit was founded in 2016 by brothers John and Marius Jansen and has built a strong base of institutional and advanced traders. Its infrastructure is recognized for fast execution, capital efficiency, and operational stability—factors that have allowed it to maintain a clear lead over competitors. In 2024, its trading volume reached $1.185 trillion, a 95% increase from $608 billion in 2023.
That momentum continued this year. In July 2025, the platform posted a record $185 billion in monthly trading volume and currently holds about $59 billion in open interest. This performance reflects growing demand for more sophisticated financial instruments in the crypto market, particularly among investors seeking greater hedging and leverage strategies.
What Benefits Will Coinbase Gain?
For Coinbase, the acquisition immediately broadens its product range by integrating options with its existing spot, futures, and perpetual contract lines. The goal is to offer all these tools in a unified platform, with deeper liquidity and wider global reach. The company aims to capitalize on the expanding options market, fueled by increasing institutional flows and the entry of new participants with experience in traditional derivatives.
The deal also strengthens Coinbase’s ability to compete with international exchanges that handle a significant share of global derivatives volume. By adding Deribit’s client base and track record of high volumes, the company can accelerate the rollout of products tailored to different risk profiles and multiple jurisdictions. The two platforms will combine technology, liquidity, and commercial reach to capture an even larger share of a segment that continues to gain weight in the global crypto economy
