Coinbase completes $2.9 billion cash-and-stock acquisition of Deribit
Quick Take
- Coinbase closed its acquisition of Deribit, positioning it as the global leader in crypto derivatives by open interest and options volume.
- Deribit, launched in 2016, reportedly notched over $1 trillion in annual trading volume in 2024.
Coinbase (ticker COIN) completed its acquisition of crypto derivatives exchange Deribit. The deal positions Coinbase as the global leader in crypto derivatives by open interest and options volume, integrating Deribit’s $59 billion in open interest and over $1 trillion in annual trading volume, according to an announcement on Thursday.
The largest U.S. crypto exchange, Coinbase, said it would purchase Deribit, launched in 2016 by brothers John and Marius Jansen, for approximately $2.9 billion in a cash-and-stock deal announced in early May 2025. The transaction included $700 million in cash and 11 million shares of Coinbase Class A common stock.
Deribit currently has approximately $59 billion in open interest and recorded a record-high monthly trading volume of $185 billion in July amid rising interest in cryptocurrencies. In 2024, the platform recorded $1.185 trillion in trading volumes, a 95% increase from $608 billion over 2023.
At the time the deal was announced, some commentators said the combined companies could become a trillion-dollar company, considering the size of global derivatives trading, which generally outstrips spot markets. Last year, Bitcoin and Ethereum futures totaled $31 trillion offshore and about $2.5 trillion on the U.S.-based CME.
Deribit offers inverse BTC and ETH options, inverse futures and perpetual contracts, USDC settled options, perpetuals, and futures for several altcoins, as well as some spot markets, including yield-bearing assets and gold. It also offers its DVOL futures that allow traders to trade futures on the Deribit volatility index.
“This acquisition brings us closer to offering the full spectrum of trading products – spot, futures, perpetuals, and options – all in one seamless platform. In addition to product breadth, it enables us to scale globally with broader participation and deeper liquidity,” Deribit wrote in a statement.
Notably, Deribit's founders, John Jansen and Marius Jansen, are exiting the company following its acquisition by Coinbase.
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