Coinbase Closes Deribit Deal as Crypto Derivatives Skyrocket

Coinbase has officially completed its acquisition of Deribit, the world’s leading crypto options exchange, in a strategic move that significantly expands its derivatives trading capabilities.

“This milestone marks a major step forward in our mission to build the most comprehensive, trusted platform for global crypto derivatives trading,” the firm said in a Thursday announcement.

“We just closed the biggest deal in crypto history,” said Emilie Choi, President and Chief Operating Officer of Coinbase.

“Their talent will be a key part of us building the ‘everything exchange,’ and being able to offer industry-leading derivatives products around the world,” said CEO Brian Armstrong.

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Crypto Derivatives Surging

Deribit is the world’s leading crypto options exchange by volume and open interest, according to Coinbase. There is currently around $60 billion in open interest on the platform for all contracts, which saw over $1 trillion traded in the previous year.

Open interest (OI) is the number or value of derivatives contracts that have yet to be settled or closed. Deribit also saw a record $185 billion in trading volume in July amid an institutional surge in crypto derivatives.

Total Bitcoin futures OI is around $83 billion, according to CoinGlass, which lists the CME and Binance as market leaders.

The $2.9 billion acquisition, which was announced in May, completes Coinbase’s derivatives product suite, which includes spot, futures, perpetuals, and options trading.

Coinbase also stated that it expects Deribit to incur approximately $10 million in additional expenses for technology, development, and general administrative costs.

The firm has acquired five companies so far this year, including Spindle, Roam, and Liquifi, as it aggressively expands its ambitions to become the “everything exchange.”

In June, Deribit accepted BlackRock’s industry-leading USD Institutional Digital Fund (BUIDL) as collateral, giving investors a stable and yield-generating alternative.

Coinbase Stock Up This Week

Coinbase shares did not react to the announcement as the market had already priced it in.

COIN ended the day flat, trading at around $325 after-hours, but has gained 4% over the past week as Bitcoin notched a new all-time high.

The stock has performed well this year, gaining 31% since the beginning of 2025 and 65% since this time last year. COIN hit an all-time high of $420 on July 18, which was the same week that BTC first topped $120,000.

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