- Coinbase acquires Deribit and gains a $59B open interest to increase its attractiveness to institutional investors.
- Deribit generated 30M in July 2025, strengthening the finances of Coinbase after the acquisition.
- The crypto derivatives markets are stabilizing toward regulated, full-service international exchanges.
Coinbase Global, Inc. has announced an official acquisition of crypto derivatives exchange Deribit, which expands its market in more developed trading places. The acquisition seeks to make Coinbase a full-stack crypto platform involving spot, futures, perpetuals, and now options trading.
Coinbase announced that it has completed the acquisition of crypto options trading platform Deribit. Deribit currently has approximately $59 billion in open interest, recorded over $1 trillion in trading volume last year, and achieved a record-high monthly trading volume of $185…
— Wu Blockchain (@WuBlockchain) August 14, 2025
Deribit is a Panama-based exchange that saw record-high levels in July 2025, tallying $185 billion of monthly trading volume and almost $60 billion of open interest. Metropolis has handled a vast amount of trading volume worth more than a trillion dollars a year and is the leading crypto exchange in the world in terms of options.
Coinbase, currently pegged at $84 billion, is critical to capitalize on the escalating institutional interest in regulated, sophisticated derivatives trading solutions. The combination will also give Coinbase the infrastructure, speed, and capital efficiency needed to enlist high-frequency and professional traders.
Coinbase Leverages Deribit’s Strength for Integration
Deribit is a crypto options venue that has previously hosted the majority of institutional traders. Because of its deep market and the low-latency infrastructure, the exchange provides tools that can cater to the requirements of both expert traders and market makers.
Coinbase also intends to preserve most of Deribit’s technological advantages and combine them into its ecosystem. In doing so, the company will aim to provide clients with smooth access to spot, futures, perpetual contracts, and options in a single regulated environment.
The company will also gain access to Deribit, which is a good revenue stream. In July alone, the company had transaction revenue of more than 30 million dollars. This direct revenue contribution is supposed to make the deal accretive to Adjusted EBITDA in the current quarter.
Coinbase Eyes Institutional Demand Surge
This integration is opportune because of institutional involvement in the crypto derivatives market. The trading and fund firms are on a high budget on the platforms that provide a broader product range in a regulated environment. Coinbase already has the compliance infrastructure in place, which would make it a natural destination for participants in this market.
Coinbase also said it has updated its financial outlook in Q3 2025 to incorporate Deribit, which has existed since August 14, into its consolidated financials. However, Deribit will create an additional cost to its operations of about ten million by Q3; its high revenue generation and market share balance this.
Market analysts have received the move well. Benchmark has reinstated its Buy rating towards Coinbase with a price target of $421. Mizuho has also lifted its forecast to 267, citing bigger trading volumes and more services offered.
Full-Stack Offerings Drive Strategic Growth
The deal is also part of a broader trend towards market consolidation of businesses and all-inclusive service platforms within the crypto space. Much of the attention has recently been given by Coinbase to enticing a new cohort of institutional customers to use full-stack offerings with reliable depth.
With competition heating up in the digital asset landscape, Coinbase looks to become a leader in the world market. Its move to add Deribit indicates that it plans to remain on the edge in line with the dynamics of the crypto derivatives market.
