Coinbase has completed its acquisition of Deribit, the world’s largest crypto options trading platform by volume, marking another significant step in the company’s efforts to broaden its global presence. The $2.9 billion deal, first announced in May, officially closed this week. Deribit recorded over $1 trillion in trading volume in 2024, drawing a dedicated base of institutional and sophisticated traders. Coinbase said the platform’s strong client loyalty and market leadership made it a strategic addition to its expanding suite of services. Building a One-Stop Crypto Hub Coinbase has been steadily growing its offerings to serve diverse segments within the crypto sector. The exchange now provides a perpetual futures platform, prime brokerage services, retail spot trading, institutional lending, and secure asset custody. By integrating Deribit’s operations, Coinbase aims to bolster its derivatives capabilities while reinforcing its ambition to become a one-stop destination for digital asset services. Despite the milestone, Coinbase’s stock slipped by roughly 2.5% in intraday trading following the deal’s closure. This minor dip follows a broader pattern of market adjustments after major acquisitions. Six Acquisitions in 2025 The Deribit purchase is one of six acquisitions made by Coinbase so far in 2025. In January, the exchange acquired Spindle, a blockchain-based advertising platform designed to help creators boost their visibility online. The same month, Coinbase brought on the team behind Roam, a blockchain-based web browser project. In July, it added Liquifi, a platform focused on supporting early-stage token startups with management tools and resources. These deals reflect Coinbase’s strategy of expanding into complementary areas of blockchain and crypto infrastructure. Industry-Wide Expansion Trends Coinbase’s aggressive growth mirrors a wider trend among major crypto exchanges branching into adjacent markets. Kraken, for instance, launched tokenized stock trading for non-US residents in May, tapping into the emerging tokenized securities space. The company also offers crypto futures, staking, asset custody, and over-the-counter services for institutions. Robinhood has been blurring the line between traditional and digital finance by providing mixed-asset trading and announcing a layer-2 blockchain for tokenized stock trading in Europe. Meanwhile, Binance continues to diversify its portfolio with retail and institutional offerings, including options, futures, and token launch platforms. Since 2018, Binance has been actively acquiring crypto wallets, blockchain development teams, exchanges, and analytics firms. Coinbase’s move for Deribit underscores the competitive race among major exchanges to expand capabilities and secure market share in the evolving global crypto economy.
