Coinbase Buys Deribit, Targets Institutional Traders Worldwide

Key Highlights: Coinbase finalized a $2.9B deal to acquire Deribit, the leading crypto options platform. The acquisition expands Coinbase’s reach with advanced derivatives and wider client options. Binance, Kraken, and Robinhood also diversify, escalating global competition. Coinbase’s $2.9B Acquisition of Deribit Redefines the Crypto Landscape Cryptocurrency exchange Coinbase has finalized its $2.9 billion acquisition of Deribit, the world’s largest crypto options trading platform, which recorded trading volumes above $1 trillion in 2024. This landmark deal marks a major move in Coinbase’s global growth strategy. Coinbase highlighted Deribit’s exceptional base of institutional and experienced traders. The merger aims to boost Coinbase’s standing in derivatives, enabling the platform to become a “one-stop shop” for digital assets. “In addition to a broad product range, it allows us to scale globally, enabling greater participation and greater liquidity. And it comes at an ideal time,” the company said in a press release. In 2025 alone, Coinbase has acquired six companies including Spindle (a blockchain advertising tool), the team behind the Roam browser, and Liquifi, which specializes in token management. Each deal contributes to expanding the platform’s ecosystem and delivering end-to-end solutions for a broad client base. Competition Heats Up Among Crypto Exchanges Coinbase’s product development includes prime brokerage, a perpetual futures platform, spot trading, institutional lending, and asset custody, allowing for strong competition with market leaders. Other top exchanges are rapidly evolving as well. Kraken’s launch of tokenized stock trading for non-US users and Robinhood’s introduction of an L2 blockchain for securities in Europe exemplify this innovation wave. Binance, the industry giant, has aggressively acquired wallets, analytics platforms, and crypto businesses since 2018—creating a comprehensive suite, from derivatives to token launch tools. Coinbase expects its Deribit acquisition to reinforce its market position and appeal to institutional clients seeking exchanges with extensive trading instruments.