Coinbase Closes Deribit Buyout in $2.9B Power Move, Shaking Up Crypto Derivatives

Coinbase has officially taken over Deribit in a $2.9 billion mega-deal, combining forces to dominate the crypto derivatives arena.

The acquisition, structured as $700 million cash + 11 million Coinbase shares, creates an unrivaled trading powerhouse.

Deribit, launched in 2016, has been a derivatives juggernaut, with $1.185 trillion in 2024 volume and $59 billion in open interest. Its July 2025 volume hit $185B, underscoring soaring demand for crypto options and futures.

The deal threatens rivals as global crypto derivatives dwarf spot markets—$31 trillion in offshore futures traded last year. By absorbing Deribit, Coinbase now controls a critical piece of the crypto financialization puzzle, setting the stage for a trillion-dollar valuation push.