Coinbase Global has closed its acquisition of Deribit, officially making Coinbase the most comprehensive global crypto derivatives platform. This acquisition comes on the heels of a record month of volume and revenue for Deribit – with July ‘25 volumes exceeding $185 billion and approximately $60 billion [1] of current platform open interest – as international momentum around crypto options heats up.

It’s official: Deribit is now part of Coinbase.

We’re thrilled to welcome the world’s leading crypto options exchange to Coinbase. This milestone marks a major step forward in our mission to build the most comprehensive, trusted platform for global crypto derivatives trading.

Deribit is the #1 crypto options exchange by volume and open interest, with roughly $60 billion of current platform open interest, over $1 trillion traded last year, and a loyal base of institutional and advanced traders. Their platform is fast, capital-efficient, and battle-tested – the perfect complement to Coinbase’s growing futures and perpetuals business.

This acquisition brings us closer to offering the full spectrum of trading products – spot, futures, perpetuals, and options – all in one seamless platform. In addition to product breadth, it enables us to scale globally with broader participation and deeper liquidity. And it comes at the perfect time. In July, Deribit saw over $185 billion in trading volume, Deribit’s best month ever, amid a surge in institutional flows. As the crypto options market is heating up, we’re positioned to lead the next wave of innovation.

Together, we’re building the future of crypto derivatives markets: faster, more sophisticated, and more accessible than ever before.

Welcome aboard, Deribit. Let’s get to work.

Investor Note

We expect the Q3 financial impact from Deribit to be the following:

• Revenue: Deribit generated over $30 million in July transaction revenue. Note that our Q3 results will include consolidated results from Deribit from August 14 through September 30, however, this gives you a directional sense of the run-rate revenue opportunity. As always, we urge caution in extrapolating these results.
• Expenses: We expect Deribit to contribute approximately $10 million of additional expense to our technology & development and general & administrative expenses in Q3 (excluding deal-related amortization). We also expect deal-related amortization to increase materially Q/Q in Q3, but such amount is not calculable at this time.
• Profitability: We anticipate Deribit will be Adjusted EBITDA accretive immediately after close.

This outlook should be considered an update to our Q3 outlook provided in our July 31, 2025 shareholder letter, which did not include any impact from Deribit.

Source: Coinbase