Coinbase closes its acquisition of Deribit, valued at about $4.3B at closing

Coinbase/Coinbase derivatives (incl. Deribit)

Coinbase closed its acquisition of Deribit, the largest crypto options exchange by volume and open interest, on August 14, 2025. Originally announced at $2.9 billion, the deal's final consideration was $4.3 billion ($721.5M cash plus Coinbase stock). Deribit had ~$60B open interest and traded over $1 trillion the prior year.

• Final price $4.3B ($721.5M cash + stock); initially announced at $2.9B, reflecting rising valuations.
• Deribit: #1 crypto options exchange by volume and open interest with $60B open interest and $1T+ annual volume.
• July 2025 was Deribit's best month ever at $185B volume; transaction revenue exceeded $30M that month alone.