Deribit Joins Coinbase: Unlocking the Future of Global Crypto Derivatives

Coinbase Global, Inc. (the "Company" or "Coinbase") 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.

Footnotes

[1] All figures based on publicly available market data (e.g. The Block: https://www.theblock.co/data/crypto-markets/options | Laevitas: https://app.laevitas.ch/exchanges/list) as of August 13, 2025

Forward-Looking Statements

This blog post contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are forward-looking statements. These statements include, but are not limited to, statements regarding Coinbase's acquisition of Deribit. The words "believe," "may," "will," "estimate," "potential," "continue," "anticipate," "intend," "expect," "could," "would," "project," "plan," "target," and similar expressions are intended to identify forward-looking statements. Forward-looking statements are based on management's expectations, assumptions, and projections based on information available at the time the statements were made.

These forward-looking statements are subject to a number of risks, uncertainties, and assumptions, including, among others: negative effects of the announcement of the transaction; risks associated with integration of the businesses, or that Coinbase will not realize expected benefits, cost savings, accretion, synergies and/or growth, or that such benefits may take longer to realize than expected; the risk that disruptions from the transaction will harm business plans and operations; significant transaction and integration costs; the potential impact of the consummation of the transaction on Coinbase's, Deribit's or the combined company's relationships with partners, customers, employees and regulators; demand for Coinbase's, Deribit's, or the combined company's products and services; market acceptance of Coinbase's products and services; Coinbase's ability to expand internationally; the effects of increased competition in Coinbase's markets; Coinbase's ability to stay in compliance with applicable laws and regulations; stock price fluctuations; market conditions across the cryptoeconomy, including crypto asset price volatility; and general market, political, and economic conditions, including interest rate fluctuations, inflation, instability in the global banking system, economic downturns, and other global events, including regional wars and conflicts, tariffs and government shutdowns. It is not possible for Coinbase's management to predict all risks, nor can Coinbase assess the impact of all factors on its business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements Coinbase may make.

In light of these risks, uncertainties, and assumptions, Coinbase's actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. Further information on risks that could cause actual results to differ materially from forecasted results are, or will be included, in the filings Coinbase makes with the SEC from time to time, including its Annual Report on Form 10-K for the year ended December 31, 2024 filed with the SEC on February 13, 2025 and its Quarterly Report on Form 10-Q for the quarter ended June 30, 2025 filed with the SEC on July 31, 2025. Except as required by law, Coinbase assumes no obligation to update these forward-looking statements, or to update the reasons if actual results differ materially from those anticipated in the forward-looking statements.

Disclosure Information

In addition to filings with the Securities and Exchange Commission, the Company uses its Investor Relations website (investor.coinbase.com), its blog (blog.coinbase.com), press releases, public conference calls and webcasts, its X feed (@coinbase), Brian Armstrong's X feed (@brian_armstrong), its LinkedIn page, and its YouTube channel as means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD.

About Coinbase

Crypto creates economic freedom by ensuring that people can participate fairly in the economy, and Coinbase (NASDAQ:COIN) is on a mission to increase economic freedom for more than 1 billion people. We're updating the century-old financial system by providing a trusted platform that makes it easy for people and institutions to engage with crypto assets, including trading, staking, safekeeping, spending, and fast, free global transfers. We also provide critical infrastructure for onchain activity and support builders who share our vision that onchain is the new online. And together with the crypto community, we advocate for responsible rules to make the benefits of crypto available around the world.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250814749927/en/

Contacts

Press:

[email protected]



Investor Relations:

[email protected]