Coinbase completes acquisition of Deribit, expanding derivatives offering

SAN DIEGO - Coinbase Global, Inc. (NASDAQ:COIN), currently valued at $84 billion and showing a remarkable 67% return over the past year according to InvestingPro data, has completed its acquisition of Deribit, positioning the company as a comprehensive crypto derivatives platform, according to a press release issued Thursday.

The acquisition comes as Deribit reported record trading volumes in July 2025, exceeding $185 billion, with approximately $60 billion in current platform open interest. Deribit is recognized as a leading crypto options exchange by volume and open interest, having traded over $1 trillion last year. This strategic move aligns with Coinbase’s strong financial health, rated as "GOOD" by InvestingPro’s comprehensive analysis, which offers 12 additional key insights about the company’s performance and outlook.

Coinbase aims to integrate Deribit’s options trading capabilities with its existing futures and perpetuals business, creating a platform that offers spot, futures, perpetuals, and options trading services.

The financial impact of the acquisition is expected to be immediate. Deribit generated over $30 million in transaction revenue in July, according to the company statement. Coinbase, which has demonstrated impressive revenue growth of 49% in the last twelve months, projects that Deribit will contribute approximately $10 million in additional technology, development, and administrative expenses in Q3 2025, excluding deal-related amortization.

Coinbase anticipates that the acquisition will be Adjusted EBITDA accretive immediately following the close. The company’s Q3 financial outlook, previously provided in its July 31 shareholder letter, has been updated to reflect the Deribit acquisition, which will be included in consolidated results from August 14 through September 30.

The acquisition represents Coinbase’s effort to expand its product offerings and global reach in the cryptocurrency derivatives market, which has seen increasing institutional participation. The company stated that the combined entity aims to deliver faster and more accessible crypto derivatives markets. Based on current market conditions and InvestingPro’s Fair Value analysis, Coinbase appears to be trading above its Fair Value, suggesting investors should carefully consider their entry points. For detailed valuation metrics and comprehensive analysis, investors can access the full Pro Research Report, available exclusively to InvestingPro subscribers.

In other recent news, Thumzup Media Corporation raised $50 million at $10 per share to bolster its cryptocurrency holdings and mining operations. The funds will be used to diversify its cryptocurrency portfolio and acquire new mining equipment. In a related development, Thumzup has expanded its strategic relationship with Coinbase, which will continue to serve as its custodian and prime broker. This partnership aims to accelerate Thumzup’s cryptocurrency accumulation and mining strategy.

Meanwhile, Coinbase Global, Inc. has priced $2.6 billion in convertible senior notes in a private offering, which was increased from the initially planned $2.0 billion. These notes are due in 2029 and 2032, respectively. Analyst firm Mizuho has raised its price target for Coinbase to $267, citing improved trading volumes, despite a decline in cryptocurrency asset volatility. Additionally, Benchmark has reiterated its Buy rating on Coinbase with a $421 price target, following a weaker-than-expected second-quarter performance.

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