Coinbase today announced the completion of its $2.9 billion acquisition of crypto options exchange Deribit.

Coinbase commented:

“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”.

Coinbase expects the Q3 financial impact from Deribit to be the following:

• Revenue: Deribit generated over $30 million in July transaction revenue. Note that Coinbase’s Q3 results will include consolidated results from Deribit from August 14 through September 30, 2025.
• Expenses: Coinbase expects Deribit to contribute approximately $10 million of additional expense to its technology & development and general & administrative expenses in Q3 (excluding deal-related amortization). It also expects deal-related amortization to increase materially Q/Q in Q3, but such amount is not calculable at this time.
• Profitability: Coinbase anticipates Deribit to be Adjusted EBITDA accretive immediately after close.