Overview

• Coinbase finalized the $2.9 billion cash-and-stock deal on August 14, securing Deribit’s platform for roughly $700 million in cash and 11 million Class A shares.
• Deribit brings about $59 billion in open interest and a record $185 billion monthly trading volume from July 2025 to Coinbase’s ecosystem.
• Founders John and Marius Jansen have reportedly departed as integration begins to merge spot, futures, perpetuals and options under one platform.
• Deribit’s acceptance of tokenized U.S. Treasurys for margin adds a new collateral option aimed at institutional traders seeking capital efficiency.
• The deal heightens competition with Binance, Bybit and OKX and follows CalPERS’ 42% increase in Coinbase holdings as institutional interest rises.