Coinbase has acquired Deribit, a crypto options trading platform, expanding its portfolio of digital asset businesses.
The acquisition was valued at USD 2.9 billion in May 2025, when Coinbase agreed to acquire Deribit. Trading volumes on the trading platform reached USD 1 trillion in 2024, and its customer base is comprised of institutional traders, which makes it a key acquisition for Coinbase.
Crypto firms branching out
This is the sixth company acquired by Coinbase in 2024 as it expands and diversifies its operations. The company also purchased Spindle, a blockchain-based advertising platform that supports content creators to increase their online visibility. In January, Coinbase acquired the team behind Roam, a blockchain-based online browser, and in July, it purchased Liquifi, a company focused on managing early-stage token startups.
Crypto exchanges are branching out into adjacent businesses by delivering digital asset solutions to varied markets within the crypto space. Kraken is getting into tokenised sock trading, providing the service for non-US residents, reflecting its expansion into the tokenised securities market. The exchange also offers crypto futures trading, asset custody, staking, and over-the-counter services for institutional clients.
Brokerage platform Robinhood now offers mixed-asset trading solutions to its clients, bridging the gap between TradFi and digital finance. The company announced a layer-2 blockchain for tokenised stock trading in June for customers in Europe. Additionally, Binance is also expanding, offering a range of retail and institutional services, including options, futures trading, and token launch platforms.
The crypto exchange has been acquiring crypto wallet providers, blockchain development teams, and other crypto exchanges and analytics platforms since 2018. It also supported crypto payments infrastructure provider Mesh with investment, together with PayPal Ventures, Uphold, and ByBit. Mesh has built integrations with exchanges such as Coinbase, Binance, ByBit and OKX, giving it technical reach into large user bases, and the funds were used for product development and application programming interface scaling.
