Coinbase Global has completed its acquisition of Deribit, a leading crypto options exchange, in a deal valued at approximately $2.9 billion, involving $700 million in cash and 11 million Coinbase shares.

The acquisition is expected to be immediately EBITDA positive, with Deribit contributing an estimated $30 million in transaction revenue for July 2025 and about $10 million in additional expenses in Q3 2025.

Deribit’s high trading volumes, exceeding $185 billion in July 2025 and surpassing $1 trillion last year, establish it as a top platform for institutional and advanced traders, and its EBITDA margins over 50% make it a high-margin, stable revenue source.

The deal is expected to be immediately accretive to Coinbase's adjusted EBITDA, with results included in financials from August 14 to September 30, and it aims to boost Coinbase’s EBITDA to over $1.2 billion in 2026.

While deal-related amortization expenses are expected to rise significantly in Q3 2025, specific amounts are yet to be determined.

The acquisition is part of a broader industry trend towards larger, full-stack trading platforms that combine multiple derivatives products, attracting more institutional demand and fostering a more diverse trading environment.

Coinbase has updated its third-quarter guidance to reflect the impact of the acquisition, which is expected to enhance liquidity, tighten spreads, and improve trading efficiency.

Coinbase's stock closed at $327.01 USD, with analyst targets averaging $365.98 USD, and some analysts raising their price targets, indicating strong confidence despite recent earnings challenges.

The company recently proposed a private offering of $2.6 billion in convertible senior notes, which influenced its stock price, and also issued additional notes due in 2029 and 2032, increasing the offering from $2.0 billion.

The acquisition enhances Coinbase’s geographic diversification, especially in high-growth regions like Dubai, Europe, Asia, and the Middle East, bypassing U.S. regulatory hurdles.

This move aligns with Coinbase’s broader mission to increase economic freedom through crypto and aims to build a faster, more sophisticated crypto derivatives ecosystem, serving both institutional and experienced retail traders.

Industry analysts see the deal as a sign of shifting focus from spot trading to comprehensive derivatives coverage, emphasizing regulation, liquidity, and product diversity in crypto markets.