Coinbase Surges to 19th in Trading Volume with $2.896 Billion Day as Deribit Acquisition Looms

On May 8, 2025, Coinbase Global (COIN) saw a significant surge in trading volume, reaching $2.896 billion, marking a 202.21% increase from the previous day. This substantial rise in trading activity positioned Coinbase as the 19th most active stock in the market for the day, reflecting a 5.06% increase in its stock price.

Coinbase's acquisition of Deribit, a major crypto derivatives exchange, for $2.9 billion is set to expand its global footprint, particularly in Asia and Europe, where leverage trading is more prevalent. This strategic move positions Coinbase to compete directly with global heavyweights like Binance, marking a significant shift in the crypto trading industry.

The acquisition of Deribit, which controls 85% of the global crypto options market, will make Coinbase the world’s largest crypto derivatives platform by open interest and options activity. This deal not only expands Coinbase’s geographic reach but also enhances its revenue streams, with Deribit’s 2024 revenue estimated between $425 million and $450 million.

Analysts view this acquisition as a strategic fit, leveraging Deribit’s institutional user base and international footprint to complement Coinbase’s existing futures and spot products. The deal is expected to provide a steady volume of trading activity across market cycles, contributing positively to Coinbase’s earnings.

Regulatory approval for the acquisition is still pending, but Coinbase is expected to provide more details during its first-quarter earnings report. Despite the potential for earnings to miss Street expectations due to economic uncertainty, the acquisition of Deribit is seen as a bold move that could position Coinbase as a dominant player in the crypto derivatives market.