Coinbase Acquires Deribit in $290M Deal to Expand Crypto Derivatives Offerings

Coinbase has completed its $290 million acquisition of Deribit, a Dubai-based derivatives exchange, marking a pivotal expansion into global crypto derivatives markets. This is the largest acquisition in the crypto industry to date and signals Coinbase’s strategic move to strengthen its foothold in international trading services. Deribit, known for its robust liquidity and strong presence in options and futures markets outside the U.S., is expected to enhance Coinbase’s ability to offer a more comprehensive suite of trading products to a broader audience [1].

This acquisition follows a series of developments that highlight Coinbase’s growing influence in the crypto sector. Recently, the company was added to the S&P 500 index, a move historically associated with upward revaluation due to increased inclusion in index-tracking investment portfolios. The timing of the Deribit acquisition coincides with broader market optimism, particularly following the 2024 U.S. election, which saw a 31% surge in Coinbase’s stock price the following day [1].

Coinbase CEO Brian Armstrong has played a central role in shaping the political environment for crypto, contributing over $75 million in corporate donations to pro-crypto political action committees, including Fairshake. Armstrong personally contributed more than $1.3 million to various candidates. Despite efforts to influence favorable legislation, progress has remained limited under previous administrations, particularly due to concerns over executive actions related to crypto assets [1].

The company’s financial performance has reflected broader market conditions. In early 2025, Coinbase’s stock experienced a 26% drop in February and a 20% decline in March, largely attributed to uncertainty over proposed tariffs. However, it has since recovered, with a 2% year-to-date gain as of late August. For the latest quarter, Coinbase reported a net income of $65.6 million ($0.24 per share), down from $1.18 billion ($4.40 per share) in the same period of 2024. Nonetheless, revenue increased by 24%, reaching $2.03 billion from $1.64 billion, suggesting continued demand in the evolving market [1].

The timing of the Deribit acquisition also aligns with a bullish trend in crypto prices. Bitcoin recently surpassed $104,000, nearing its January 2025 high. This favorable environment supports Coinbase’s strategy to expand its derivatives offerings and compete with other major global platforms. The integration of Deribit is expected to provide access to a more diversified user base, particularly in international markets, further solidifying Coinbase’s position as a leader in the crypto derivatives space [1].

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[1] 有望迎来自纳入标普500指数后因大选后上涨以来的最大涨幅 (https://m3flfh.tshlp.com/news/211e73299056.html)