Coinbase Slides to 30th in U.S. Trading Volume Amid Deribit Acquisition and Stablecoin Expansion as Downgrade Sparks Debate

Coinbase Global (COIN) closed at a 1.27% decline on August 29, 2025, with a trading volume of $2.01 billion, ranking 30th among U.S. equities. The stock’s movement followed a series of strategic and financial developments. The company finalized its acquisition of Deribit, a major derivatives platform, enhancing its global crypto derivatives capabilities. Additionally, Coinbase integrated World Liberty Financial’s USD1 stablecoin, expanding its product offerings to attract institutional and retail investors.

Financing activities also drew attention as Coinbase priced a $2.6 billion convertible senior notes offering, part of its capital-raising strategy to fund digital asset expansion. However, the move coincided with a downgrade from Compass Point, which cut the stock to "Sell," citing intensified stablecoin competition. This contrasts with Mizuho analyst Dan Dolev, who highlighted Coinbase’s competitive edge over Circle in the evolving crypto landscape.

Executive visibility increased with CFO Alesia Haas scheduled to participate in Citi’s Global TMT Conference and Oppenheimer’s Technology Conference. Meanwhile, Coinbase’s Chief Legal Officer Paul Grewal emphasized regulatory progress and corporate adoption as key drivers for the sector, signaling long-term strategic alignment with macroeconomic trends.