Coinbase has finalized its $2.9 billion acquisition of Deribit, the leading crypto options exchange processing $1 trillion in 2024 volume. The deal strengthens Coinbase’s derivatives offering while CalPERS increased its holdings by 42% in Q2.
Coinbase confirmed on August 14 it has completed a $2.9 billion cash-and-stock acquisition of Deribit, the world’s largest crypto options exchange by trading volume and open interest.
Deribit, based in the Netherlands, processed about $1 trillion in options volume during 2024 and currently holds roughly $59 billion in open interest. Its market dominance in options adds depth to Coinbase’s existing spot, futures, and perpetual swap businesses.
We've closed the deal – excited to welcome @LStrijers and the whole Deribit team to Coinbase.
Their talent will be a key part of us building the everything exchange, and being able to offer industry-leading derivatives products around the world. pic.twitter.com/apX5tw95UI
— Brian Armstrong (@brian_armstrong) August 14, 2025
CEO Brian Armstrong said the deal advances Coinbase’s goal of becoming an “everything exchange,” hosting a full suite of crypto products under a regulated umbrella. The integration is expected to boost liquidity, attract institutional flows, and strengthen Coinbase’s competitive edge in the global derivatives market.
CalPERS Increases Coinbase Stake as Part of $570B Portfolio Shuffle
Coinbase’s deal to acquire Deribit comes shortly after CalPERS, the largest US pension fund by assets, disclosed it had significantly increased its Coinbase holdings.
According to a recent Barron’s report, CalPERS purchased an additional 98,827 Coinbase shares in Q2 2025, bringing its total to 332,791 shares — a 42% jump from the prior quarter.
The pension fund, which manages approximately $570 billion, also added to positions in Palantir, Nvidia, and Robinhood Markets. CalPERS emphasized its investments are driven by systematic, index-oriented strategies rather than short-term events.
Coinbase stock price reaction was muted on Thursday, trading down 1.2% intraday at $323 with a market capitalization of $83 billion at press time, according to Nasdaq data.
Coinbase price action, Aug 14, 2025
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