Coinbase Acquires Deribit in $2.9B Deal to Expand Global Crypto Derivatives

Coinbase reported strong Q1 2025 results with a 24.2% year-over-year revenue increase to $2.03 billion and a slight beat on non-GAAP profit per share, driven by growth in derivatives trading and stablecoin adoption. The company’s landmark $2.9 billion acquisition of Deribit, the largest in crypto history, is central to Coinbase's strategy to dominate the global crypto derivatives market and expand 24/7 Bitcoin and Ethereum futures trading for retail and institutional users. Coinbase executives emphasized the acquisition's role in expanding institutional offerings and revenue stability, alongside growth in USDC stablecoin balances which support recurring revenue streams. Despite macroeconomic uncertainties and short-term pressures on trading volumes, Coinbase remains confident in its long-term roadmap, highlighting ongoing international expansion and regulatory progress as key enablers. Industry experts noted that while subscription and services revenue slightly missed estimates, this was overshadowed by the strategic benefits of the Deribit deal and the expected rise in institutional derivatives adoption. Coinbase is positioning itself as a leader in integrating spot, futures, and options trading, leveraging regulatory clarity and new product initiatives to reshape global finance through crypto innovation.