Coinbase CEO Brian Armstrong said the exchange was looking at more acquisition opportunities after agreeing to buy crypto derivatives platform Deribit for $2.9 billion.
Speaking on Bloomberg Television, Armstrong pointed to Coinbase’s strong financial position and said the company was “always looking at M&A opportunities.”
Coinbase’s Q1 report showed $9.9 billion in U.S. dollar resources at the end of the quarter.
According to a May 8 announcement, the Deribit transaction included $700 million in cash and 11 million Coinbase shares.
Why Deribit mattered to Coinbase
The acquisition gave Coinbase a stronger position in crypto derivatives, particularly options. Deribit had already built a major derivatives business, while Coinbase had been expanding its futures and perpetuals products.
For Coinbase, the deal was about more than adding another exchange. Deribit’s technology, liquidity, and existing customer base gave Coinbase a faster route into a market where derivatives account for a large share of crypto trading.
Armstrong said Coinbase was especially interested in international companies whose products and goals matched its own. That suggests future acquisitions could focus on technology, licenses, customers, or access to markets where Coinbase wants to expand.
Armstrong was also asked about Circle, a Coinbase partner and the issuer of USDC. He did not provide an update. Bloomberg reported that Ripple had made a $5 billion offer for Circle in April 2025, but the offer was rejected.
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Growth is becoming a bigger part of the Coinbase strategy
Coinbase’s acquisition strategy comes alongside a wider push to build more products beyond spot crypto trading.
The company has expanded into derivatives, prediction markets, equities, payments, and other financial services. Its 2025 results showed record trading volume and growing market share, while derivatives became an increasingly important part of the business.
Coinbase’s stock also rose after the Deribit announcement. Google Finance data showed COIN trading at $263 in after-hours trading at the time of the report.
The company was also set to enter the S&P 500 on May 19, 2025. That eventually happened, making Coinbase the first major crypto-native company added to the index.
Since then, Coinbase has continued building around Deribit rather than simply leaving the acquisition as a standalone business. Coinbase says Deribit is being integrated with its international derivatives operation, with the combined platform expected to offer deeper liquidity, options, futures, and perpetuals through a unified system.
The acquisition therefore became part of a much larger strategy: using purchases, new products, and traditional-market access to turn Coinbase into a wider financial platform.
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