Coinbase has completed its acquisition of Deribit, a leading crypto derivatives exchange, for $2.9 billion in cash and stock. This acquisition enhances Coinbase's position in the global crypto derivatives market, particularly in open interest and options trading volume. Deribit reported an annual trading volume of $1.185 trillion in 2024, a 95% increase from the previous year. Following the acquisition, Deribit's founders, John Jansen and Marius Jansen, have exited the company.