Coinbase has completed the acquisition of Deribit for $2.9 billion in August 2025 and Echo for $375 million in October 2025. These strategic moves are part of Coinbase's efforts to bolster its institutional services and onchain capabilities. The acquisitions are funded by Coinbase's substantial $10 billion cash reserves, supporting its ambition to become an 'everything exchange.' Over the years, Coinbase has executed more than 40 acquisitions to expand its market presence and service offerings.