Coinbase has completed its acquisition of Deribit, the world's largest crypto options trading platform by volume, for $2.9 billion in a cash-and-stock deal. This acquisition significantly expands Coinbase's global derivatives platform, giving it control of approximately 87% of the Bitcoin options market and 94% of the Ethereum options market. Deribit reported $59 billion in open interest and $1 trillion in trading volume in 2024, covering spot, futures, perpetual swaps, and options. The deal marks the largest acquisition in cryptocurrency history and positions Coinbase as the most comprehensive global crypto derivatives platform. Following the acquisition, Deribit plans to introduce linear options for Bitcoin and Ethereum settled in USDC, further enhancing its product offerings.