Coinbase Eyes More Acquisitions After $2.9B Deribit Deal, Says Brian Armstrong

Highlights:

• Coinbase plans to continue mergers and acquisitions after the purchase of Deribit.
• Acquiring Deribit boosts Coinbase’s standing in the expanding crypto derivatives market.
• Coinbase’s upcoming S&P 500 listing attracted investors, boosting its shares by 27%.

Speaking to Bloomberg Television on Wednesday, Coinbase chief executive Brian Armstrong said that the company will continue to explore merger and acquisition opportunities following its recent $2.9 billion deal to acquire crypto derivatives platform Deribit. He added that the firm holds a strong balance sheet, which can support new opportunities.

Armstrong said:

“Part of the benefit of being a public company is, you have a liquid currency to do that. We are looking at acquisition opportunities, doesn’t mean we swing at every pitch. We want it to be the right opportunity.”

Armstrong added that he wants deals with similar international companies. These deals could help the company to grow and improve its products. When asked about Circle, he said there is “nothing to announce today.” But he did not say no to the idea. Bloomberg reported in April that Ripple Labs made an offer of up to $5 billion to buy Circle, the issuer of the popular USDC stablecoin. But Circle declined its offer.

Coinbase CEO Brian Armstrong is on Capitol Hill as crypto executives push for stablecoin legislation to be revived. Senators are working on legislation backed by the crypto industry that faltered after a furor over President Trump’s crypto ventures https://t.co/tm6T3OeNVd pic.twitter.com/gjhEkIXn3i

— Bloomberg TV (@BloombergTV) May 14, 2025

Coinbase Expands Crypto Reach with Deribit Deal and S&P 500 Listing

Coinbase’s purchase of Deribit, the top global exchange for Bitcoin (BTC) and Ether (ETH) options, is a significant development. This shows Coinbase’s plan to grow stronger in the crypto derivatives market. The $2.9 billion deal includes 11 million shares of Coinbase stock and $700 million in cash, with usual purchase price adjustments. Previously, Deribit had almost $1.2 trillion in trading. Considering this growth this deal helps Coinbase offer more services.

🚨 BREAKING: Coinbase is set to acquire leading crypto options platform Deribit for $2.9 billion, marking a major expansion into the crypto derivatives market and boosting its institutional offerings. pic.twitter.com/6pwAOs2xYs

— AltCoiners.live (@alt_coiners) May 8, 2025

Moreover, Coinbase will become the first cryptocurrency company to join the S&P 500 index on May 19. The S&P 500 is a major stock market index that tracks the performance of 500 of the largest publicly traded companies in the United States. Becoming a part of this index can help Coinbase attract more investors and gain exposure to passive investment funds. Following the announcement, the largest US crypto exchange’s shares jumped by about 27%. The stock closed Wednesday with a 2.5% gain, as per Yahoo Finance.

JUST IN: Coinbase to join S&P 500 👀 pic.twitter.com/bF5F1njTMR

— Bitcoin Magazine (@BitcoinMagazine) May 12, 2025

Crypto Exchange Welcomes Former DOGE Employees

Alongside its expansion plans, Coinbase CEO Brian Armstrong invited employees of the US Department of Government Efficiency (DOGE) to apply for roles at Coinbase after leaving their positions. In a May 14 social media post, he called it a new mission for public servants who want to improve systems at a larger scale.

He wrote: 

“This is an open call for any DOGE staff. If you are looking for your next mission after serving your country, consider helping create a more efficient financial system for the world at Coinbase.”

Armstrong shared a portal called “Done with DOGE?” for current DOGE employees to apply and share experiences. He said the form will speed up hiring to honor their federal work. DOGE was created in early 2025 by Trump to cut federal inefficiencies. Led by Elon Musk, the agency is known for aggressive cost-cutting and tech-style management. It will shut down by July 4 next year. Musk can work only 130 days a year and plans to step back this month. Some DOGE staff will leave soon too.

This is an open call for any @DOGE staff. If you are looking for your next mission after serving your country, consider helping create a more efficient financial system for the world at @Coinbase.

We've set up an accelerated interview/hiring process in recognition of your… https://t.co/ZdMN7vJoXT

— Brian Armstrong (@brian_armstrong) May 13, 2025