Coinbase Global
Acquisitions
6
Major Deals Covered
$2.9B
Disclosed Deal Value
Coinbase's largest disclosed acquisition here is Deribit for $2.9B in 2025. This page covers 6 major deals from 2020 to 2025, each with its price where disclosed and the reason behind it.
| Company | Year | Price | Purpose |
|---|---|---|---|
| Tagomi | 2020 | Undisclosed | Added institutional prime brokerage and smart order routing capabilities. |
| Bison Trails | 2021 | Undisclosed | Added blockchain infrastructure and node operations capability. |
| FairX | 2022 | Undisclosed | Added a regulated U.S. derivatives exchange platform. |
| One River Digital Asset Management | 2023 | Undisclosed | Added institutional digital asset management capability. |
| Deribit | 2025 | $2.9B | Expanded Coinbase into global crypto options and derivatives at scale. |
| Echo | 2025 | Undisclosed | Added an onchain capital-raising and investment platform. |
2025
$2.9B
Expanded Coinbase into global crypto options and derivatives at scale.
Added a major options platform and broadened international institutional trading exposure.
Deribit, the largest crypto options exchange, closed in August 2025 for about $2.9 billion ($700 million cash plus 11 million Coinbase shares) and anchors Coinbase's derivatives business.
2025
Added an onchain capital-raising and investment platform.
Supports Coinbase plans to help projects raise capital onchain.
Coinbase completed the deal in 2025 as part of a broader push into onchain capital markets.
2023
Added institutional digital asset management capability.
Deepened Coinbase's asset-management and institutional product offering.
One River's digital asset unit became Coinbase Asset Management.
2022
Added a regulated U.S. derivatives exchange platform.
Gave Coinbase a foundation for futures and derivatives products.
FairX was renamed Coinbase Derivatives Exchange, letting Coinbase offer CFTC-regulated crypto futures in the U.S.
2021
Added blockchain infrastructure and node operations capability.
Expanded Coinbase beyond exchange activity into developer and staking infrastructure.
Bison Trails became the core of Coinbase Cloud (now the Coinbase Developer Platform) and its staking infrastructure.
2020
Added institutional prime brokerage and smart order routing capabilities.
Strengthened Coinbase's appeal to hedge funds, asset managers, and sophisticated crypto traders.
Tagomi's technology formed the base of Coinbase Prime, its institutional trading platform.
Coinbase's growth plan is to become an 'everything exchange' and onchain infrastructure provider. Pillars include derivatives (Deribit, acquired in 2025 for about $2.9 billion, plus U.S. futures), USDC stablecoin distribution and payments, institutional custody and prime brokerage, Base as a low-cost Ethereum layer-2 network, and newer products such as prediction markets and tokenized equities. Smaller deals such as Echo (onchain capital raising) support the strategy.
Coinbase has two revenue lines. Transaction revenue comes from fees and spreads on consumer and institutional crypto trades and is the most cyclical part of the business. Subscription and services revenue includes stablecoin income from its USDC arrangement with Circle, staking rewards it shares with users, custody fees (including for most U.S. spot Bitcoin ETFs), interest on customer and corporate cash, and Coinbase One subscriptions. In FY2025 subscription and services generated about $2.8 billion, up 23% year over year.
Key acquisitions include Earn.com (2018), Xapo's institutional custody business (2019), Tagomi (2020, the basis of Coinbase Prime), Bison Trails (2021, staking infrastructure), FairX (2022, U.S. futures), One River Digital (2023) and Deribit (2025, about $2.9 billion), Coinbase's largest deal.
Acquired in May 2020 for approximately $75 million, Tagomi was a leading institutional crypto prime broker. Integrating Tagomi's smart order routing, algorithmic execution, and prime brokerage tools directly with Coinbase Custody formed the foundation of Coinbase Prime.
In 2019 Coinbase acquired Xapo's institutional custody business, which added a large base of institutional bitcoin holdings and helped make Coinbase Custody a leading crypto custodian.
Coinbase agreed to buy FairX, a CFTC-regulated designated contract market, in January 2022 for an undisclosed price. It became Coinbase Derivatives, which offers regulated crypto futures in the U.S.
Bison Trails, acquired in 2021, provided node and validator infrastructure that became the core of Coinbase Cloud and its staking services.
In March 2023, Coinbase acquired One River Digital Asset Management (renamed Coinbase Asset Management), an SEC-registered investment adviser (RIA), to provide institutional clients with custom digital asset wealth management strategies and tokenized fund structures.
Coinbase targets companies with regulatory licenses (CFTC/DCM futures exchanges, RIA managers), specialized institutional infrastructure (prime brokerage, validator nodes), and top developer talent that accelerate Coinbase's product roadmap.
Coinbase bought Earn.com in 2018, bringing in Balaji Srinivasan as CTO, and the product later evolved into Coinbase's learn-and-earn rewards program.
Coinbase aggressively acquires infrastructure companies to expand beyond just retail trading. Major acquisitions include Earn.com (which became Coinbase Earn), Xapo's institutional custody business, and Bison Trails to power their blockchain staking infrastructure.
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