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Home > Unchained > Coinbase Acquired Deribit for $2.9 Billion. Here’s Why It Matters - Ep. 831
Podcast: Unchained
Episode:

Coinbase Acquired Deribit for $2.9 Billion. Here’s Why It Matters - Ep. 831
Category: Society & Culture
Duration: 00:42:41
Publish Date: 2025-05-09 13:00:00
Description:

On Thursday, Coinbase announced its acquisition of Deribit in a $2.9 billion deal, the largest merger in the crypto industry to date.

In this episode, Owen Lau, executive director and senior analyst at Oppenheimer, delves into why Deribit was such a coveted prize, what this deal means for the global derivatives landscape, and how Coinbase is using its position as a public company to cement its dominance.

Plus:

  • The importance of Coinbase paying mostly in stock and barely touching its cash

  • How the derivatives market dwarfs spot trading, and is only getting bigger

  • What this means for CME and smaller crypto exchanges

  • And how Base, Coinbase’s L2, fits into the long game

Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com

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  • Guest

    • Owen Lau, Executive Director and Senior Analyst at Oppenheimer


Timestamps:

0:00 Intro

2:26 What this record-breaking $2.9B deal really means for crypto

4:39 Why Deribit was the most sought - after acquisition target in the space

5:59 How the derivatives market became bigger than spot — and what’s next

️ 10:16 What this move signals for CME and how the competitive landscape shifts

️ 12:08 Will this deal make crypto safer for everyone?

16:28 Why Coinbase used mostly stock and why that matters

18:59 How the deal changes Coinbase’s revenue outlook going forward

22:15 Whether Coinbase is building the “WeChat of the U.S.” financial system

24:32 The role of Base in Coinbase’s future 
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