Fresh off one of the largest acquisitions in crypto industry history, Coinbase CEO Brian Armstrong has made it clear: the company isn’t finished hunting for strategic opportunities. In a recent appearance on Bloomberg Television, Armstrong emphasized that the crypto exchange giant is actively exploring further mergers and acquisitions (M&A) following its $2.9 billion purchase of crypto derivatives platform Deribit.
“We’re always evaluating M&A opportunities,” Armstrong stated, adding that Coinbase’s strong financial footing gives it the flexibility to pursue meaningful deals. “We have a very robust balance sheet, and we’re in a position to deploy that capital when the right opportunity comes along.”
Coinbase recently reported a significant boost to its financial health, with the company ending Q1 2025 holding nearly $9.9 billion in U.S. dollar resources. This financial cushion, Armstrong noted, enables Coinbase to be selective and strategic in its M&A activity, leveraging its status as a publicly traded company to use both cash and equity in acquisitions.
The Deribit deal, announced on May 8, marked a pivotal moment for Coinbase. The transaction — valued at $2.9 billion — included $700 million in cash and 11 million shares of Coinbase stock. It also represented a significant move into the crypto derivatives market, which has become one of the most lucrative segments of the broader crypto trading ecosystem.
“This isn’t just about expansion for the sake of it,” Armstrong explained. “It’s about acquiring companies that align with our vision and can help accelerate our global growth and product innovation.”
Deribit, a dominant player in the crypto options space, gives Coinbase a much stronger foothold in a market that’s increasingly being seen as a core driver of crypto volume and institutional interest. With growing demand for advanced trading products, derivatives have become a cornerstone for serious traders — and now, Coinbase has a seat at that table.
Looking ahead, Armstrong suggested that international growth is top of mind. He’s particularly interested in global firms that share Coinbase’s values and can contribute to a more decentralized, open financial system.
Still, Armstrong was quick to temper expectations, noting that not every rumored acquisition should be taken seriously. When asked about the possibility of acquiring Circle — the issuer of the USDC stablecoin and a key partner of Coinbase — he declined to confirm any plans. “We have nothing to announce there,” he said, leaving the door open without committing to any specific deal.
Circle, meanwhile, has been in the headlines itself, especially after reports surfaced that Ripple, another major U.S.-based crypto firm, had made a $5 billion bid to acquire the stablecoin issuer. That offer was ultimately rejected, according to Bloomberg.
In the background of these moves, Coinbase is also making headlines on Wall Street. The company is set to join the S&P 500 index on May 19, a milestone that cements its position among the 500 largest publicly traded companies in the U.S. This inclusion is expected to draw increased investor interest and may prompt passive investment funds that track the index to add Coinbase stock (COIN) to their portfolios.
Coinbase’s stock has already been on a tear in anticipation. As of after-hours trading on May 14, shares closed up 2.5%, hitting $263. Since the start of May, COIN has gained more than 30%, fueled by both the Deribit acquisition and the S&P 500 announcement. Over the past month, the stock has climbed nearly 50%, reflecting growing investor confidence in the company’s long-term strategy.
With momentum building and a balance sheet to back it up, Coinbase appears poised to make even more moves in 2025. Armstrong’s message is clear: the crypto exchange isn’t just surviving the market — it’s playing offense.
