Coinbase completed four acquisitions in 2025 as part of its aggressive M&A strategy, including its largest-ever purchase, a $2.9 billion deal for crypto derivatives platform Deribit in May 2025.

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Coinbase’s acquisition of Liquifi is the latest in a wave of mergers and acquisitions in crypto. This year, Coinbase acquired Spindl, a crypto-based advertisement company, as well as the team behind Iron Fish, a privacy-focused blockchain. And in May, Coinbase announced the blockbuster acquisition of the crypto derivatives company Deribit for $2.9 billion. It’s the biggest purchase of a crypto company in the industry’s 16-year history.