In 2025, the Coinbase exchange cemented its position in global finance as it entered the S&P 500 and advanced a broad strategy across regulation, markets, and technology.
Historic S&P 500 listing and record acquisition drive by Coinbase exchange
In 2025, Coinbase became the first crypto-native exchange to join the iconic S&P 500 index, underscoring how digital assets are moving into mainstream capital markets. This milestone signaled stronger institutional confidence in the largest U.S.-listed crypto platform and increased its visibility among traditional equity investors.
Moreover, the company completed a record 10 acquisitions during 2025, marking its most active year ever for mergers and acquisitions. Among these transactions, the purchase of Deribit stood out as the largest crypto acquisition on record, further deepening Coinbase’s derivatives footprint and expanding its global reach in options and futures trading.
The exchange also achieved a significant legal breakthrough when the SEC voluntarily dismissed its case against Coinbase. That decision ended years of contentious regulatory litigation and cleared away a central source of uncertainty for the platform, which obtained permanent dismissal of all claims.
Regulatory wins, MiCA approval and U.S. policy momentum
The regulatory environment evolved rapidly in 2025 with major legislation in the United States. The passage of the GENIUS Act created federal standards for stablecoins and brought long-awaited clarity for the broader crypto industry, including exchanges, issuers, and service providers.
At the same time, the CLARITY Act advanced through legislative channels to address crypto market structure issues. Coinbase actively advocated for both initiatives, positioning itself as a leading industry voice in Washington. However, the company also moved to optimize its corporate structure, reincorporating in Texas to align with a more innovation-friendly regulatory environment in the U.S.
In Europe, Coinbase secured full MiCA approval, enabling regulated crypto services across all European Union member states under a single license framework. This authorization allowed the firm to expand access to millions of additional users after meeting stringent requirements in multiple jurisdictions, strengthening its cross-border footprint.
Trading infrastructure, derivatives expansion and institutional custody
On the trading side, the company upgraded its U.S. platform by adding futures and perpetual futures products aimed at both retail and institutional clients. These enhancements focused on speed, reliability, and broader access to sophisticated derivatives tools, helping the platform compete more directly with offshore venues.
Coinbase Institutional extended its leadership in the institutional crypto market with several important launches. It rolled out 24/7 CFTC-regulated futures trading and introduced U.S. perpetual-style futures contracts, while also enabling the first combined futures and spot cross-margin trading in the digital asset sector.
As the largest crypto custodian, Coinbase Institutional reported $300 billion in assets under custody, reinforcing its role as a preferred partner for funds, corporates, and large traders. Moreover, the platform re-opened regulated token sales, giving users early access to new digital assets under a compliance-first framework.
On-chain lending and growth of crypto-backed credit
The firm expanded into on-chain credit by introducing crypto-backed loans through Morpho on Base, Coinbase’s layer-2 network. This product allows users to borrow USDC against crypto collateral, integrating lending directly into the exchange’s broader ecosystem and deepening its DeFi connections.
That said, the most notable metric in this segment was the Bitcoin-backed loan program, which surpassed $1 billion in volume. This figure highlighted growing demand from users seeking liquidity without selling their long-term holdings, while also underlining Coinbase’s ambition to become a full-stack financial services provider for digital assets.
Base network decentralization and global payments push
Base, the company’s layer-2 network, achieved Stage 1 decentralization in 2025 by launching permissionless fault proofs and establishing a 10-member Security Council. These moves reduced reliance on single operators and bolstered user protections, while positioning the network as a more resilient settlement layer.
Furthermore, Base expanded well beyond USD stablecoins by launching 18 local stablecoins across multiple regions. These assets were designed to support everyday payments in Asia-Pacific, Latin America, and Europe, improving on-chain commerce in local currencies and lowering remittance and transaction costs.
Shopify integrated USDC payments via Base, enabling merchants to accept instant, low-cost on-chain payments at checkout. This integration connected mainstream e-commerce with blockchain rails and showcased how the Coinbase exchange can serve as a bridge between traditional retail platforms and crypto-native infrastructure.
Venture investments, ecosystem building and developer tools
Beyond trading and custody, Coinbase Ventures continued to act as a major investor across the crypto ecosystem. The arm has now made over 600 investments in projects building on major blockchains, from infrastructure and DeFi to consumer applications, helping seed next-generation Web3 products.
The company also hosted the first Coinbase Alumni event, bringing together former employees who have gone on to become founders. This gathering highlighted the broader network effect around the platform and its role in nurturing entrepreneurial talent within the industry, even outside the core organization.
On the developer front, Coinbase Developer introduced x402, an open payment standard designed to give developers and AI agents native wallet access. Moreover, the firm emphasized that 2025 represented “a year of relentless shipping and execution” across every business line, underscoring a strategy centered on infrastructure, regulation, and user growth.
Strategic significance of Coinbase exchange in 2025
Against this backdrop, the role of the Coinbase exchange evolved from a pure trading venue into a broader financial and technological platform. With its S&P 500 inclusion, MiCA license, SEC case dismissal, and expansion of Base and institutional services, Coinbase closed 2025 positioned at the center of global digital asset adoption.
In summary, 2025 marked a turning point for Coinbase as it combined record acquisitions, regulatory clarity, derivatives innovation, and network decentralization to reinforce its leadership across both traditional and crypto-native markets.