Coinbase以$ 2.9B的價格收購了Deribit，這是加密貨幣歷史上最大的併購活動。

編譯者：Luffy，預見新聞

Written by: Saurabh Deshpande

撰寫者：索拉·德什潘德（Saurabh Deshpande）

Compiled by: Luffy, Foresight News

編譯者：Luffy，預見新聞

Coinbase acquires Deribit for $2.9 billion, the largest M&A event in cryptocurrency history. The same is true of history in the tech space. Google has acquired 261 companies to date. These acquisitions gave rise to products such as Google Maps, Google AdSense, and Google Analytics. Perhaps the most significant of these was Google’s acquisition of YouTube in 2020 for $1.65 billion. In the first quarter of 2025, YouTube generated $8.9 billion in revenue, accounting for 10% of Alphabet’s (Google’s parent company) total revenue.

Coinbase以29億美元的價格收購了Deribit，這是加密貨幣歷史上最大的併購活動。技術領域的歷史也是如此。 Google迄今已收購了261家公司。這些收購產生了Google Maps，Google Adsense和Google Analytics（分析）等產品。也許其中最重要的是Google在2020年以16.5億美元的價格收購了YouTube。在2025年第一季度，YouTube產生了89億美元的收入，佔Alphabet（Google母公司）總收入的10％。

Similar to Google, Meta has made 101 acquisitions to date. Instagram, WhatsApp, and Oculus are prominent examples. Instagram generates more than $65 billion in annual revenue in 2024, accounting for more than 40% of Meta’s revenue from all businesses.

與Google類似，迄今為止，Meta已進行了101次收購。 Instagram，WhatsApp和Oculus是重要的例子。 Instagram在2024年產生了超過650億美元的年收入，佔所有企業Meta收入的40％以上。

The cryptocurrency industry is no longer a new industry. It is estimated that the number of cryptocurrency users has reached 659 million, Coinbase has more than 105 million users, and the global Internet users are about 5.5 billion. So, cryptocurrency users have reached 10% of the total Internet users. These numbers are important because they help us determine where the next stage of growth will come from.

加密貨幣行業不再是一個新行業。據估計，加密貨幣用戶的數量已達到6.59億，Coinbase擁有超過1.05億用戶，全球互聯網用戶約為55億。因此，加密貨幣用戶已達到互聯網總用戶的10％。這些數字很重要，因為它們幫助我們確定下一階段的增長將來自何處。

Increasing the number of users is an obvious way to grow. Currently, we have only developed use cases for cryptocurrencies in the financial sector. If other applications use blockchain technology as infrastructure, the entire market size will expand significantly. Acquiring existing users, cross-selling, and increasing revenue per user are some of the ways that existing companies can achieve growth.

增加用戶數量是一種顯而易見的增長方式。目前，我們僅開發了金融領域加密貨幣的用例。如果其他應用程序使用區塊鏈技術作為基礎架構，則整個市場規模將大大擴大。獲得現有用戶，交叉銷售和每位用戶的收入增加是現有公司實現增長的一些方式。

When the pendulum swings toward acquisitions

當擺動朝著收購轉動

Acquisitions solve three key problems that financing alone cannot. First, acquisitions help with talent acquisition in highly specialized fields where experienced developers are scarce. Second, acquisitions help with user acquisition in an environment where organic growth is increasingly expensive. Third, acquisitions can facilitate technology integration, allowing protocols to move beyond their original use cases. These issues will be further explored in the following article with industry examples.

收購解決了三個關鍵問題，即僅融資就不能。首先，收購有助於在經驗豐富的開發人員稀缺的高度專業領域中獲得人才獲取。其次，在有機增長越來越昂貴的環境中，收購有助於用戶獲取。第三，收購可以促進技術集成，從而使協議能夠超越其原始用例。這些問題將在下面的文章中進一步探討行業示例。

We are in the midst of a new wave of M&A in crypto. Coinbase acquired Deribit for a record $2.9 billion; Kraken acquired NinjaTrader, a retail futures trading platform regulated by the US Commodity Futures Trading Commission (CFTC), for $1.5 billion; and Ripple acquired multi-asset prime broker Hidden Road for $1.25 billion, having also made a bid for Circle that was rejected.

我們正處於加密貨幣中的併購新浪潮之中。 Coinbase以創紀錄的29億美元獲得了Deribit； Kraken以15億美元的價格收購了由美國商品期貨交易委員會（CFTC）監管的零售期貨交易平台Ninjatrader； Ripple以12.5億美元的價格收購了Multi-Asset Prime Broks Hidden Road，他還競標了圈子。

These deals reflect the changing priorities in the space. Ripple wants distribution and regulatory access, Coinbase is after options volume, and Kraken is filling a product gap. These acquisitions are all driven by strategy, survival, and competitive positioning.

這些交易反映了該領域的優先事項的變化。 Ripple想要分配和監管訪問，Coinbase在選項量之後，Kraken填補了產品空白。這些收購都受戰略，生存和競爭定位的驅動。

The table below can help you understand the thinking of existing companies when considering whether to build or acquire.

下表可以幫助您在考慮建立還是獲取時了解現有公司的思想。

While the table summarizes the key trade-offs in the build vs. buy decision, incumbents often rely on unique signals when making decisive moves. A good example is Stripe’s acquisition of Paystack in Nigeria in 2020. Building infrastructure in Africa means facing a steep learning curve in terms of regulatory details, local integrations, and merchant onboarding.

雖然該表總結了Build vs.購買決定中的關鍵權衡，但現任者在做出決定性動作時通常依靠獨特的信號。一個很好的例子是Stripe於2020年在尼日利亞收購Paystack。

Stripe chose to acquire. Paystack had already solved local compliance issues, built a merchant base, and demonstrated its distribution capabilities. Stripe's acquisition met multiple criteria, such as speed (gaining first-mover advantage in a growing market), capability gap (local expertise), and competitive threat (Paystack becoming a regional competitor). This move accelerated Stripe's global expansion without distracting from its core business.

條紋選擇獲取。 Paystack已經解決了當地合規性問題，建立了商戶基礎，並證明了其分銷能力。 Stripe的收購符合多個標準，例如速度（在不斷增長的市場中獲得第一步優勢），能力差距（本地專業知識）和競爭威脅（Paystack成為區域競爭者）。這一舉動加速了Stripe的全球擴張，而不會分散其核心業務。

Before we dive into why deals happen, it’s worth considering two questions: first, why founders should consider being acquired, and second, why now is an important time to consider it.

在我們深入了解為什麼交易發生之前，值得考慮兩個問題：首先，為什麼創始人應該考慮被獲取，其次，為什麼現在是考慮這一點的重要時機。

Why is the current macro environment favorable for acquisitions now?

為什麼當前的宏觀環境現在有利於收購？

For some, it’s about liquidity at exit. For others, it’s about tapping into more durable distribution channels, securing long-term growth, or being part of a platform that can amplify impact. And for many, it’s a way to sidestep the increasingly narrow path to venture capital, now more scarce than ever, with investor expectations higher and timelines tighter.

對於某些人來說，這是關於退出的流動性。對於其他人來說，這是要利用更耐用的分銷渠道，確保長期增長或成為可以擴大影響的平台的一部分。對於許多人來說，這是一種避開越來越狹窄的風險投資之路的方法，現在比以往任何時候都更稀缺，投資者的期望更高，時間表更加緊張。

A rising tide does not lift all boats

上升的潮流並不能抬起所有船隻

The venture capital market lags the liquid market by several quarters. Typically, whenever Bitcoin prices peak, it takes months or quarters for venture capital activity to cool down. Venture capital in the crypto space is down more than 70% since the 2021 peak, and median valuations are back to 2019-2020 levels. I don't think this is a temporary pullback.

風險投資市場將液體市場滯後多個季度。通常，每當比特幣價格達到頂峰時，風險投資活動就需要數月或幾個季度才能冷靜下來。自2021峰以來，加密貨幣領域的風險投資下降了70％以上，中位數估值可追溯到2019 - 2020年的水平。我認為這不是暫時的回調。

Let me explain why. In short, VC returns have fallen, while the cost of capital has risen. So there is less VC money chasing deals because the

讓我解釋原因。簡而言之，風險投資回報率下降了，而資本成本上漲。因此，VC賺錢交易的少量是因為