Coinbase以$ 2.9B的價格購買加密衍生品交易所deribit

這一舉動設定了Coinbase在衍生品市場中提供的更多產品，該市場正在迅速發展，並在2025年引起了機構的極大興趣。

Coinbase is acquiring Deribit, a leading crypto derivatives exchange, for $2.9 billion, marking a significant move in the cryptocurrency industry.

Coinbase以29億美元的價格收購了領先的加密衍生品交易所Deribit，這標誌著加密貨幣行業的重大舉措。

This acquisition sets the stage for Coinbase to expand its offerings in the derivatives market, which has seen rapid growth and increasing interest from institutions in 2025.

此次收購為Coinbase擴大其在衍生品市場的產品範圍奠定了基礎，該市場在2025年已經迅速增長並增加了機構的興趣。

With the volume of derivatives trading often outpacing that of spot trading, the acquisition highlights a shift in strategy—from catering to retail volatility to focusing on long-term infrastructure and advanced financial tools.

隨著衍生品交易的數量通常超過現貨交易的數量，此次收購突出了戰略的轉變 - 從迎合零售的波動到專注於長期基礎設施和高級金融工具。

This change also brings attention to assets that will thrive in a market characterized by maturity and utility.

這種變化還引起了人們對以成熟和效用為特徵的市場蓬勃發展的資產。

No longer are traders solely interested in price action; they are also seeking assets with lasting value, clear plans for growth, and financial tools to facilitate that growth. Many aspects of this analysis depend on the liquidity, widespread use, and strength of the use case.

交易者不再對價格行動感興趣；他們還正在尋求具有持久價值，清晰的增長計劃以及促進增長的財務工具的資產。該分析的許多方面取決於用例的流動性，廣泛使用和強度。

For anyone attempting to identify the assets that will benefit most in this new phase, resources such as crypto with the most potential help to filter through the noise and emphasize projects with strong fundamentals.

對於任何試圖確定將在這個新階段中受益最大的資產的人，諸如加密貨幣之類的資源具有最大的潛在幫助，可以通過噪音過濾並強調具有強大基礎的項目。

Deribit, recognized for its dominant share of options trading volume for Bitcoin and Ethereum, brings a robust infrastructure and a loyal user base who prefer speed, security, and deep liquidity.

Deribit因其在比特幣和以太坊的期權交易量中的主要份額而聞名，因此帶來了強大的基礎架構和忠實的用戶群，他們更喜歡速度，安全性和深厚的流動性。

The deal, set to close later this quarter, positions Coinbase well in a market already seeing daily volume in derivatives outpace that of spot trading. It also allows the company to diversify its revenue streams beyond retail-driven spot trades, which are more susceptible to market sentiment shifts and trading fee compression.

該交易將在本季度下半年結束，在已經看到衍生品每日量的市場上的Coinbase很好地定位了現貨交易。它還使公司能夠在零售驅動的現貨交易之外多樣化其收入來源，這更容易受到市場情緒轉移和交易費用壓縮的影響。

The timing of this move is no coincidence. Bitcoin recently crossed the $100,000 threshold, driven by strong ETF inflows, macroeconomic shifts, and increased institutional allocation.

這一舉動的時機不是偶然的。比特幣最近越過了100,000美元的門檻，這是由於強大的ETF流入，宏觀經濟轉移和機構分配增加的驅動。

As crypto converges with traditional finance, it makes sense for platforms like Coinbase to offer a full stack, encompassing spot trading, custody solutions, and now a fully fledged derivatives desk.

隨著加密貨幣與傳統金融匯聚在一起，對於Coinbase等平台，提供完整的堆棧，涵蓋現貨交易，保管解決方案以及現在的完全剛起步的衍生產品桌是有意義的。

For investors accustomed to futures and options in other markets, this marks a natural progression as crypto finally catches up. Internally, Deribit has already begun adjusting to meet expected compliance standards.

對於習慣於其他市場中未來和期權的投資者來說，這標誌著加密貨幣終於趕上了自然的發展。在內部，Deribit已經開始調整以滿足預期的合規標準。

While the platform previously operated from offshore jurisdictions, sources indicate that the integration into Coinbase will involve a “progressive licensing strategy” to bring all activity under regulatory oversight.

儘管該平台先前從離岸司法管轄區運營，但消息人士表明，將Coinbase的集成將涉及“漸進許可策略”，以使所有活動受到監管監督。

This could involve registration with the CFTC or similar bodies in other regions, depending on the service area. Coinbase, on the other hand, appears to be framing this as a long-term infrastructure move, not just a trading initiative.

這可能涉及在其他地區的CFTC或類似機構的註冊，具體取決於服務區域。另一方面，Coinbase似乎是作為長期基礎設施舉動而不僅僅是一項交易計劃。

The acquisition could also influence which tokens will next be included in options and futures products. Currently, Deribit’s volume is heavily concentrated on BTC and ETH, but there is scope for expanding into altcoins with sufficient liquidity and user interest.

此次收購還可能會影響哪些代幣接下來將包含在期權和期貨產品中。目前，Deribit的量很大程度上集中在BTC和ETH上，但是有足夠的流動性和用戶興趣擴展到Altcoins的範圍。

Mid-cap tokens boasting actual use cases may find this to be the moment they break into a broader trading audience. Exchanges typically consider both trading volume and developer activity when deciding which tokens to introduce derivatives for.

擁有實際用例的中型代幣可能會發現這是他們闖入更廣泛的貿易受眾的那一刻。當決定哪些代幣引入導數時，交易所通常會考慮交易量和開發人員活動。

This factor grants well-maintained and active ecosystems a significant advantage in the coming months.

在未來幾個月中，該因素授予良好的維護良好和活躍的生態系統。

The broader implication here is that 2025 is shaping up to favor projects that can withstand closer scrutiny, not just from investors, but also from regulators and financial institutions.

這裡更廣泛的含義是，2025年正在塑造以偏愛可以承受更仔細審查的項目，不僅是投資者，而且還來自監管機構和金融機構。

The days of tokens surviving on hype alone are over. Derivatives demand transparency, real-time data, and sufficient stability to support leveraged positions.

僅在炒作上存活的代幣的日子已經過去。衍生工具需要透明度，實時數據和足夠的穩定性來支持槓杆位置。

Coinbase venturing into this space is a sign that the next wave of crypto isn’t being built on vibes—it’s being built on systems.

進入這個空間的Coinbase表明，下一波加密貨物不是建立在氛圍上的，它是建立在系統上的。

The regulatory angle is crucial. While some offshore platforms continue to circumvent rules and face enforcement actions, the Coinbase–Deribit deal showcases how compliance will play out in a post-FTX world.

調節角度至關重要。儘管某些離岸平台繼續規避規則並面臨執法行動，但Coinbase-deribit交易展示了合規性如何在後FTX世界中發揮作用。

Instead of avoiding regulation, major players are now adapting to it and using it to their advantage. This will likely lead to more regulated derivatives products being introduced, increased institutional participation, and a higher barrier for new projects attempting to enter the market.

現在，主要參與者沒有避免調節，而是在適應它並利用它來發揮自己的優勢。這可能會導致引入更受監管的衍生產品產品，增加機構參與以及試圖進入市場的新項目的更高障礙。

This acquisition also highlights how Coinbase’s role in the ecosystem has evolved over time. The company is positioning itself as an end-to-end platform for every level of market participant.

此次收購還強調了Coinbase在生態系統中的作用如何隨著時間的流逝而發展。該公司將自己定位為每個級別的市場參與者的端到端平台。

Coinbase was once primarily known as a gateway for small investors. Now, the aim is to become the platform where everyone, from individuals using their phones to large funds with advanced derivatives strategies, can buy and sell tokens.

Coinbase曾經主要被稱為小型投資者的門戶。現在，目的是成為每個人的平台，從使用手機到具有先進衍生品策略的大型資金，都可以買賣令牌。

That goal underscores a broader point: crypto is finally beginning to act like an industry preparing for long-term success, not just survival.

該目標強調了一個更廣泛的觀點：加密貨幣終於開始像為長期成功做準備的行業，而不僅僅是生存。