Coinbase首席執行官Brian Armstrong：“加密貨幣正在吃金融服務”

“加密貨幣正在飲食金融服務。”

Coinbase (NASDAQ:COIN) shares rose on Thursday after the company swung to a first-quarter net loss that was smaller than analysts' estimates, and the company's executives highlighted several milestones in the company's U.S. regulatory journey.

Coinbase（NASDAQ：COIN）的股價週四上漲，此前該公司轉向第一季度淨虧損，該淨虧損小於分析師的估計，該公司的高管在美國的美國監管旅程中強調了幾個里程碑。

Coinbase revenue for the quarter slipped 10% from the prior quarter to $2.03 billion, and adjusted EBITDA came in at $930 million, while net income fell sharply to $66 million. The bottom line was largely impacted by a $597 million pretax loss on its crypto investment portfolio, primarily unrealized.

該季度的Coinbase收入從上季度下跌10％至20.3億美元，調整後的EBITDA的收入為9.3億美元，而淨收入急劇下降至6600萬美元。底線在很大程度上受到了其加密投資組合的5.97億美元稅前損失，主要是未實現的。

But arguably the most transformational part of Coinbase’s Q1 wasn’t financial – it was political. After years of regulatory uncertainty in the U.S., executives expressed optimism that the tide was turning, noting that the company was among the few crypto firms invited to the first-ever White House-hosted crypto summit.

但是可以說，Coinbase Q1最具變革性的部分不是財務 - 這是政治上的。在美國多年的監管不確定性之後，高管表示樂觀地說，潮流正在轉變，並指出該公司是邀請少數有史以來第一個白宮主持的加密省會峰會的加密貨幣公司之一。

"We are excited about progress on stablecoin [regulations], there will be another vote next week," Coinbase CEO Brian Armstrong said. "With greater regulatory clarity, we believe crypto rails will update financial infrastructure around the world."

Coinbase首席執行官Brian Armstrong說：“我們對Stablecoin（法規）的進展感到興奮，下週將進行另一次投票。” “憑藉更大的法規清晰度，我們認為加密貨幣鐵路將更新全球的金融基礎設施。”

Coinbase also won a courtroom victory with the dismissal, with prejudice, of the SEC's lawsuit alleging unregistered securities offerings.

Coinbase還以偏見為SEC的訴訟指控未註冊的證券提供的解僱贏得了法庭勝利。

"We are excited about the … new chapter in the U.S.," said Coinbase CFO Alesia Haas.

Coinbase首席財務官Alesia Haas說：“我們對……新的篇章感到興奮。”

And on the "crypto is eating financial services" topic, Coinbase on Thursday also agreed to acquire Deribit, the world’s biggest trading platform, for roughly $2.9 billion, which will be paid in 11 million shares of Coinbase stock and $700 million in cash.

在“加密貨幣正在飲食金融服務”主題上，Coinbase週四還同意以大約29億美元的價格收購世界上最大的交易平台Deribit，這將以1100萬股的Coinbase股票和7億美元的現金支付。

It is also at least the fourth crypto deal valued at more than $1 billion to be announced in the last month and a half. In April, Ripple (NYSE:PYPL) said it was acquiring prime broker Hidden Road for $1.25 billion. And Kraken reached a $1.5 billion deal for futures broker NinjaTrader in March.

這也是至少在上個月半宣布的第四筆加密交易，價值超過10億美元。 4月，Ripple（NYSE：PYPL）表示，它以12.5億美元的價格收購了Prime Broker Hidden Road。 3月，Kraken為期貨經紀人Ninjatrader達成了15億美元的交易。

Coinbase said the acquisition would establish it as the “premier global platform for crypto derivatives,” a segment it believes will offer enhanced revenue stability and margins.

Coinbase表示，此次收購將將其確立為“加密衍生品的全球全球平台”，它認為它將提供增強的收入穩定性和利潤率。

Coinbase Is Acquiring Deribit in All-Stock DealCoinbase is acquiring Deribit in an all-stock deal that values the crypto exchange at about $2.9 billion, the companies announced Thursday. The deal will see Deribit’s shareholders receive 11 million shares of Coinbase stock and $700 million in cash.

兩家公司週四宣布，Coinbase正在全股DealCoinbase中收購Deribit，該公司在一項全股票交易中收購了deribit，該交易重視加密貨幣交易所約為29億美元。該交易將使Deribit的股東獲得1100萬股Coinbase股票和7億美元的現金。

The acquisition will bring together two major players in the crypto derivatives market. Coinbase is a leading cryptocurrency exchange in the U.S., while Deribit is one of the world’s largest derivatives exchanges.

此次收購將在加密衍生品市場中匯集兩個主要參與者。 Coinbase是美國的主要加密貨幣交換，而Deribit是世界上最大的衍生品交換之一。

Coinbase has been expanding its derivatives offerings in recent months. It launched its own options exchange in December and began offering futures contracts earlier this year. The company is also planning to launch a new institutional-grade derivatives platform later this year.

最近幾個月，Coinbase一直在擴展其衍生產品。它於12月推出了自己的期權交易所，並於今年早些時候開始提供期貨合約。該公司還計劃在今年晚些時候推出一個新的機構衍生品平台。

Deribit is a privately held company that was founded in 2015. The exchange offers a wide range of derivatives products, including futures, options, and perpetuals, on several underlying cryptocurrencies. Deribit also provides a liquidity management service to other crypto exchanges.

Deribit是一家私有公司，成立於2015年。該交易所在幾種基本的加密貨幣上提供了廣泛的衍生產品產品，包括期貨，期權和永久性。 Deribit還為其他加密交易所提供了流動性管理服務。

Coinbase said the acquisition will complement its existing efforts to expand internationally and into new product categories. The deal is expected to close in the second half of 2024, subject to customary closing conditions.

Coinbase表示，此次收購將補充其現有的努力，以擴大國際和新產品類別。預計該交易將在2024年下半年完成，但要遵守習慣結束條件。

Coinbase’s revenue fell 10% quarter over quarter to $2.03 billion, and adjusted EBITDA came in at $930 million, while net income dropped sharply to $66 million. The bottom line was largely impacted by a $597 million pretax loss on its crypto investment portfolio, which was largely unrealized.

Coinbase的收入在季度的季度下降了10％，至20.3億美元，調整後的EBITDA的收入為9.3億美元，而淨收入急劇下降到6600萬美元。底線在很大程度上受到了其加密投資組合的5.97億美元稅前損失的影響，這在很大程度上是未實現的。

Coinbase’s revenue was impacted by a slowdown in trading activity in the first quarter, as evidenced by a 19% decrease in consumer and institutional transaction revenue to $1.3 billion. However, this performance outpaced the 13% decline in global spot trading volume during the same period.

Coinbase的收入受到第一季度交易活動放緩的影響，這證明了消費者和機構交易收入減少19％，至13億美元。但是，這種表現在同一時期的全球現貨交易量下降了13％。

On the other hand, subscription and services revenue saw a 9% quarter over quarter increase to $698 million, driven by surging stablecoin activity. Revenue from stablecoins reached $298 million in Q1, marking a 32% rise quarter over quarter.

另一方面，訂閱和服務收入在Stablecoin活動飆升的驅動下，季度超過季度增加了季度季度，達到6.98億美元。 Stablecoins的收入在第一季度達到了2.98億美元，標誌著季度增長了32％。

Coinbase has effectively turned USDC into a financial engine, integrating it into product offerings across loans, rewards and decentralized applications. One example is the launch of bitcoin-backed USDC loans inside the Coinbase app, powered by Morpho’s open-source protocol. Since launch, the platform has seen over $160 million in loan originations.

Coinbase有效地將USDC變成了財務引擎，將其納入跨貸款，獎勵和分散應用程序的產品。一個示例是由Morpho的開源協議推動的Coinbase應用程序內的比特幣支持的USDC貸款。自推出以來，該平台的貸款起源超過1.6億美元。

As trading revenue becomes more cyclical, Coinbase is leaning into more durable income streams. USDC, the second-largest dollar-backed stablecoin, emerged as a star performer. Its market cap surpassed $60 billion for the

隨著交易收入變得更加週期性，Coinbase傾向於更耐用的收入來源。 USDC是第二大美元支持的Stablecoin，成為明星表演者。它的市值超過了600億美元