COINBASE Q1 2025收入不超過華爾街的期望，儘管比特幣市場飆升

儘管加密貨幣市場激增，但Coinbase的收入卻沒有華爾街的期望

Coinbase (NASDAQ:COIN) reported a disappointing set of first-quarter earnings on Thursday, missing revenue estimates despite a surging crypto market and announcing a multibillion-dollar acquisition to expand aggressively into the derivatives space.

Coinbase（NASDAQ：COIN）週四報導了令人失望的第一季度收益，儘管加密市場激增，但仍缺少收入估算，並宣布了數十億美元的收購，以積極地擴展到衍生品領域。

The largest U.S. public cryptocurrency exchange posted revenue of $2.03 billion, falling short of the $2.2 billion forecast by analysts and marking a 10% decline from the previous quarter. Despite this, Bitcoin (BTC) nearly touched $100,000 during the quarter, highlighting a surprising divergence between market prices and trading volumes.

美國最大的公共加密貨幣交易所的收入為20.3億美元，分析師的預測低於22億美元，比上一季度下降了10％。儘管如此，在本季度，比特幣（BTC）幾乎觸及了100,000美元，這突出了市場價格和交易量之間的驚人差異。

Coinbase Q1 Earnings SummaryRevenue: $2.03B vs. $2.20B Exp; Net Income: $527M vs. $679M last year; EPS: $1.94 vs. $2.53 last year

Coinbase Q1收益摘要：$ 2.03B與$ 2.20B EXP;淨收入：5.27億美元，去年6.79億美元； EPS：$ 1.94 vs. $ 2.53去年

Coinbase shares dipped around 3% in after-hours trading following the earnings miss.

在收益遺失後，Coinbase股票在下班後交易中下跌了約3％。

Transaction revenue, typically Coinbase’s main source of income, reached $1.26 billion, lagging behind the expected $1.33 billion. Both retail and institutional trading activity appeared to be slower than anticipated. The company attributed this slump to macroeconomic uncertainty and a broader risk-off sentiment fueled by U.S. policy ambiguity, which might have kept investors from engaging in greater numbers.

交易收入通常是Coinbase的主要收入來源，達到12.6億美元，落後於預期的13.3億美元。零售和機構交易活動似乎都比預期的要慢。該公司將這種低迷歸因於宏觀經濟不確定性，以及美國政策歧義所推動的更廣泛的風險情緒，這可能使投資者無法投入更多數量。

“Our performance this quarter reflects a cautious tone in the market, especially among retail users, who may be responding to macroeconomic uncertainty and U.S. policy ambiguity with a preference for lower risk-taking behavior. In contrast, we observed strong demand for Coinbase’s products and services among institutional investors, driven by the increasing sophistication of their investment strategies,” Coinbase stated.

“本季度我們的表現反映了市場上的謹慎基調，尤其是在零售用戶中，他們可能正在響應宏觀經濟的不確定性和美國的政策歧義，偏愛降低風險的行為。相反，我們觀察到Coinbase對製度投資者的強烈需求，這些投資者在投資策略的日益激烈的策略中越來越多，” COINBASE Sterbase Sterebase。 ”

Coinbase Buys Deribit For $2.9B Amid Profit Drop

Coinbase以$ 2.9B的利潤下降購買deribit

The company’s total revenue still rose year-over-year, increasing from $1.64 billion in Q1 2024. Coinbase’s stablecoin business, particularly around USDC, emerged as a bright spot. Revenue from that segment climbed 32% quarter-over-quarter, and the average USDC balance held across its platform jumped 49% to $12 billion.

該公司的總收入同比增長，從2024年第1季度的16.4億美元增加。 Coinbase的Stablecoin業務，尤其是在USDC附近，成為一個亮點。該細分市場的收入攀升了32％的四分之一季度，其平台餘額的平均餘額躍升了49％，達到120億美元。

However, adjusted net income dropped to $526.6 million, or $1.94 per share, from $679.2 million, or $2.53 per share, in the same quarter last year. Rising costs were a key factor, with operating expenses spiking 51% year-over-year to $1.3 billion, largely due to heavier marketing spend and write-downs on crypto assets held for operations.

但是，在去年同期，調整後的淨收入從6.792億美元或每股2.53美元降至每股5.266億美元，即每股1.94美元。成本上升是一個關鍵因素，運營費用同比上漲51％，至13億美元，這主要是由於營銷支出較高，並且對用於運營的加密貨幣資產進行註銷。

Coinbase also announced it has inked a definitive agreement to acquire Deribit, one of the world’s largest crypto options exchanges, for $2.9 billion. The deal will include $700 million in cash and 11 million shares of Coinbase stock.

Coinbase還宣布，它已經簽署了一項確定的協議，即以29億美元的價格收購了世界上最大的加密貨幣期權交易所之一Deribit。該交易將包括7億美元現金和1100萬股Coinbase股票。

Based in Dubai, Deribit handled over $1 trillion in crypto derivatives volume last year, making it a powerhouse in the rapidly expanding digital asset derivatives sector. The acquisition, expected to close later this year pending regulatory approval, positions Coinbase to become a global leader in the crypto derivatives market, an increasingly critical area of growth as the spot trading business matures.

Deribit總部位於迪拜，去年處理了超過1萬億美元的加密衍生品數量，使其成為迅速擴大的數字資產衍生品領域的強大力量。預計將在今年晚些時候結束的收購將在待批准之前結束，將Coinbase定位為加密衍生品市場的全球領導者，這是隨著現貨交易業務的成熟，增長的日益關鍵領域。

“This acquisition marks a major step forward in our mission to build the world’s leading financial hub for the crypto economy,” said Coinbase CEO Brian Armstrong.

Coinbase首席執行官Brian Armstrong說：“這項收購標誌著我們為建立加密經濟的全球領先金融樞紐的使命邁出了一大步。”

Coinbase, Ripple Lead Crypto M&A Amid U.S. Policy Shift

在美國政策轉變中

Amid growing optimism in U.S. crypto regulation, especially after former President Donald Trump pledged to make the country the “world capital of crypto,” major industry players are racing to strengthen their positions. Ripple (CRYPTO: XRP) recently made headlines with its $1.25 billion acquisition of multi-asset prime broker Hidden Road, marking one of the biggest deals in its history.

在美國加密貨幣法規的越來越樂觀之中，尤其是在前總統唐納德·特朗普（Donald Trump）承諾將該國成為“世界首都加密”之後，主要行業參與者正在競爭加強自己的立場。 Ripple（Crypto：XRP）最近以12.5億美元收購多資產總經理Hidden Road成為頭條新聞，這是其歷史上最大的交易之一。

The move comes as the U.S. continues to lag behind other nations in crypto regulation, a factor that may have contributed to a broader risk-off sentiment among retail investors, according to Coinbase. Despite this, the company highlighted strong demand for its products and services among institutional investors, who are increasingly engaging with Coinbase's advanced financial instruments and deeper liquidity pools.

據Coinbase稱，此舉是因為美國繼續落後於Crypto法規中的其他國家，這可能導致散戶投資者之間更廣泛的風險情緒。儘管如此，該公司還是強調了對機構投資者對產品和服務的強勁需求，這些投資者越來越多地參與Coinbase的高級金融工具和更深的流動性池。

As the industry pivots towards institutional adoption and advanced financial instruments, market watchers will be closely monitoring these developments to determine whether this new chapter will spell success for the cryptocurrency sector. The landscape is rapidly changing, and industry leaders are adapting to the evolving regulatory and market dynamics.

隨著行業對機構採用和高級金融工具的關注，市場觀察者將密切監視這些發展，以確定這一新章節是否會為加密貨幣領域取得成功。景觀正在迅速變化，行業領導者正在適應不斷發展的監管和市場動態。

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