deribit獲取擴大了Coinbase在加密衍生物中的主導地位

Deribit的收購擴大了Coinbase在加密衍生品中的主導地位，增加了機構客戶和全球範圍。

Coinbase (NASDAQ:COIN) is quietly becoming the best way to play the crypto opportunity. While Bitcoin (BTC) and ether (CRYPTO: ETH) prices grab headlines, Coinbase is building the infrastructure of a new financial system, one that’s powered by blockchain technology and accessible to everyone.

Coinbase（NASDAQ：COIN）正在悄悄地成為播放加密貨幣機會的最佳方式。儘管比特幣（BTC）和Ether（Crypto：ETH）價格吸引了頭條新聞，但Coinbase正在建立一個新金融系統的基礎設施，該系統由區塊鏈技術提供支持，所有人都可以使用。

As we discussed in a previous article, Coinbase is pivoting from being just an exchange to becoming a full-spectrum crypto financial services provider. This pivot is crucial for Coinbase's long-term survival and success.

正如我們在上一篇文章中討論的那樣，Coinbase從僅僅是交流到成為一家全光譜加密金融服務提供商。這個樞軸對於共同案件的長期生存和成功至關重要。

The company faces several challenges, including the competitive landscape, regulatory uncertainty in the U.S., and the inherent volatility of the crypto market. However, it also has several advantages, such as its brand recognition, existing user base, and early mover status in the U.S.

該公司面臨幾個挑戰，包括競爭格局，美國的監管不確定性以及加密貨幣市場的固有波動。但是，它還具有幾個優點，例如其品牌認可，現有用戶群和美國早期搬遷地位

Coinbase is uniquely positioned to capitalize on the growing demand for crypto services from both institutional and retail investors. With its expanding presence in 160+ countries and strategic partnerships with industry giants like BlackRock (NYSE:BLK) and Stripe, Coinbase is set to play a pivotal role in shaping the future of finance.

Coinbase具有獨特的位置，可以利用機構和零售投資者對加密服務的不斷增長的需求。隨著其在160多個國家 /地區的業務不斷擴大，以及與貝萊德（NYSE：BLK）和Stripe等行業巨頭的戰略夥伴關係，Coinbase將在塑造財務未來方面發揮關鍵作用。

Coinbase: A Deeper Dive

Coinbase：更深的潛水

Coinbase is a leading cryptocurrency exchange platform in the U.S., offering a wide range of services, including spot and derivatives trading, asset custody, and blockchain infrastructure solutions to a diverse clientele, encompassing institutions, merchants, and individual investors.

Coinbase是美國領先的加密貨幣交換平台，提供廣泛的服務，包括現貨和衍生品交易，資產監護權和區塊鏈基礎設施解決方案，向多元化的客戶提供，包括機構，商人和個人投資者。

The company went public in April 2021 via a direct listing on the Nasdaq Global Select Market following the approval of its Form S-1 registration statement by the Securities and Exchange Commission (SEC).

該公司於2021年4月通過美國證券交易委員會（SEC）批准其表格S-1註冊聲明後，通過納斯達克全球精選市場上的直接上市公開上市。

The company's shares have struggled since the beginning of the year as the crypto market continues to face difficulties. Coinbase's shares are down 50% year-to-date and have fallen 90% from their all-time high reached in November 2021.

自今年年初以來，該公司的股票一直在掙扎，因為加密貨幣市場繼續面臨困難。 Coinbase的股票年僅下降了50％，並且在2021年11月的歷史最高水平下降了90％。

Despite the bleak year so far, the company's latest earnings report for the first quarter of 2025 revealed some positive trends.

儘管到目前為止的一年慘淡，但該公司在2025年第一季度的最新收益報告仍顯示出一些積極的趨勢。

Despite the fact that Coinbase's shares have been battered this year, they do appear to be undervalued when considering the company's growth potential and the valuations of other high-growth technology companies.

儘管Coinbase的股票今年已被毆打，但考慮到公司的增長潛力以及其他高增長技術公司的估值，它們似乎被低估了。

Coinbase's stock price at the beginning of the week was $29, which translates to a P/E ratio of 30 to 40, which seems reasonable given the company's rapid growth and the fact that it's in the early stages of building its infrastructure business.

Coinbase在本周初的股價為29美元，這意味著30至40的市盈率為30至40美元，鑑於公司的快速增長以及它處於建立基礎設施業務的早期階段，這似乎是合理的。

The company's earnings report for the first quarter of 2025 showed that its net revenue decreased by 9% quarter-over-quarter to $947 million, while its adjusted earnings per share decreased by 66% to $0.06.

該公司2025年第一季度的收益報告顯示，其淨收入量減少了9％的四分之一季度，至9.47億美元，而其調整後的每股收益下降了66％，至0.06美元。

The decrease in revenue was mainly due to a 9% decrease in trading activity on the company's platform, which led to a 10% decrease in total revenue from trading and other services.

收入的下降主要是由於該公司平台上的交易活動減少了9％，這導致交易和其他服務的總收入下降了10％。

However, Coinbase's performance can be attributed to the fact that it's pivoting towards a broader crypto financial services model, which is evident in the company's cooperation with Circle (NYSE:CRW) to create and manage USDC, the second-largest stablecoin.

但是，Coinbase的績效可以歸因於以下事實：它正在轉向更廣泛的加密金融服務模型，該模型在公司與Circle（NYSE：CRW）的合作中很明顯，以創建和管理第二大Stablecoin，這是創建和管理USDC。

The company's efforts to expand the use cases of USDC among institutions are crucial for the long-term success of its business.

該公司為在機構中擴展USDC用例的努力對於其業務的長期成功至關重要。

The company's management estimates that the total balance of USDC on Coinbase in the first quarter was $123 billion, and it's capable of generating interest income for Coinbase.

該公司的管理層估計，第一季度Coinbase上USDC的總餘額為1,230億美元，並且能夠為Coinbase產生利息收入。

The company also announced that it's testing a network for B2B cross-border payments powered by USDC in the second quarter of 2025, which could open up new revenue streams and expand the company's reach in the market.

該公司還宣布，它正在測試由USDC在2025年第二季度提供支持的B2B跨境支付網絡，該網絡可能會開放新的收入來源並擴大公司在市場上的範圍。

The integration of Deribit, the world's largest crypto options exchange, into Coinbase's platform could also be a game-changer.

世界上最大的加密貨幣選項交換deribit的集成也可能是改變遊戲規則的人。

The deal to acquire Deribit for $2.9 billion is expected to be completed in the second half of 2025, and it will bring significant institutional clients and global coverage to Coinbase.

預計以29億美元收購Deribit的交易預計將在2025年下半年完成，並將為Coinbase帶來重要的機構客戶和全球覆蓋範圍。

The acquisition will also enable Coinbase to expand its product offerings to include options, futures, and perpetual contracts, transforming it into a full-service crypto financial platform.

此次收購還將使Coinbase能夠將其產品擴展到包括期權，期貨和永久合同，從而將其轉變為全方位服務的加密貨幣平台。

The company's institutional trading revenue, which includes revenue from derivatives, decreased by 30% quarter-over-quarter, mainly due to its aggressive program to attract clients, which involved offering large rebates to those opening new accounts.

該公司的機構交易收入包括來自衍生品的收入，下降了30％的四分之一季度，這主要是由於其積極的計劃吸引了客戶，該計劃涉及向開設新帳戶的那些提供大的回扣。

Coinbase's strategy is to quickly gain market share by sacrificing short-term revenue, which could put pressure on the company's profitability in the coming quarters.

Coinbase的策略是通過犧牲短期收入來快速獲得市場份額，這可能會給公司在未來幾個季度的盈利能力帶來壓力。

Coinbase's shares are currently trading at a P/E multiple of 30 to 40, which seems high considering the company's earnings.

Coinbase的股票目前以30至40的市盈率交易，考慮到公司的收益，這似乎很高。

However, it's important to note

但是，重要的是要注意