加密貨幣市場中的新合併和收購浪潮

作者：Saurabh Deshpande

Coinbase acquired Deribit for $2.9 billion, the largest merger and acquisition event in cryptocurrency history.

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合併和收購活動。

The history of the tech sector is similar. To date, Google has acquired 261 companies. These acquisitions birthed products like Google Maps, Google AdSense, and Google Analytics. Perhaps the most significant was Google's acquisition of YouTube for $1.65 billion in 2020. By the first quarter of 2025, YouTube generated $8.9 billion in revenue, accounting for 10% of Alphabet (Google's parent company) (NASDAQ:GOOGL) 's total revenue. Similarly, Meta (NASDAQ:META) has made 101 acquisitions to date, with Instagram, WhatsApp, and Oculus being standout examples. Instagram generated over $65 billion in annual revenue by 2024, contributing over 40% to Meta's total business revenue.

技術部門的歷史相似。迄今為止，Google已收購了261家公司。這些收購誕生了Google Maps，Google Adsense和Google Analytics（分析）等產品。也許最重要的是Google在2020年以16.5億美元的價格收購了YouTube。到2025年的第一季度，YouTube的收入為89億美元，佔Alphabet（Google的母公司）（NASDAQ：GOOGL）的總收入的10％。同樣，迄今為止，Meta（NASDAQ：META）已經進行了101次收購，Instagram，WhatsApp和Oculus是出色的例子。到2024年，Instagram的年收入超過650億美元，貢獻了Meta的總業務總收入超過40％。

Is it better to buy off the shelf or build it yourself?

購買架子或自己建造更好嗎？

The cryptocurrency industry is no longer new. It is estimated that the number of cryptocurrency users has reached 659 million, with Coinbase (NASDAQ:COIN) having over 105 million users, while the global number of internet users is about 5.5 billion. Hence, cryptocurrency users now account for 10% of total internet users. These figures are crucial as we identify the sources of growth for the next stage.

加密貨幣行業不再是新事物。據估計，加密貨幣用戶的數量已達到6.59億，Coinbase（NASDAQ：COIN）的用戶擁有超過1.05億用戶，而全球互聯網用戶的數量約為55億。因此，加密貨幣用戶現在佔互聯網用戶總數的10％。這些數字至關重要，因為我們確定了下一階段的增長來源。

Expanding the user base is an obvious strategy for growth. Currently, we have only developed applications of cryptocurrency in the financial sector. If other applications take blockchain technology as infrastructure, the entire market size will expand significantly. Acquiring existing users, cross-selling, and increasing individual user revenue are some ways existing companies achieve growth.

擴大用戶群是增長的明顯策略。目前，我們僅在金融領域開發了加密貨幣的應用。如果其他應用程序將區塊鏈技術作為基礎設施，則整個市場規模將大大擴大。獲取現有用戶，交叉銷售以及個人用戶收入增加是現有公司實現增長的某些方式。

When the pendulum swings towards acquisition.

當擺動朝著獲取的轉動時。

Acquisitions solve three key issues that pure financing cannot address. In highly specialized fields where experienced developers are scarce, acquisitions help with talent acquisition. In an environment where the cost of natural growth is increasing, acquisitions aid user acquisition. Finally, acquisitions can facilitate technology integration, allowing protocols to transcend their original use cases. These issues will be discussed further in conjunction with industry cases.

收購解決了純融資無法解決的三個關鍵問題。在經驗豐富的開發人員稀缺的高度專業領域，收購有助於人才掌握。在自然增長成本增加的環境中，收購有助於用戶獲取。最後，採集可以促進技術集成，從而使協議可以超越其原始用例。這些問題將與行業案例一起進一步討論。

We are observing a new wave of mergers and acquisitions in the cryptocurrency space. Coinbase acquired Deribit for a record-breaking $2.9 billion. Kraken closed a deal to buy CFTC-regulated retail futures trading platform NinjaTrader for $1.5 billion. Meanwhile, Ripple is acquiring multi-asset prime broker Hidden Road for $1.25 billion.

我們正在觀察加密貨幣空間中新的合併和收購浪潮。 Coinbase獲得了創紀錄的29億美元的Deribit。 Kraken結束了一項交易，以15億美元的價格購買CFTC調節的零售期貨交易平台Ninjatrader。同時，Ripple以12.5億美元的價格收購了多資產總經理Hidden Road。

These transactions highlight the varying priorities of each company. Ripple is expanding its regulatory and distribution channels, Coinbase is seeking options trading volume, and Kraken is filling product gaps. Ultimately, these acquisitions arise from strategic, survival, and competitive positioning imperatives.

這些交易突出了每個公司的各種優先事項。 Ripple正在擴大其監管和分銷渠道，Coinbase正在尋求期權交易量，而Kraken正在填補產品空白。最終，這些收購源於戰略，生存和競爭性定位要求。

The table below can help you understand the considerations existing companies have when deciding whether to build or acquire.

下表可以幫助您了解現有公司在決定是建造還是獲取時的考慮。

While the table summarizes the key trade-offs in self-building versus acquisition decisions, existing companies often rely on unique signals when taking decisive actions. A good example is Stripe's acquisition of Nigeria's Paystack in 2020. Building infrastructure in Africa would have meant facing a steep learning curve in regulatory nuances, local integration, and merchant onboarding.

儘管該表總結了自我建設與獲取決策的關鍵權衡，但現有公司在採取決定性措施時通常依靠獨特的信號。一個很好的例子是Stripe於2020年收購尼日利亞的薪資。

Instead, Stripe opted to acquire. Paystack had already solved local compliance issues, built a merchant base, and proven its distribution capabilities. This acquisition met multiple criteria for Stripe: speed (gaining first-mover advantage in a fast-growing market), capability gaps (local expertise and risk management), and competitive threats (Paystack potentially becoming a regional competitor). It facilitated Stripe's global expansion without diverting attention from its core business.

相反，Stripe選擇獲取。 Paystack已經解決了當地合規問題，建立了商戶基礎並證明了其分銷能力。此次收購符合條紋的多個標準：速度（在快速增長的市場中獲得第一步的優勢），能力差距（本地專業知識和風險管理）以及競爭威脅（Paystack可能成為區域競爭對手）。它促進了Stripe的全球擴張，而沒有將注意力轉移到其核心業務上。

Before discussing the reasons behind these transactions, two questions are worth considering: first, why should founders consider being acquired; second, why is now an important time to consider this issue.

在討論這些交易背後的原因之前，值得考慮兩個問題：首先，為什麼創始人應該考慮獲得。其次，為什麼現在是考慮這個問題的重要時機。

Successful acquisitions can serve as a booster.

成功的收購可以作為助推器。

Why is the current macro environment favorable to mergers and acquisitions?

為什麼當前的宏觀環境有利於合併和收購？

For some, it is about liquidity at exit. For others, it is to access more durable distribution channels, ensure long-term growth, or become part of a platform that amplifies influence. For many, it is a way to avoid the increasingly narrow path of venture capital, which is becoming scarcer with higher investor expectations and time pressures.

對於某些人來說，這是關於退出的流動性。對於其他人來說，它是訪問更耐用的分銷渠道，確保長期增長或成為擴大影響力的平台的一部分。對於許多人來說，這是避免風險投資越來越狹窄的道路，這變得越來越稀缺，而投資者的期望和時間壓力更高。

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 behind liquidity markets by several quarters. Typically, whenever Bitcoin price peaks, venture capital activity takes several months or quarters to cool off. Venture capital in the cryptocurrency space has fallen more than 70% since its peak in 2021, and median valuations have returned to levels seen in 2019-2020. I believe this is not a temporary pullback.

風險投資市場落後於流動性市場幾個季度。通常，每當比特幣價格達到高峰時，風險投資活動就需要幾個月或季度才能冷靜下來。自2021年達到高峰以來，加密貨幣領域的風險投資已下跌超過70％，中位數估值恢復到2019 - 2020年的水平。我相信這不是暫時的回調。

Let me elaborate on the reasons. In essence, venture capital returns have declined, while the cost of capital has risen. Consequently, with a higher opportunity cost, the risk capital chasing deals has decreased. However, from the

讓我詳細說明原因。從本質上講，風險投資的回報率下降了，而資本的成本已上漲。因此，隨著機會成本較高，風險追逐交易的風險下降。但是，來自