Coinbase以$ 2.9B的价格收购了Deribit，这是加密货币历史上最大的并购活动。

编译者：Luffy，预见新闻

Written by: Saurabh Deshpande

撰写者：索拉·德什潘德（Saurabh Deshpande）

Compiled by: Luffy, Foresight News

编译者：Luffy，预见新闻

Coinbase acquires Deribit for $2.9 billion, the largest M&A event in cryptocurrency history. The same is true of history in the tech space. Google has acquired 261 companies to date. These acquisitions gave rise to products such as Google Maps, Google AdSense, and Google Analytics. Perhaps the most significant of these was Google’s acquisition of YouTube in 2020 for $1.65 billion. In the first quarter of 2025, YouTube generated $8.9 billion in revenue, accounting for 10% of Alphabet’s (Google’s parent company) total revenue.

Coinbase以29亿美元的价格收购了Deribit，这是加密货币历史上最大的并购活动。技术领域的历史也是如此。 Google迄今已收购了261家公司。这些收购产生了Google Maps，Google Adsense和Google Analytics（分析）等产品。也许其中最重要的是Google在2020年以16.5亿美元的价格收购了YouTube。在2025年第一季度，YouTube产生了89亿美元的收入，占Alphabet（Google母公司）总收入的10％。

Similar to Google, Meta has made 101 acquisitions to date. Instagram, WhatsApp, and Oculus are prominent examples. Instagram generates more than $65 billion in annual revenue in 2024, accounting for more than 40% of Meta’s revenue from all businesses.

与Google类似，迄今为止，Meta已进行了101次收购。 Instagram，WhatsApp和Oculus是重要的例子。 Instagram在2024年产生了超过650亿美元的年收入，占所有企业Meta收入的40％以上。

The cryptocurrency industry is no longer a new industry. It is estimated that the number of cryptocurrency users has reached 659 million, Coinbase has more than 105 million users, and the global Internet users are about 5.5 billion. So, cryptocurrency users have reached 10% of the total Internet users. These numbers are important because they help us determine where the next stage of growth will come from.

加密货币行业不再是一个新行业。据估计，加密货币用户的数量已达到6.59亿，Coinbase拥有超过1.05亿用户，全球互联网用户约为55亿。因此，加密货币用户已达到互联网总用户的10％。这些数字很重要，因为它们帮助我们确定下一阶段的增长将来自何处。

Increasing the number of users is an obvious way to grow. Currently, we have only developed use cases for cryptocurrencies in the financial sector. If other applications use blockchain technology as infrastructure, the entire market size will expand significantly. Acquiring existing users, cross-selling, and increasing revenue per user are some of the ways that existing companies can achieve growth.

增加用户数量是一种显而易见的增长方式。目前，我们仅开发了金融领域加密货币的用例。如果其他应用程序使用区块链技术作为基础架构，则整个市场规模将大大扩大。获得现有用户，交叉销售和每位用户的收入增加是现有公司实现增长的一些方式。

When the pendulum swings toward acquisitions

当摆动朝着收购转动

Acquisitions solve three key problems that financing alone cannot. First, acquisitions help with talent acquisition in highly specialized fields where experienced developers are scarce. Second, acquisitions help with user acquisition in an environment where organic growth is increasingly expensive. Third, acquisitions can facilitate technology integration, allowing protocols to move beyond their original use cases. These issues will be further explored in the following article with industry examples.

收购解决了三个关键问题，即仅融资就不能。首先，收购有助于在经验丰富的开发人员稀缺的高度专业领域中获得人才获取。其次，在有机增长越来越昂贵的环境中，收购有助于用户获取。第三，收购可以促进技术集成，从而使协议能够超越其原始用例。这些问题将在下面的文章中进一步探讨行业示例。

We are in the midst of a new wave of M&A in crypto. Coinbase acquired Deribit for a record $2.9 billion; Kraken acquired NinjaTrader, a retail futures trading platform regulated by the US Commodity Futures Trading Commission (CFTC), for $1.5 billion; and Ripple acquired multi-asset prime broker Hidden Road for $1.25 billion, having also made a bid for Circle that was rejected.

我们正处于加密货币中的并购新浪潮之中。 Coinbase以创纪录的29亿美元获得了Deribit； Kraken以15亿美元的价格收购了由美国商品期货交易委员会（CFTC）监管的零售期货交易平台Ninjatrader； Ripple以12.5亿美元的价格收购了Multi-Asset Prime Broks Hidden Road，他还竞标了圈子。

These deals reflect the changing priorities in the space. Ripple wants distribution and regulatory access, Coinbase is after options volume, and Kraken is filling a product gap. These acquisitions are all driven by strategy, survival, and competitive positioning.

这些交易反映了该领域的优先事项的变化。 Ripple想要分配和监管访问，Coinbase在选项量之后，Kraken填补了产品空白。这些收购都受战略，生存和竞争定位的驱动。

The table below can help you understand the thinking of existing companies when considering whether to build or acquire.

下表可以帮助您在考虑建立还是获取时了解现有公司的思想。

While the table summarizes the key trade-offs in the build vs. buy decision, incumbents often rely on unique signals when making decisive moves. A good example is Stripe’s acquisition of Paystack in Nigeria in 2020. Building infrastructure in Africa means facing a steep learning curve in terms of regulatory details, local integrations, and merchant onboarding.

虽然该表总结了Build vs.购买决定中的关键权衡，但现任者在做出决定性动作时通常依靠独特的信号。一个很好的例子是Stripe于2020年在尼日利亚收购Paystack。

Stripe chose to acquire. Paystack had already solved local compliance issues, built a merchant base, and demonstrated its distribution capabilities. Stripe's acquisition met multiple criteria, such as speed (gaining first-mover advantage in a growing market), capability gap (local expertise), and competitive threat (Paystack becoming a regional competitor). This move accelerated Stripe's global expansion without distracting from its core business.

条纹选择获取。 Paystack已经解决了当地合规性问题，建立了商户基础，并证明了其分销能力。 Stripe的收购符合多个标准，例如速度（在不断增长的市场中获得第一步优势），能力差距（本地专业知识）和竞争威胁（Paystack成为区域竞争者）。这一举动加速了Stripe的全球扩张，而不会分散其核心业务。

Before we dive into why deals happen, it’s worth considering two questions: first, why founders should consider being acquired, and second, why now is an important time to consider it.

在我们深入了解为什么交易发生之前，值得考虑两个问题：首先，为什么创始人应该考虑被获取，其次，为什么现在是考虑这一点的重要时机。

Why is the current macro environment favorable for acquisitions now?

为什么当前的宏观环境现在有利于收购？

For some, it’s about liquidity at exit. For others, it’s about tapping into more durable distribution channels, securing long-term growth, or being part of a platform that can amplify impact. And for many, it’s a way to sidestep the increasingly narrow path to venture capital, now more scarce than ever, with investor expectations higher and timelines tighter.

对于某些人来说，这是关于退出的流动性。对于其他人来说，这是要利用更耐用的分销渠道，确保长期增长或成为可以扩大影响的平台的一部分。对于许多人来说，这是一种避开越来越狭窄的风险投资之路的方法，现在比以往任何时候都更稀缺，投资者的期望更高，时间表更加紧张。

A rising tide does not lift all boats

上升的潮流并不能抬起所有船只

The venture capital market lags the liquid market by several quarters. Typically, whenever Bitcoin prices peak, it takes months or quarters for venture capital activity to cool down. Venture capital in the crypto space is down more than 70% since the 2021 peak, and median valuations are back to 2019-2020 levels. I don't think this is a temporary pullback.

风险投资市场将液体市场滞后多个季度。通常，每当比特币价格达到顶峰时，风险投资活动就需要数月或几个季度才能冷静下来。自2021峰以来，加密货币领域的风险投资下降了70％以上，中位数估值可追溯到2019 - 2020年的水平。我认为这不是暂时的回调。

Let me explain why. In short, VC returns have fallen, while the cost of capital has risen. So there is less VC money chasing deals because the

让我解释原因。简而言之，风险投资回报率下降了，而资本成本上涨。因此，VC赚钱交易的少量是因为