Coinbase以$ 2.9B的价格购买加密衍生品交易所deribit

这一举动设定了Coinbase在衍生品市场中提供的更多产品，该市场正在迅速发展，并在2025年引起了机构的极大兴趣。

Coinbase is acquiring Deribit, a leading crypto derivatives exchange, for $2.9 billion, marking a significant move in the cryptocurrency industry.

Coinbase以29亿美元的价格收购了领先的加密衍生品交易所Deribit，这标志着加密货币行业的重大举措。

This acquisition sets the stage for Coinbase to expand its offerings in the derivatives market, which has seen rapid growth and increasing interest from institutions in 2025.

此次收购为Coinbase扩大其在衍生品市场的产品范围奠定了基础，该市场在2025年已经迅速增长并增加了机构的兴趣。

With the volume of derivatives trading often outpacing that of spot trading, the acquisition highlights a shift in strategy—from catering to retail volatility to focusing on long-term infrastructure and advanced financial tools.

随着衍生品交易的数量通常超过现货交易的数量，此次收购突出了战略的转变 - 从迎合零售的波动到专注于长期基础设施和高级金融工具。

This change also brings attention to assets that will thrive in a market characterized by maturity and utility.

这种变化还引起了人们对以成熟和效用为特征的市场蓬勃发展的资产。

No longer are traders solely interested in price action; they are also seeking assets with lasting value, clear plans for growth, and financial tools to facilitate that growth. Many aspects of this analysis depend on the liquidity, widespread use, and strength of the use case.

交易者不再对价格行动感兴趣；他们还正在寻求具有持久价值，清晰的增长计划以及促进增长的财务工具的资产。该分析的许多方面取决于用例的流动性，广泛使用和强度。

For anyone attempting to identify the assets that will benefit most in this new phase, resources such as crypto with the most potential help to filter through the noise and emphasize projects with strong fundamentals.

对于任何试图确定将在这个新阶段中受益最大的资产的人，诸如加密货币之类的资源具有最大的潜在帮助，可以通过噪音过滤并强调具有强大基础的项目。

Deribit, recognized for its dominant share of options trading volume for Bitcoin and Ethereum, brings a robust infrastructure and a loyal user base who prefer speed, security, and deep liquidity.

Deribit因其在比特币和以太坊的期权交易量中的主要份额而闻名，因此带来了强大的基础架构和忠实的用户群，他们更喜欢速度，安全性和深厚的流动性。

The deal, set to close later this quarter, positions Coinbase well in a market already seeing daily volume in derivatives outpace that of spot trading. It also allows the company to diversify its revenue streams beyond retail-driven spot trades, which are more susceptible to market sentiment shifts and trading fee compression.

该交易将在本季度下半年结束，在已经看到衍生品每日量的市场上的Coinbase很好地定位了现货交易。它还使公司能够在零售驱动的现货交易之外多样化其收入来源，这更容易受到市场情绪转移和交易费用压缩的影响。

The timing of this move is no coincidence. Bitcoin recently crossed the $100,000 threshold, driven by strong ETF inflows, macroeconomic shifts, and increased institutional allocation.

这一举动的时机不是偶然的。比特币最近越过了100,000美元的门槛，这是由于强大的ETF流入，宏观经济转移和机构分配增加的驱动。

As crypto converges with traditional finance, it makes sense for platforms like Coinbase to offer a full stack, encompassing spot trading, custody solutions, and now a fully fledged derivatives desk.

随着加密货币与传统金融汇聚在一起，对于Coinbase等平台，提供完整的堆栈，涵盖现货交易，保管解决方案以及现在的完全刚起步的衍生产品桌是有意义的。

For investors accustomed to futures and options in other markets, this marks a natural progression as crypto finally catches up. Internally, Deribit has already begun adjusting to meet expected compliance standards.

对于习惯于其他市场中未来和期权的投资者来说，这标志着加密货币终于赶上了自然的发展。在内部，Deribit已经开始调整以满足预期的合规标准。

While the platform previously operated from offshore jurisdictions, sources indicate that the integration into Coinbase will involve a “progressive licensing strategy” to bring all activity under regulatory oversight.

尽管该平台先前从离岸司法管辖区运营，但消息人士表明，将Coinbase的集成将涉及“渐进许可策略”，以使所有活动受到监管监督。

This could involve registration with the CFTC or similar bodies in other regions, depending on the service area. Coinbase, on the other hand, appears to be framing this as a long-term infrastructure move, not just a trading initiative.

这可能涉及在其他地区的CFTC或类似机构的注册，具体取决于服务区域。另一方面，Coinbase似乎是作为长期基础设施举动而不仅仅是一项交易计划。

The acquisition could also influence which tokens will next be included in options and futures products. Currently, Deribit’s volume is heavily concentrated on BTC and ETH, but there is scope for expanding into altcoins with sufficient liquidity and user interest.

此次收购还可能会影响哪些代币接下来将包含在期权和期货产品中。目前，Deribit的量很大程度上集中在BTC和ETH上，但是有足够的流动性和用户兴趣扩展到Altcoins的范围。

Mid-cap tokens boasting actual use cases may find this to be the moment they break into a broader trading audience. Exchanges typically consider both trading volume and developer activity when deciding which tokens to introduce derivatives for.

拥有实际用例的中型代币可能会发现这是他们闯入更广泛的贸易受众的那一刻。当决定哪些代币引入导数时，交易所通常会考虑交易量和开发人员活动。

This factor grants well-maintained and active ecosystems a significant advantage in the coming months.

在未来几个月中，该因素授予良好的维护良好和活跃的生态系统。

The broader implication here is that 2025 is shaping up to favor projects that can withstand closer scrutiny, not just from investors, but also from regulators and financial institutions.

这里更广泛的含义是，2025年正在塑造以偏爱可以承受更仔细审查的项目，不仅是投资者，而且还来自监管机构和金融机构。

The days of tokens surviving on hype alone are over. Derivatives demand transparency, real-time data, and sufficient stability to support leveraged positions.

仅在炒作上存活的代币的日子已经过去。衍生工具需要透明度，实时数据和足够的稳定性来支持杠杆位置。

Coinbase venturing into this space is a sign that the next wave of crypto isn’t being built on vibes—it’s being built on systems.

进入这个空间的Coinbase表明，下一波加密货物不是建立在氛围上的，它是建立在系统上的。

The regulatory angle is crucial. While some offshore platforms continue to circumvent rules and face enforcement actions, the Coinbase–Deribit deal showcases how compliance will play out in a post-FTX world.

调节角度至关重要。尽管某些离岸平台继续规避规则并面临执法行动，但Coinbase-deribit交易展示了合规性如何在后FTX世界中发挥作用。

Instead of avoiding regulation, major players are now adapting to it and using it to their advantage. This will likely lead to more regulated derivatives products being introduced, increased institutional participation, and a higher barrier for new projects attempting to enter the market.

现在，主要参与者没有避免调节，而是在适应它并利用它来发挥自己的优势。这可能会导致引入更受监管的衍生产品产品，增加机构参与以及试图进入市场的新项目的更高障碍。

This acquisition also highlights how Coinbase’s role in the ecosystem has evolved over time. The company is positioning itself as an end-to-end platform for every level of market participant.

此次收购还强调了Coinbase在生态系统中的作用如何随着时间的流逝而发展。该公司将自己定位为每个级别的市场参与者的端到端平台。

Coinbase was once primarily known as a gateway for small investors. Now, the aim is to become the platform where everyone, from individuals using their phones to large funds with advanced derivatives strategies, can buy and sell tokens.

Coinbase曾经主要被称为小型投资者的门户。现在，目的是成为每个人的平台，从使用手机到具有先进衍生品策略的大型资金，都可以买卖令牌。

That goal underscores a broader point: crypto is finally beginning to act like an industry preparing for long-term success, not just survival.

该目标强调了一个更广泛的观点：加密货币终于开始像为长期成功做准备的行业，而不仅仅是生存。