Coinbase首席执行官Brian Armstrong：“加密货币正在吃金融服务”

“加密货币正在饮食金融服务。”

Coinbase (NASDAQ:COIN) shares rose on Thursday after the company swung to a first-quarter net loss that was smaller than analysts' estimates, and the company's executives highlighted several milestones in the company's U.S. regulatory journey.

Coinbase（NASDAQ：COIN）的股价周四上涨，此前该公司转向第一季度净亏损，该净亏损小于分析师的估计，该公司的高管在美国的美国监管旅程中强调了几个里程碑。

Coinbase revenue for the quarter slipped 10% from the prior quarter to $2.03 billion, and adjusted EBITDA came in at $930 million, while net income fell sharply to $66 million. The bottom line was largely impacted by a $597 million pretax loss on its crypto investment portfolio, primarily unrealized.

该季度的Coinbase收入从上季度下跌10％至20.3亿美元，调整后的EBITDA的收入为9.3亿美元，而净收入急剧下降至6600万美元。底线在很大程度上受到了其加密投资组合的5.97亿美元税前损失，主要是未实现的。

But arguably the most transformational part of Coinbase’s Q1 wasn’t financial – it was political. After years of regulatory uncertainty in the U.S., executives expressed optimism that the tide was turning, noting that the company was among the few crypto firms invited to the first-ever White House-hosted crypto summit.

但是可以说，Coinbase Q1最具变革性的部分不是财务 - 这是政治上的。在美国多年的监管不确定性之后，高管表示乐观地说，潮流正在转变，并指出该公司是邀请少数有史以来第一个白宫主持的加密省会峰会的加密货币公司之一。

"We are excited about progress on stablecoin [regulations], there will be another vote next week," Coinbase CEO Brian Armstrong said. "With greater regulatory clarity, we believe crypto rails will update financial infrastructure around the world."

Coinbase首席执行官Brian Armstrong说：“我们对Stablecoin（法规）的进展感到兴奋，下周将进行另一次投票。” “凭借更大的法规清晰度，我们认为加密货币铁路将更新全球的金融基础设施。”

Coinbase also won a courtroom victory with the dismissal, with prejudice, of the SEC's lawsuit alleging unregistered securities offerings.

Coinbase还以偏见为SEC的诉讼指控未注册的证券提供的解雇赢得了法庭胜利。

"We are excited about the … new chapter in the U.S.," said Coinbase CFO Alesia Haas.

Coinbase首席财务官Alesia Haas说：“我们对……新的篇章感到兴奋。”

And on the "crypto is eating financial services" topic, Coinbase on Thursday also agreed to acquire Deribit, the world’s biggest trading platform, for roughly $2.9 billion, which will be paid in 11 million shares of Coinbase stock and $700 million in cash.

在“加密货币正在饮食金融服务”主题上，Coinbase周四还同意以大约29亿美元的价格收购世界上最大的交易平台Deribit，这将以1100万股的Coinbase股票和7亿美元的现金支付。

It is also at least the fourth crypto deal valued at more than $1 billion to be announced in the last month and a half. In April, Ripple (NYSE:PYPL) said it was acquiring prime broker Hidden Road for $1.25 billion. And Kraken reached a $1.5 billion deal for futures broker NinjaTrader in March.

这也是至少在上个月半宣布的第四笔加密交易，价值超过10亿美元。 4月，Ripple（NYSE：PYPL）表示，它以12.5亿美元的价格收购了Prime Broker Hidden Road。 3月，Kraken为期货经纪人Ninjatrader达成了15亿美元的交易。

Coinbase said the acquisition would establish it as the “premier global platform for crypto derivatives,” a segment it believes will offer enhanced revenue stability and margins.

Coinbase表示，此次收购将将其确立为“加密衍生品的全球全球平台”，它认为它将提供增强的收入稳定性和利润率。

Coinbase Is Acquiring Deribit in All-Stock DealCoinbase is acquiring Deribit in an all-stock deal that values the crypto exchange at about $2.9 billion, the companies announced Thursday. The deal will see Deribit’s shareholders receive 11 million shares of Coinbase stock and $700 million in cash.

两家公司周四宣布，Coinbase正在全股DealCoinbase中收购Deribit，该公司在一项全股票交易中收购了deribit，该交易重视加密货币交易所约为29亿美元。该交易将使Deribit的股东获得1100万股Coinbase股票和7亿美元的现金。

The acquisition will bring together two major players in the crypto derivatives market. Coinbase is a leading cryptocurrency exchange in the U.S., while Deribit is one of the world’s largest derivatives exchanges.

此次收购将在加密衍生品市场中汇集两个主要参与者。 Coinbase是美国的主要加密货币交换，而Deribit是世界上最大的衍生品交换之一。

Coinbase has been expanding its derivatives offerings in recent months. It launched its own options exchange in December and began offering futures contracts earlier this year. The company is also planning to launch a new institutional-grade derivatives platform later this year.

最近几个月，Coinbase一直在扩展其衍生产品。它于12月推出了自己的期权交易所，并于今年早些时候开始提供期货合约。该公司还计划在今年晚些时候推出一个新的机构衍生品平台。

Deribit is a privately held company that was founded in 2015. The exchange offers a wide range of derivatives products, including futures, options, and perpetuals, on several underlying cryptocurrencies. Deribit also provides a liquidity management service to other crypto exchanges.

Deribit是一家私有公司，成立于2015年。该交易所在几种基本的加密货币上提供了广泛的衍生产品产品，包括期货，期权和永久性。 Deribit还为其他加密交易所提供了流动性管理服务。

Coinbase said the acquisition will complement its existing efforts to expand internationally and into new product categories. The deal is expected to close in the second half of 2024, subject to customary closing conditions.

Coinbase表示，此次收购将补充其现有的努力，以扩大国际和新产品类别。预计该交易将在2024年下半年结束，但要遵守习惯结束条件。

Coinbase’s revenue fell 10% quarter over quarter to $2.03 billion, and adjusted EBITDA came in at $930 million, while net income dropped sharply to $66 million. The bottom line was largely impacted by a $597 million pretax loss on its crypto investment portfolio, which was largely unrealized.

Coinbase的收入在季度的季度下降了10％，至20.3亿美元，调整后的EBITDA的收入为9.3亿美元，而净收入急剧下降到6600万美元。底线在很大程度上受到了其加密投资组合的5.97亿美元税前损失的影响，这在很大程度上是未实现的。

Coinbase’s revenue was impacted by a slowdown in trading activity in the first quarter, as evidenced by a 19% decrease in consumer and institutional transaction revenue to $1.3 billion. However, this performance outpaced the 13% decline in global spot trading volume during the same period.

Coinbase的收入受到第一季度交易活动放缓的影响，这证明了消费者和机构交易收入减少19％，至13亿美元。但是，这种表现在同一时期的全球现货交易量下降了13％。

On the other hand, subscription and services revenue saw a 9% quarter over quarter increase to $698 million, driven by surging stablecoin activity. Revenue from stablecoins reached $298 million in Q1, marking a 32% rise quarter over quarter.

另一方面，订阅和服务收入在Stablecoin活动飙升的驱动下，季度超过季度增加了季度季度，达到6.98亿美元。 Stablecoins的收入在第一季度达到了2.98亿美元，标志着季度增长了32％。

Coinbase has effectively turned USDC into a financial engine, integrating it into product offerings across loans, rewards and decentralized applications. One example is the launch of bitcoin-backed USDC loans inside the Coinbase app, powered by Morpho’s open-source protocol. Since launch, the platform has seen over $160 million in loan originations.

Coinbase有效地将USDC变成了财务引擎，将其纳入跨贷款，奖励和分散应用程序的产品。一个示例是由Morpho的开源协议推动的Coinbase应用程序内的比特币支持的USDC贷款。自推出以来，该平台的贷款起源超过1.6亿美元。

As trading revenue becomes more cyclical, Coinbase is leaning into more durable income streams. USDC, the second-largest dollar-backed stablecoin, emerged as a star performer. Its market cap surpassed $60 billion for the

随着交易收入变得更加周期性，Coinbase倾向于更耐用的收入来源。 USDC是第二大美元支持的Stablecoin，成为明星表演者。它的市值超过了600亿美元