COINBASE Q1 2025收入不超过华尔街的期望，尽管比特币市场飙升

尽管加密货币市场激增，但Coinbase的收入却没有华尔街的期望

Coinbase (NASDAQ:COIN) reported a disappointing set of first-quarter earnings on Thursday, missing revenue estimates despite a surging crypto market and announcing a multibillion-dollar acquisition to expand aggressively into the derivatives space.

Coinbase（NASDAQ：COIN）周四报道了令人失望的第一季度收益，尽管加密市场激增，但仍缺少收入估算，并宣布了数十亿美元的收购，以积极地扩展到衍生品领域。

The largest U.S. public cryptocurrency exchange posted revenue of $2.03 billion, falling short of the $2.2 billion forecast by analysts and marking a 10% decline from the previous quarter. Despite this, Bitcoin (BTC) nearly touched $100,000 during the quarter, highlighting a surprising divergence between market prices and trading volumes.

美国最大的公共加密货币交易所的收入为20.3亿美元，分析师的预测低于22亿美元，比上一季度下降了10％。尽管如此，在本季度，比特币（BTC）几乎触及了100,000美元，这突出了市场价格和交易量之间的惊人差异。

Coinbase Q1 Earnings SummaryRevenue: $2.03B vs. $2.20B Exp; Net Income: $527M vs. $679M last year; EPS: $1.94 vs. $2.53 last year

Coinbase Q1收益摘要：$ 2.03B与$ 2.20B EXP;净收入：5.27亿美元，去年6.79亿美元； EPS：$ 1.94 vs. $ 2.53去年

Coinbase shares dipped around 3% in after-hours trading following the earnings miss.

在收益遗失后，Coinbase股票在下班后交易中下跌了约3％。

Transaction revenue, typically Coinbase’s main source of income, reached $1.26 billion, lagging behind the expected $1.33 billion. Both retail and institutional trading activity appeared to be slower than anticipated. The company attributed this slump to macroeconomic uncertainty and a broader risk-off sentiment fueled by U.S. policy ambiguity, which might have kept investors from engaging in greater numbers.

交易收入通常是Coinbase的主要收入来源，达到12.6亿美元，落后于预期的13.3亿美元。零售和机构交易活动似乎都比预期的要慢。该公司将这种低迷归因于宏观经济不确定性，以及美国政策歧义所推动的更广泛的风险情绪，这可能使投资者无法投入更多数量。

“Our performance this quarter reflects a cautious tone in the market, especially among retail users, who may be responding to macroeconomic uncertainty and U.S. policy ambiguity with a preference for lower risk-taking behavior. In contrast, we observed strong demand for Coinbase’s products and services among institutional investors, driven by the increasing sophistication of their investment strategies,” Coinbase stated.

“本季度我们的表现反映了市场上的谨慎基调，尤其是在零售用户中，他们可能正在响应宏观经济的不确定性和美国的政策歧义，偏爱降低风险的行为。相反，我们观察到Coinbase对制度投资者的强烈需求，这些投资者在投资策略的日益激烈的策略中越来越多，” COINBASE Sterbase Sterebase。”

Coinbase Buys Deribit For $2.9B Amid Profit Drop

Coinbase以$ 2.9B的利润下降购买deribit

The company’s total revenue still rose year-over-year, increasing from $1.64 billion in Q1 2024. Coinbase’s stablecoin business, particularly around USDC, emerged as a bright spot. Revenue from that segment climbed 32% quarter-over-quarter, and the average USDC balance held across its platform jumped 49% to $12 billion.

该公司的总收入同比增长，从2024年第1季度的16.4亿美元增加。Coinbase的Stablecoin业务，尤其是在USDC附近，成为一个亮点。该细分市场的收入攀升了32％的四分之一季度，其平台余额的平均余额跃升了49％，达到120亿美元。

However, adjusted net income dropped to $526.6 million, or $1.94 per share, from $679.2 million, or $2.53 per share, in the same quarter last year. Rising costs were a key factor, with operating expenses spiking 51% year-over-year to $1.3 billion, largely due to heavier marketing spend and write-downs on crypto assets held for operations.

但是，在去年同期，调整后的净收入从6.792亿美元或每股2.53美元降至每股5.266亿美元，即每股1.94美元。成本上升是一个关键因素，运营费用同比上涨51％，至13亿美元，这主要是由于营销支出较高，并且对用于运营的加密货币资产进行注销。

Coinbase also announced it has inked a definitive agreement to acquire Deribit, one of the world’s largest crypto options exchanges, for $2.9 billion. The deal will include $700 million in cash and 11 million shares of Coinbase stock.

Coinbase还宣布，它已经签署了一项确定的协议，即以29亿美元的价格收购了世界上最大的加密货币期权交易所之一Deribit。该交易将包括7亿美元现金和1100万股Coinbase股票。

Based in Dubai, Deribit handled over $1 trillion in crypto derivatives volume last year, making it a powerhouse in the rapidly expanding digital asset derivatives sector. The acquisition, expected to close later this year pending regulatory approval, positions Coinbase to become a global leader in the crypto derivatives market, an increasingly critical area of growth as the spot trading business matures.

Deribit总部位于迪拜，去年处理了超过1万亿美元的加密衍生品数量，使其成为迅速扩大的数字资产衍生品领域的强大力量。预计将在今年晚些时候结束的收购将在待批准之前结束，将Coinbase定位为加密衍生品市场的全球领导者，这是随着现货交易业务的成熟，增长的日益关键领域。

“This acquisition marks a major step forward in our mission to build the world’s leading financial hub for the crypto economy,” said Coinbase CEO Brian Armstrong.

Coinbase首席执行官Brian Armstrong说：“这项收购标志着我们为建立加密经济的全球领先金融枢纽的使命迈出了一大步。”

Coinbase, Ripple Lead Crypto M&A Amid U.S. Policy Shift

在美国政策转变中

Amid growing optimism in U.S. crypto regulation, especially after former President Donald Trump pledged to make the country the “world capital of crypto,” major industry players are racing to strengthen their positions. Ripple (CRYPTO: XRP) recently made headlines with its $1.25 billion acquisition of multi-asset prime broker Hidden Road, marking one of the biggest deals in its history.

在美国加密货币法规的越来越乐观之中，尤其是在前总统唐纳德·特朗普（Donald Trump）承诺将该国成为“世界首都加密”之后，主要行业参与者正在竞争加强自己的立场。 Ripple（Crypto：XRP）最近以12.5亿美元收购多资产总经理Hidden Road成为头条新闻，这是其历史上最大的交易之一。

The move comes as the U.S. continues to lag behind other nations in crypto regulation, a factor that may have contributed to a broader risk-off sentiment among retail investors, according to Coinbase. Despite this, the company highlighted strong demand for its products and services among institutional investors, who are increasingly engaging with Coinbase's advanced financial instruments and deeper liquidity pools.

据Coinbase称，此举是因为美国继续落后于Crypto法规中的其他国家，这可能导致散户投资者之间更广泛的风险情绪。尽管如此，该公司还是强调了对机构投资者对产品和服务的强劲需求，这些投资者越来越多地参与Coinbase的高级金融工具和更深的流动性池。

As the industry pivots towards institutional adoption and advanced financial instruments, market watchers will be closely monitoring these developments to determine whether this new chapter will spell success for the cryptocurrency sector. The landscape is rapidly changing, and industry leaders are adapting to the evolving regulatory and market dynamics.

随着行业对机构采用和高级金融工具的关注，市场观察者将密切监视这些发展，以确定这一新章节是否会为加密货币领域取得成功。景观正在迅速变化，行业领导者正在适应不断发展的监管和市场动态。

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