deribit获取扩大了Coinbase在加密衍生物中的主导地位

Deribit的收购扩大了Coinbase在加密衍生品中的主导地位，增加了机构客户和全球范围。

Coinbase (NASDAQ:COIN) is quietly becoming the best way to play the crypto opportunity. While Bitcoin (BTC) and ether (CRYPTO: ETH) prices grab headlines, Coinbase is building the infrastructure of a new financial system, one that’s powered by blockchain technology and accessible to everyone.

Coinbase（NASDAQ：COIN）正在悄悄地成为播放加密货币机会的最佳方式。尽管比特币（BTC）和Ether（Crypto：ETH）价格吸引了头条新闻，但Coinbase正在建立一个新金融系统的基础设施，该系统由区块链技术提供支持，所有人都可以使用。

As we discussed in a previous article, Coinbase is pivoting from being just an exchange to becoming a full-spectrum crypto financial services provider. This pivot is crucial for Coinbase's long-term survival and success.

正如我们在上一篇文章中讨论的那样，Coinbase从仅仅是交流到成为一家全光谱加密金融服务提供商。这个枢轴对于共同案件的长期生存和成功至关重要。

The company faces several challenges, including the competitive landscape, regulatory uncertainty in the U.S., and the inherent volatility of the crypto market. However, it also has several advantages, such as its brand recognition, existing user base, and early mover status in the U.S.

该公司面临几个挑战，包括竞争格局，美国的监管不确定性以及加密货币市场的固有波动。但是，它还具有几个优点，例如其品牌认可，现有用户群和美国早期搬迁地位

Coinbase is uniquely positioned to capitalize on the growing demand for crypto services from both institutional and retail investors. With its expanding presence in 160+ countries and strategic partnerships with industry giants like BlackRock (NYSE:BLK) and Stripe, Coinbase is set to play a pivotal role in shaping the future of finance.

Coinbase具有独特的位置，可以利用机构和零售投资者对加密服务的不断增长的需求。随着其在160多个国家 /地区的业务不断扩大，以及与贝莱德（NYSE：BLK）和Stripe等行业巨头的战略伙伴关系，Coinbase将在塑造财务未来方面发挥关键作用。

Coinbase: A Deeper Dive

Coinbase：更深的潜水

Coinbase is a leading cryptocurrency exchange platform in the U.S., offering a wide range of services, including spot and derivatives trading, asset custody, and blockchain infrastructure solutions to a diverse clientele, encompassing institutions, merchants, and individual investors.

Coinbase是美国领先的加密货币交换平台，提供广泛的服务，包括现货和衍生品交易，资产监护权和区块链基础设施解决方案，向多元化的客户提供，包括机构，商人和个人投资者。

The company went public in April 2021 via a direct listing on the Nasdaq Global Select Market following the approval of its Form S-1 registration statement by the Securities and Exchange Commission (SEC).

该公司于2021年4月通过美国证券交易委员会（SEC）批准其表格S-1注册声明后，通过纳斯达克全球精选市场上的直接上市公开上市。

The company's shares have struggled since the beginning of the year as the crypto market continues to face difficulties. Coinbase's shares are down 50% year-to-date and have fallen 90% from their all-time high reached in November 2021.

自今年年初以来，该公司的股票一直在挣扎，因为加密货币市场继续面临困难。 Coinbase的股票年仅下降了50％，并且在2021年11月的历史最高水平下降了90％。

Despite the bleak year so far, the company's latest earnings report for the first quarter of 2025 revealed some positive trends.

尽管到目前为止的一年惨淡，但该公司在2025年第一季度的最新收益报告仍显示出一些积极的趋势。

Despite the fact that Coinbase's shares have been battered this year, they do appear to be undervalued when considering the company's growth potential and the valuations of other high-growth technology companies.

尽管Coinbase的股票今年已被殴打，但考虑到公司的增长潜力以及其他高增长技术公司的估值，它们似乎被低估了。

Coinbase's stock price at the beginning of the week was $29, which translates to a P/E ratio of 30 to 40, which seems reasonable given the company's rapid growth and the fact that it's in the early stages of building its infrastructure business.

Coinbase在本周初的股价为29美元，这意味着30至40的市盈率为30至40美元，鉴于公司的快速增长以及它处于建立基础设施业务的早期阶段，这似乎是合理的。

The company's earnings report for the first quarter of 2025 showed that its net revenue decreased by 9% quarter-over-quarter to $947 million, while its adjusted earnings per share decreased by 66% to $0.06.

该公司2025年第一季度的收益报告显示，其净收入量减少了9％的四分之一季度，至9.47亿美元，而其调整后的每股收益下降了66％，至0.06美元。

The decrease in revenue was mainly due to a 9% decrease in trading activity on the company's platform, which led to a 10% decrease in total revenue from trading and other services.

收入的下降主要是由于该公司平台上的交易活动减少了9％，这导致交易和其他服务的总收入下降了10％。

However, Coinbase's performance can be attributed to the fact that it's pivoting towards a broader crypto financial services model, which is evident in the company's cooperation with Circle (NYSE:CRW) to create and manage USDC, the second-largest stablecoin.

但是，Coinbase的绩效可以归因于以下事实：它正在转向更广泛的加密金融服务模型，该模型在公司与Circle（NYSE：CRW）的合作中很明显，以创建和管理第二大Stablecoin，这是创建和管理USDC。

The company's efforts to expand the use cases of USDC among institutions are crucial for the long-term success of its business.

该公司为在机构中扩展USDC用例的努力对于其业务的长期成功至关重要。

The company's management estimates that the total balance of USDC on Coinbase in the first quarter was $123 billion, and it's capable of generating interest income for Coinbase.

该公司的管理层估计，第一季度Coinbase上USDC的总余额为1,230亿美元，并且能够为Coinbase产生利息收入。

The company also announced that it's testing a network for B2B cross-border payments powered by USDC in the second quarter of 2025, which could open up new revenue streams and expand the company's reach in the market.

该公司还宣布，它正在测试由USDC在2025年第二季度提供支持的B2B跨境支付网络，该网络可能会开放新的收入来源并扩大公司在市场上的范围。

The integration of Deribit, the world's largest crypto options exchange, into Coinbase's platform could also be a game-changer.

世界上最大的加密货币选项交换deribit的集成也可能是改变游戏规则的人。

The deal to acquire Deribit for $2.9 billion is expected to be completed in the second half of 2025, and it will bring significant institutional clients and global coverage to Coinbase.

预计以29亿美元收购Deribit的交易预计将在2025年下半年完成，并将为Coinbase带来重要的机构客户和全球覆盖范围。

The acquisition will also enable Coinbase to expand its product offerings to include options, futures, and perpetual contracts, transforming it into a full-service crypto financial platform.

此次收购还将使Coinbase能够将其产品扩展到包括期权，期货和永久合同，从而将其转变为全方位服务的加密货币平台。

The company's institutional trading revenue, which includes revenue from derivatives, decreased by 30% quarter-over-quarter, mainly due to its aggressive program to attract clients, which involved offering large rebates to those opening new accounts.

该公司的机构交易收入包括来自衍生品的收入，下降了30％的四分之一季度，这主要是由于其积极的计划吸引了客户，该计划涉及向开设新帐户的那些提供大的回扣。

Coinbase's strategy is to quickly gain market share by sacrificing short-term revenue, which could put pressure on the company's profitability in the coming quarters.

Coinbase的策略是通过牺牲短期收入来快速获得市场份额，这可能会给公司在未来几个季度的盈利能力带来压力。

Coinbase's shares are currently trading at a P/E multiple of 30 to 40, which seems high considering the company's earnings.

Coinbase的股票目前以30至40的市盈率交易，考虑到公司的收益，这似乎很高。

However, it's important to note

但是，重要的是要注意