加密货币市场中的新合并和收购浪潮

作者：Saurabh Deshpande

Coinbase acquired Deribit for $2.9 billion, the largest merger and acquisition event in cryptocurrency history.

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合并和收购活动。

The history of the tech sector is similar. To date, Google has acquired 261 companies. These acquisitions birthed products like Google Maps, Google AdSense, and Google Analytics. Perhaps the most significant was Google's acquisition of YouTube for $1.65 billion in 2020. By the first quarter of 2025, YouTube generated $8.9 billion in revenue, accounting for 10% of Alphabet (Google's parent company) (NASDAQ:GOOGL) 's total revenue. Similarly, Meta (NASDAQ:META) has made 101 acquisitions to date, with Instagram, WhatsApp, and Oculus being standout examples. Instagram generated over $65 billion in annual revenue by 2024, contributing over 40% to Meta's total business revenue.

技术部门的历史相似。迄今为止，Google已收购了261家公司。这些收购诞生了Google Maps，Google Adsense和Google Analytics（分析）等产品。也许最重要的是Google在2020年以16.5亿美元的价格收购了YouTube。到2025年的第一季度，YouTube的收入为89亿美元，占Alphabet（Google的母公司）（NASDAQ：GOOGL）的总收入的10％。同样，迄今为止，Meta（NASDAQ：META）已经进行了101次收购，Instagram，WhatsApp和Oculus是出色的例子。到2024年，Instagram的年收入超过650亿美元，贡献了Meta的总业务总收入超过40％。

Is it better to buy off the shelf or build it yourself?

购买架子或自己建造更好吗？

The cryptocurrency industry is no longer new. It is estimated that the number of cryptocurrency users has reached 659 million, with Coinbase (NASDAQ:COIN) having over 105 million users, while the global number of internet users is about 5.5 billion. Hence, cryptocurrency users now account for 10% of total internet users. These figures are crucial as we identify the sources of growth for the next stage.

加密货币行业不再是新事物。据估计，加密货币用户的数量已达到6.59亿，Coinbase（NASDAQ：COIN）的用户拥有超过1.05亿用户，而全球互联网用户的数量约为55亿。因此，加密货币用户现在占互联网用户总数的10％。这些数字至关重要，因为我们确定了下一阶段的增长来源。

Expanding the user base is an obvious strategy for growth. Currently, we have only developed applications of cryptocurrency in the financial sector. If other applications take blockchain technology as infrastructure, the entire market size will expand significantly. Acquiring existing users, cross-selling, and increasing individual user revenue are some ways existing companies achieve growth.

扩大用户群是增长的明显策略。目前，我们仅在金融领域开发了加密货币的应用。如果其他应用程序将区块链技术作为基础设施，则整个市场规模将大大扩大。获取现有用户，交叉销售以及个人用户收入增加是现有公司实现增长的某些方式。

When the pendulum swings towards acquisition.

当摆动朝着获取的转动时。

Acquisitions solve three key issues that pure financing cannot address. In highly specialized fields where experienced developers are scarce, acquisitions help with talent acquisition. In an environment where the cost of natural growth is increasing, acquisitions aid user acquisition. Finally, acquisitions can facilitate technology integration, allowing protocols to transcend their original use cases. These issues will be discussed further in conjunction with industry cases.

收购解决了纯融资无法解决的三个关键问题。在经验丰富的开发人员稀缺的高度专业领域，收购有助于人才掌握。在自然增长成本增加的环境中，收购有助于用户获取。最后，采集可以促进技术集成，从而使协议可以超越其原始用例。这些问题将与行业案例一起进一步讨论。

We are observing a new wave of mergers and acquisitions in the cryptocurrency space. Coinbase acquired Deribit for a record-breaking $2.9 billion. Kraken closed a deal to buy CFTC-regulated retail futures trading platform NinjaTrader for $1.5 billion. Meanwhile, Ripple is acquiring multi-asset prime broker Hidden Road for $1.25 billion.

我们正在观察加密货币空间中新的合并和收购浪潮。 Coinbase获得了创纪录的29亿美元的Deribit。 Kraken结束了一项交易，以15亿美元的价格购买CFTC调节的零售期货交易平台Ninjatrader。同时，Ripple以12.5亿美元的价格收购了多资产总经理Hidden Road。

These transactions highlight the varying priorities of each company. Ripple is expanding its regulatory and distribution channels, Coinbase is seeking options trading volume, and Kraken is filling product gaps. Ultimately, these acquisitions arise from strategic, survival, and competitive positioning imperatives.

这些交易突出了每个公司的各种优先事项。 Ripple正在扩大其监管和分销渠道，Coinbase正在寻求期权交易量，而Kraken正在填补产品空白。最终，这些收购源于战略，生存和竞争性定位要求。

The table below can help you understand the considerations existing companies have when deciding whether to build or acquire.

下表可以帮助您了解现有公司在决定是建造还是获取时的考虑。

While the table summarizes the key trade-offs in self-building versus acquisition decisions, existing companies often rely on unique signals when taking decisive actions. A good example is Stripe's acquisition of Nigeria's Paystack in 2020. Building infrastructure in Africa would have meant facing a steep learning curve in regulatory nuances, local integration, and merchant onboarding.

尽管该表总结了自我建设与获取决策的关键权衡，但现有公司在采取决定性措施时通常依靠独特的信号。一个很好的例子是Stripe于2020年收购尼日利亚的薪资。

Instead, Stripe opted to acquire. Paystack had already solved local compliance issues, built a merchant base, and proven its distribution capabilities. This acquisition met multiple criteria for Stripe: speed (gaining first-mover advantage in a fast-growing market), capability gaps (local expertise and risk management), and competitive threats (Paystack potentially becoming a regional competitor). It facilitated Stripe's global expansion without diverting attention from its core business.

相反，Stripe选择获取。 Paystack已经解决了当地合规问题，建立了商户基础并证明了其分销能力。此次收购符合条纹的多个标准：速度（在快速增长的市场中获得第一步的优势），能力差距（本地专业知识和风险管理）以及竞争威胁（Paystack可能成为区域竞争对手）。它促进了Stripe的全球扩张，而没有将注意力转移到其核心业务上。

Before discussing the reasons behind these transactions, two questions are worth considering: first, why should founders consider being acquired; second, why is now an important time to consider this issue.

在讨论这些交易背后的原因之前，值得考虑两个问题：首先，为什么创始人应该考虑获得。其次，为什么现在是考虑这个问题的重要时机。

Successful acquisitions can serve as a booster.

成功的收购可以作为助推器。

Why is the current macro environment favorable to mergers and acquisitions?

为什么当前的宏观环境有利于合并和收购？

For some, it is about liquidity at exit. For others, it is to access more durable distribution channels, ensure long-term growth, or become part of a platform that amplifies influence. For many, it is a way to avoid the increasingly narrow path of venture capital, which is becoming scarcer with higher investor expectations and time pressures.

对于某些人来说，这是关于退出的流动性。对于其他人来说，它是访问更耐用的分销渠道，确保长期增长或成为扩大影响力的平台的一部分。对于许多人来说，这是避免风险投资越来越狭窄的道路，这变得越来越稀缺，而投资者的期望和时间压力更高。

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 behind liquidity markets by several quarters. Typically, whenever Bitcoin price peaks, venture capital activity takes several months or quarters to cool off. Venture capital in the cryptocurrency space has fallen more than 70% since its peak in 2021, and median valuations have returned to levels seen in 2019-2020. I believe this is not a temporary pullback.

风险投资市场落后于流动性市场几个季度。通常，每当比特币价格达到高峰时，风险投资活动就需要几个月或季度才能冷静下来。自2021年达到高峰以来，加密货币领域的风险投资已下跌超过70％，中位数估值恢复到2019 - 2020年的水平。我相信这不是暂时的回调。

Let me elaborate on the reasons. In essence, venture capital returns have declined, while the cost of capital has risen. Consequently, with a higher opportunity cost, the risk capital chasing deals has decreased. However, from the

让我详细说明原因。从本质上讲，风险投资的回报率下降了，而资本的成本已上涨。因此，随着机会成本较高，风险追逐交易的风险下降。但是，来自