Core Viewpoint - DeFi Development Corp. has announced a strategic partnership with Amber International Holding Limited to enhance its treasury strategy focused on accumulating Solana (SOL) and expand product offerings for institutional clients [1][3]. Group 1: Partnership Details - The partnership involves collaboration on SOL-denominated treasury acquisition, structured products, staking, and validator integration [1][2]. - Amber Premium may act as a broker for DFDV's treasury acquisitions, while DFDV will manage SOL-denominated products leveraging its validator operations [2]. Group 2: Strategic Goals - The partnership aims to unlock innovative on-chain strategies for public market investors, combining Amber Premium's institutional reach with DFDV's focus on compounding SOL per share [3]. - Both companies share a vision of bridging traditional financial markets with crypto-native opportunities, with further details on structured products and validator integrations to be announced [3]. Group 3: Company Background - DeFi Development Corp. has a treasury policy that allocates its principal holding to Solana (SOL), providing investors with direct economic exposure to SOL while participating in the Solana ecosystem's growth [5]. - The company operates its own validator infrastructure, generating staking rewards and fees from delegated stake, and is engaged in decentralized finance (DeFi) opportunities [5]. Group 4: Amber International Overview - Amber International, operating under the brand name "Amber Premium," is a leading provider of institutional crypto financial services, offering market access, execution infrastructure, and investment solutions [8]. - The firm utilizes proprietary blockchain and financial technologies, AI-driven risk management, and quantitative algorithms across various markets [8].

Financial Data and Key Metrics Changes - Coinbase reported Q1 revenue of $2 billion with adjusted EBITDA of $930 million, indicating resilience in a challenging macro environment [4] - Transaction revenue was $1.3 billion, down 19% quarter over quarter, while subscription and services revenue grew 9% to an all-time high of $698 million [21][24] - Adjusted net income for Q1 was $527 million, with total operating expenses at $1.3 billion, up 7% [25][26] Business Line Data and Key Metrics Changes - Global derivatives trading volume reached over $800 billion, with a significant market share increase driven by international exchanges [9] - Consumer trading volume was $78 billion, down 17%, while institutional trading volume was $315 billion, down 9% [22] - USDC market cap hit an all-time high of $60 billion, with average USDC held in Coinbase products increasing by 49% quarter over quarter to $12 billion [11][12] Market Data and Key Metrics Changes - Coinbase secured new licenses in Argentina and India, enhancing its international expansion efforts [12] - The average balance of USDC per holder has tripled over the last two years, indicating strong growth in stablecoin adoption [24] Company Strategy and Development Direction - Coinbase aims to be the leading financial services platform globally, leveraging cryptocurrency to enhance economic freedom [5][7] - The acquisition of Derabit positions Coinbase as the number one crypto derivatives platform globally by open interest, enhancing its international trading capabilities [10][31] - The company is focused on driving utility for the next wave of crypto adoption through emerging products and services [14][15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating macroeconomic uncertainties and maintaining a long-term product roadmap [26] - The dismissal of the SEC lawsuit against Coinbase was highlighted as a significant win for the industry, promoting balanced regulation [19] - Management anticipates continued growth in subscription and services revenue, despite potential declines in trading revenue due to market conditions [28] Other Important Information - Coinbase's adjusted net income metric was introduced to provide clearer insights into profitability, excluding tax-adjusted impacts of crypto investment portfolio gains or losses [25] - The company is actively pursuing M&A opportunities to solidify its market leadership, with a strong balance sheet to support future acquisitions [111] Q&A Session Summary Question: Any plans on share buybacks? - The board authorized a $1 billion share repurchase program, but the focus is on opportunistic capital deployment, including the recent acquisition of Derabit [32][33] Question: What are Coinbase's future plans regarding crypto reserve assets? - Coinbase allocates a percentage of net income to strategic investments in crypto assets, with a recent purchase of $150 million predominantly in Bitcoin [34][35] Question: What opportunities do you see from a growing TAM perspective? - Increased regulatory clarity is expected to benefit Coinbase, allowing it to capture more market share and partner with new entrants in the crypto space [36][41] Question: Can you discuss the Derabit acquisition and its impact? - The acquisition strengthens Coinbase's position in the options market, enhancing profitability and providing cross-selling opportunities [45][48] Question: How does Coinbase view the entry of traditional banks into the crypto space? - Coinbase sees potential partnerships with traditional banks, providing infrastructure and services as they integrate crypto into their offerings [61][65] Question: What is Coinbase's long-term vision? - Coinbase aspires to be the leading financial services app globally, focusing on trading and payments across various customer segments [70][72] Question: How does Coinbase plan to navigate macroeconomic uncertainty? - The company prepares for various market scenarios and remains confident in its ability to invest in growth even in a bear market [115]

Core Insights - Fold, Inc. has recently gone public, marking a significant milestone in its mission to integrate Bitcoin into everyday financial activities [1][3] - The company aims to provide access to Bitcoin products for average consumers, moving beyond speculation to tangible utility [2][4] Company Overview - Fold is a leading Bitcoin rewards and payments platform, founded in 2019, dedicated to expanding access to Bitcoin investment opportunities through premium financial products [5] - The company began trading under the ticker symbol $FLD on February 19, 2025, and has rapidly grown its user base, with hundreds of thousands earning Bitcoin rewards through everyday purchases [3] Thesis* Background - Thesis* is a venture studio established in 2014, focused on building foundational products for Bitcoin's future, including Fold and other market-leading solutions [6] - The studio continues to support Fold's growth and innovation, aiming to empower individuals and communities through decentralized financial products [6]

Core Insights - Amber International Holding Limited has successfully transitioned to a publicly listed company on Nasdaq, marking a significant milestone in the institutionalization of digital assets [2][4] - The company will celebrate this achievement by ringing the Nasdaq Closing Bell on March 28, 2025, with key executives and partners in attendance [3][4] Company Overview - Amber International, operating under the brand name "Amber Premium," is a leading provider of institutional crypto financial services and solutions [5] - The company offers institutional-grade market access, execution infrastructure, and investment solutions to optimize digital asset portfolios for institutions and high-net-worth individuals [5] Leadership Statements - CEO Wayne Huo emphasized that the Nasdaq listing reflects the hard work and resilience of the company, validating its mission to provide secure and compliant access to the digital asset economy [4] - Chairman Michael Wu highlighted the company's growth from a startup to a Nasdaq-listed entity with a billion-dollar market capitalization, reaffirming its commitment to governance, transparency, and client-centric innovation [4]

Core Insights - The merger between iClick Interactive Asia Group Limited and Amber DWM Holding Limited has successfully closed, leading to the establishment of Amber International Holding Limited, which will trade under the ticker symbol "AMBR" on Nasdaq starting March 13, 2025 [1][2]. Strategic Significance - The Nasdaq listing is a significant milestone for Amber Premium, positioning it as a global brand in institutional digital asset finance, bridging traditional finance and digital asset innovation [2][3]. - The merger enhances Amber Premium's capacity to meet the growing demand for sophisticated financial services from institutional investors and high-net-worth individuals [4]. Growth Strategy - Amber International will focus on four strategic pillars to drive sustainable growth: enhancing trading and execution, expanding regulated investment offerings, deepening global institutional partnerships, and advancing regulatory and security standards [5][6]. Company Overview - Amber International Holding Limited, operating under the brand "Amber Premium," provides institutional crypto financial services and solutions, leveraging proprietary blockchain technologies and AI-driven risk management [8].