Coinbase抢滩加密期权市场：29亿美元收购Deribit，押注机构投资者即将涌入。 据媒体周四报道，美国加密货币交易所Coinbase已同意以29亿美元收购全球最大加密衍生品交易所Deribit，创下数字市场有史以来最大规模的并 购。 交易结构显示，Coinbase将支付7亿美元现金，其余部分以股票形式支付。 与此同时，比特币价格周四首次自2月以来突破10万美元大关。 针对此次收购，Coinbase机构产品负责人Greg Tusar表示： "我们相信加密期权正处于显著扩张的风口浪尖，类似于20世纪90年代股票期权的繁荣。" 此项交易宣布后，周四在早盘交易中攀升近5%至约206美元。然而，由于投资者对特朗普政策的乐观情绪有所减弱，该股自年初以来仍下跌约 20%。 "作为领先的加密期权平台，我们已经建立了一个强大、盈利的业务，这次收购将加速我们奠定的基础，同时为交易者提供更多机会， 涵盖现货、期货、永续合约和期权——所有这些都在一个值得信赖的品牌下。" Benchmark Company的高级股票分析师Mark Palmer表示，此次交易"将使(Coinbase)在高增长的衍生品领域立即获得主导地位，以迎接 ...

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]