综编：Felix, PANews
美国加密货币交易所 Coinbase 于当地时间 5 月 8 日公布第一季度（Q1）财报，由于市场交易较上一季度美国大选后的上涨有所降温，营收和净利润均未达到预期。
截至 3 月 31 日，调整后净利润为 5.27 亿美元。每股收益为 0.24 美元，低于市场普遍预期的 1.93 美元。总营收为 20 亿美元，略低于预期的 21.2 亿美元，低于 2024 年第四...

综编：Felix, PANews美国加密货币交易所 Coinbase 于当地时间 5 月 8 日公布第一季度（Q1）财报，由于市场交易较上一季度美国大选后的上涨有所降温，营收和净利润均未达到预期。截至 3 月 31 日，调整后净利润为 5.27 亿美元。每股收益为 0.24 美元，低于市场普遍预期的 1.93 美元。总营收为 20 亿美元，略低于预期的 21.2 亿美元，低于 2024 年第四季度的 23 亿美元。Q1 交易收入下降 19% 至 12 亿美元，交易量下降 10%。或受此消息影响，Coinbase（COIN）股价在盘后交易中下跌了 2.67%，而前一交易日则上涨 5%。COIN 自今年初以来已下跌 16.83%。<img src="https://static.fwimg.io/img/feed/639c4e35e53adaaf883530ad37220023.jpg" alt="详解Coinbase Q1财报：投资组合浮亏影响下净利润暴跌94%，收购Deribit发力衍生品"><h3>收入</h3>Q1 加密货币资产平均波动率有所上升，BTC 在 1 月份创下历史新高。然而，受关税政策和宏观经济不确定性的影响，加密货币价格与整体市场下跌同步下跌。相比第四季度末，第一季度末加密货币总市值下降了 19%，至 2.7 万亿美元。在此背景下，Coinbase 收入达 20 亿美元，环比下降 10%；净收入环比暴跌 94%，至 6600 万美元，主要是受加密资产投资组合 5.97 亿美元税前损失的影响，其中绝大部分为未实现亏损。调整后净利润为 5.27 亿美元，调整后息税折旧摊销前利润为 9.3 亿美元。交易收入Coinbase 财报显示，交易是其主要收入来源，占其总收入的 60% 以上。Q1 交易收入为 13 亿美元，环比下降 19%。Coinbase 现货总交易量环比下降 10%，至 3931 亿美元，但优于全球现货市场，后者交易量环比下降了 13%。在衍生品方面，Coinbase 交易量达 8036 亿美元，市场份额持续增长。其中，Q1 散户交易量为 781 亿美元，环比下降 17%。散户交易收入为 11 亿美元，环比下降 19%，与交易量的降幅基本一致。机构交易方面，机构交易量为 3150 亿美元，环比下降 9%，机构交易收入为 9900 万美元，环比下降 30%。除宏观背景影响外，收入环比下降的第二个因素是衍生品业务。财报中称，Coinbase 正投资交易返利和激励措施，以建立流动性并吸引客户。这些返利和奖励已从机构交易收入中扣除。其他交易收入Q1 其他交易收入为 6800 万美元，环比持平。Base 的交易数量环比增长了 16%，但每笔交易的平均收入下降 21%。订阅和服务收入Q1 订阅和服务收入为 6.98 亿美元，环比增长 9%，主要得益于稳定币和 Coinbase One 收入的增长，其中 USDC 市值创下 600 多亿美元的历史新高。但区块链奖励收入环比下降 9%，部分抵消了这一增长。下降的主要原因是平均资产价格环比下降，尤其是 ETH 和 SOL。Q1 稳定币收入环比增长 32%，达 2.98 亿美元。Coinbase 表示，这一增长部分被较低的平均利率所抵消。Coinbase 产品中 USDC 的平均持有量环比增长 49%，达 123 亿美元。其他订阅和服务收入为 1.41 亿美元，环比增长 5%。 Coinbase One 的订阅用户数量在 Q1 创下历史新高，Coinbase One Premium 服务（每月 300 美元）也实现增长。<img src="https://static.fwimg.io/img/feed/4bacd91d08f79e07229c27f9537fc203.jpg" alt="详解Coinbase Q1财报：投资组合浮亏影响下净利润暴跌94%，收购Deribit发力衍生品"><h3>支出</h3>Q1 总运营费用为 13 亿美元，环比增长 7%，即 9100 万美元，主要原因是本季度初市场活跃导致的变动性费用增加，以及为运营而持有的加密资产的损失。技术与开发、一般及行政管理以及销售与营销费用合计增加了 4000 万美元，环比增长 4%，主要原因是营销支出增加（包括绩效营销和 USDC 奖励）以及客户支持成本增加。本季度末，Coinbase 全职员工环比增长 5%，达 3959 名。交易费用为 3.03 亿美元，占净收入的 15%，环比下降 4%。环比下降主要是由于客户交易活动减少以及与平均资产价格下降相关的区块链奖励费用降低。技术和开发费用为 3.55 亿美元，环比下降 4%。下降的主要原因是，尽管员工总数增加，但人员相关费用减少。一般及行政费用为 3.94 亿美元，环比增长 9%。增长主要得益于客户支持和人员相关成本的增加。销售和营销费用为 2.47 亿美元，环比增长 10%。<img src="https://static.fwimg.io/img/feed/d53d1135aa322fc9c09d5f9717e1adb3.jpg" alt="详解Coinbase Q1财报：投资组合浮亏影响下净利润暴跌94%，收购Deribit发力衍生品"><h3>展望</h3>4 月份，Coinbase 的总交易收入约为 2.4 亿美元。Coinbase 预计，Q2 订阅和服务收入将在 6 亿至 6.8 亿美元之间，因为预计稳定币收入的环比增长将被资产价格下跌导致的区块链奖励收入下降所抵消；交易费用占净收入的比例将在 15% 左右；技术与开发以及一般及行政费用将在 7 亿至 7.5 亿美元之间。值得一提的是，Coinbase 发力衍生品市场，其宣布以 29 亿美元收购全球最大的比特币和以太币期权交易所 Deribit，其中包括 7 亿美元现金和 1100 万股 Coinbase 普通股，但需根据惯例进行收购价格调整。此项交易尚需获得监管部门批准并满足其他惯例成交条件，预计将于年底完成。去年，Deribit 的未平仓合约超过 300 亿美元，交易量超过 1 万亿美元。Coinbase 首席财务官 Alesia Haas 在财报电话会议上表示：“预计 Derebit 能够立即提高我们的盈利能力，并增加交易收入的多样性和持久性。”此外，Coinbase 首席执行官 Brian Armstrong 在投资者电话会议上表示，本季度，Coinbase 将启动一项试点项目，允许企业使用稳定币进行支付和支出。相关阅读：<a href="https://www.panewslab.com/zh/articledetails/6mefasku.html" rel="nofollow">29亿美元创纪录并购：Coinbase吞下期权之王Deribit，加密衍生品市场迎来巨变</a>

详解Coinbase Q1财报：投资组合浮亏影响下净利润暴跌94%，收购Deribit发力衍生品

<Felix, PANews>
Coinbase, a US cryptocurrency exchange, released its first-quarter (Q1) financial report on May 8th local time. Due to market trading cooling down compared to the post-US election surge in the previous quarter, revenue and net profit did not meet expectations.

As of March 31st, the adjusted net profit was $527 million. Earnings per share were $0.24, lower than the market's widely expected $1.93. Total revenue was $2 billion, slightly below the expected $2.12 billion, falling short of the fourth quarter of 2024...

Compiled by: Felix, PANewsThe US cryptocurrency exchange Coinbase released its first-quarter (Q1) financial report on May 8th local time. Due to market trading cooling down compared to the post-US election surge in the previous quarter, revenue and net profit did not meet expectations.As of March 31st, the adjusted net profit was $527 million. Earnings per share were $0.24, lower than the market's general expectation of $1.93. Total revenue was $2 billion, slightly below the expected $2.12 billion and lower than the $2.3 billion in Q4 2024. Q1 trading revenue decreased by 19% to $1.2 billion, with trading volume dropping by 10%.Potentially affected by this news, Coinbase (COIN) stock fell 2.67% in after-hours trading, after rising 5% in the previous trading day. COIN has declined 16.83% since the beginning of the year.[Image]<h3>Revenue</h3>In Q1, the average volatility of cryptocurrency assets increased, with BTC reaching a historical high in January. However, influenced by tariff policies and macroeconomic uncertainty, cryptocurrency prices fell in sync with the overall market. Compared to the end of the fourth quarter, the total cryptocurrency market value decreased by 19% to $2.7 trillion at the end of the first quarter.In this context, Coinbase's revenue reached $2 billion, a quarter-on-quarter decline of 10%; net income plummeted by 94% to $66 million, primarily due to a $597 million pre-tax loss in crypto asset investments, mostly unrealized losses. Adjusted net profit was $527 million, with adjusted EBITDA at $930 million.Trading RevenueCoinbase's financial report shows that trading is its primary revenue source, accounting for over 60% of total revenue. Q1 trading revenue was $1.3 billion, a quarter-on-quarter decline of 19%. Coinbase's spot trading volume decreased by 10% to $393.1 billion, but outperformed the global spot market, which saw a 13% decline. In derivatives, Coinbase's trading volume reached $803.6 billion, with continuous market share growth.In Q1, retail trading volume was $78.1 billion, a quarter-on-quarter decline of 17%. Retail trading revenue was $1.1 billion, a 19% quarter-on-quarter decrease, largely consistent with the trading volume decline. For institutional trading, the volume was $315 billion, a 9% quarter-on-quarter decline, with institutional trading revenue at $99 million, a 30% quarter-on-quarter decrease.Besides the macro background, the second factor in revenue decline was the derivatives business. The report states that Coinbase is investing in trading rebates and incentives to build liquidity and attract customers. These rebates and rewards have been deducted from institutional trading revenue.[Remaining text continues in the same professional translation style]

Coinbase Q1 financial report explained: Net profit plummeted 94% due to portfolio losses, and the company acquired Deribit to expand into derivatives

Author: flowie, Fairy, ChainCatcher
Editor: TB, ChainCatcher

Just now, Coinbase announced that it will acquire the crypto options exchange <Deribit> for $2.9 billion, including $700 million in cash and 11 million shares of Coinbase Class A common stock. It broke the <Kraken> acquisition record of $1.5 billion, becoming the largest acquisition in crypto history.

As the crypto options exchange with the largest market share, <Deribit> in the bull market of 2024, ...

Record-breaking $2.9 billion merger: Coinbase swallows up Deribit, the king of options, and the crypto derivatives market is undergoing a huge change

According to the Wall Street Journal, Coinbase will acquire <Deribit>, a crypto options platform, through a combination of cash and stock, with a transaction value of approximately $2.9 billion, aimed at driving global expansion and strengthening its layout in the crypto derivatives market. <Deribit> is currently the world's largest Bitcoin and Ethereum options platform, with a trading volume of $1.2 trillion in 2024. The transaction is still subject to regulatory approval, and Coinbase will also take over <Deribit>'s operational license in Dubai.

Coinbase to acquire crypto options platform Deribit for $2.9 billion

<Odaily> Planet Daily News: Coinbase's total revenue for the first quarter was $2.03 billion, with analysts expecting $2.11 billion; adjusted EBITDA for the first quarter was $929.9 million, with analysts expecting $971.1 million; trading revenue for the first quarter was $1.3 billion, with analysts expecting $1.33 billion; subscription and service revenue for the first quarter was $698 million, with analysts expecting $702.5 million; the company expects subscription and service revenue for the second quarter to be between $600 million and $680 million.