Base Just removed the largest acquisition of the crypto in the history of the industry. On Thursday, the largest crypto -US bank announced that she would pay $ 2.9 billion for Deribit, a manufacturers platform that allows traders to bet on future prices for cryptocurrencies such as Bitcoin.
The executives predicted that the acquisition would be good for the essence of Coinbase as the company continues to diversify its income. “It was invariably profitable,” said Emily Choi, the chief director of the exchange on the call of the income on Thursday, citing Deribit. “This strengthens our business, giving us the market leadership within the options we expect to grow and increase profitability.”
But Coinbase’s predictions about increased profitability coincided with a sharp decrease in profits in the first quarter. Its net income decreased by a quarter by 95% to $ 66 million, as the volume of trading on the platform decreased.
And the exchange is a 10% decrease in pure income in a quarter of up to $ 1.9 billion, which does not meet analysts’ expectations. According to data Wall Street JournalAnd Coinbase’s shares fell by 3% per hour.
Holiday and hunger
Coinbase’s business is often a feast and a Famin that drives high when the crystore volume increases and rapidly shrinking when trading is shrinking. Its profits are similar to wax and decrease, from net losses during crypto-winter 2022 and 2023 to almost $ 1.3 billion income In the fourth quarter of 2024.
But even in the crystore market, Coinbase’s profit specializes. Most comes from the point crystand in the US, or traders in the purchase and sale of US cryptocurrencies based on current prices. Deribit, however, serves exclusively customers who are not in the US, and allows them to trade derivatives, financial products that allow investors to reflect with lever, at future cryptocurrency prices.
Coinbase evaded the launch of the US derivatives from the historically unfavorable crystall regulators among US regulators. But the krypto -march took steps to set the traces internationally. In 2023 this revealing A subsidiary in Bermuda to meet an audience that is not the United States.
Its acquisition of Derbit is one of the biggest initiatives that are far from diversification of income in its crypto vertical.
Coinbase seeks to do the same in other parts of his business. In his income report in the first quarter, the exchange continued to improve what he calls “subscriptions and income from services” by 8% to almost $ 700 million. The category consists of the money it makes from the interest it reaps on the reserves that support USDC, stable Cain, which is managed by the Coinbase Circle partner. It also includes income from its own Blockchain base, as well as the fee for it to maintain customer assets.
“We expect Derib to immediately increase our profitability and add diversity and durability to our trade revenues,” Ales Haas, Coinbase CEO, said at the end of the prepared collateral.
Originally this story was presented on Fortune.com
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2025-05-09 00:24:00
Ben Weiss
