Coinbase, the largest cryptocurrency exchange in the United States, announced that it will acquire Deribit, the world’s largest digital asset futures and options trading platform, for approximately 2.9 billion US dollars in cash and stocks. However, the share price increase brought about by this positive news has been partially offset by the first-quarter performance that fell short of market expectations. After Coinbase released its first-quarter financial report, its share price dropped by 2.67% in after-hours trading.
On the day the acquisition news was announced, Coinbase’s share price rose by more than 5%. Deribit is a leading enterprise in the crypto derivatives market and currently has approximately 30 billion US dollars in outstanding contracts.
Against the backdrop of increasingly clear regulations, Coinbase has accelerated its layout in the derivatives market by acquiring Deribit. Industry insiders analyze that this move can significantly enhance Coinbase’s derivatives business and is expected to build a globally leading crypto derivatives platform. Coinbase stated that it will leverage Deribit’s infrastructure to further expand its institutional clients and consolidate its leading position in the global market.
According to the transaction arrangement, Coinbase will pay $700 million in cash, with the remaining portion being 11 million shares of Coinbase Class A common stock. Although the transaction still requires approval from US regulatory authorities, after the news was announced, Coinbase’s share price rose by more than 5% in yesterday’s trading and closed at $206.5.
On May 9th, Coinbase released its first-quarter financial report for 2025, and its overall performance fell short of market expectations. The revenue for this quarter was 2.03 billion US dollars, which was not only lower than the 2.2 billion US dollars predicted by analysts, but also decreased by approximately 10% compared with the previous quarter. Although the adjusted earnings per share were $1.94, slightly higher than the estimated $1.85, the decline in earnings reached 40%, indicating that the company is facing significant operational pressure.
Revenue for this quarter weakened due to the overall sluggish market. Among them, transaction revenue dropped by 19% quarter-on-quarter to 1.26 billion US dollars. However, subscription and service revenue grew against the trend, reaching 698 million US dollars, an increase of 9% quarter-on-quarter.
Coinbase’s stablecoin business has performed well. The average balance of USDC increased by 49% to 12 billion US dollars, and the corresponding revenue increased by 32%. This might be because in March, the US Senate Banking Committee passed the GENIUS bill, sending out a positive regulatory signal for stablecoins and boosting market confidence in Coinbase’s stablecoin products.
Apart from the financial aspect, Coinbase has a series of strategic advancements. It successfully registered as a virtual asset service provider in Argentina and obtained the certification of the financial intelligence Agency in India. All these demonstrate the company’s determination to expand into the global market. Meanwhile, Coinbase emerged victorious in its legal dispute with the U.S. Securities and Exchange Commission. The SEC dropped the relevant lawsuit, eliminating the company’s potential regulatory risks.
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