Coinbase Just withdrew the largest acquisition of the Chefir Company in the history of industry. On Thursday, the largest encryption exchange in the United States announced that it would pay $ 2.9 billion for Deribit, a derivative platform that allows traders betting on future prices for cryptocurrencies such as Bitcoin.
Executive officials predicted that the acquisition would be a blessing for the final result of Coinbase as the company continues to diversify its revenues. “It was constantly profitable,” Emily Choi, the stock exchange director, said in the profit call on Thursday, referring to Deribit. “It enhances our business by giving us market leadership within the options, which we expect to grow and enhance profitability.”
But Coinbase’s predictions of enhanced profitability coincided with a sharp decrease in profits in the first quarter. A quarter -quarter income decreased by 95 % to $ 66 million, with a decrease in the volume of coding on the platform.
The Stock Exchange witnessed a 10 % decrease in a quarter of a quarter in net revenue to $ 1.96 billion, and the expected analysts’ expectations. Her profits for every 26 cents were much lower than a consensus of $ 1.93, according to Wall Street JournalCoinbase shares decreased by 3 % in trading after working hours.
Eid and famine
Coinbase is often a feast and a male, as it increases encryption trading sizes and shrinks quickly when trading sizes are running out. Its profits are like wax and revenge, from net losses during the encrypted winter in 2022 and 2023 to $ 1.3 billion Win In the fourth quarter of 2024.
But even inside the encryption market, Coinbase’s revenues are specialized. Many of them come from immediate encryption trading in the United States, or merchants in the United States to buy and sell encrypted currencies on the basis of current prices. However, Deribit meets the needs of non -American customers exclusively and allows them to trade derivatives and financial products that allow investors to speculate, with influence, on future prices for encrypted currencies.
Coinbase has moved away from the launch of derivatives in the United States due to the historical organizational situation among the American organizers. But the exchange of encryption has taken movements to create an international imprint. In 2023, that to open A subsidiary in Bermuda to meet the non -American public.
Its acquisition of Derbit is one of her biggest initiatives to diversify her revenues in Crypto Trading Verting.
Coinbase seeks to do the same in other parts of her business. In the first quarter profit report, the Stock Exchange continued to improve what you call “subscriptions and services revenues” by 8 % to approximately $ 700 million. This category includes the funds you earn from the interest you earn on the USDC reserves, which is the Coinbase Scirw. It also includes revenues from its Blockchain base as well as the fees that form it of customer origin.
“We expect Derebit to be enhanced immediately our profit and add diversity and durability to our commercial revenues,” said Elizia Haas, the financial manager of Coinbase, at the end of its notes prepared in a profit call on Thursday.
This story was originally shown on Fortune.com
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