Coinbase Q1 earnings report falls short of expectations, Wall Street receives mixed reviews after completing $2.9 billion acquisition of Deribit

Odaily News Coinbase released its Q1 2025 financial report, with revenue down 12% month-on-month to $2.03 billion, lower than market expectations, and trading revenue down nearly 19% year-on-year to $1.3 billion. Weak trading volume in April weighed on the outlook for the second quarter, and analysts such as JPMorgan Chase and KBW lowered their full-year revenue expectations.
However, Coinbase's acquisition of Deribit, the world's largest crypto derivatives exchange, for $2.9 billion has attracted market attention. Analysts such as Bernstein and Canaccord have given positive comments, believing that this move will enhance Coinbase's strategic position in the derivatives field and help its global layout.
In addition, stablecoin business and service revenue such as custody and trading technology increased by 9% to $698 million, becoming a key growth pillar for hedging market volatility. USDC balance surged to $12.3 billion, and the "Coinbase as a Service" model is also seen as a potential long-term growth engine. (CoinDesk)