Coinbase's Q1 financial report fell short of expectations, with mixed reviews from Wall Street after completing the $2.9 billion Deribit acquisition

Odaily Planet Daily News: Coinbase announced its Q1 2025 financial report, with revenue decreasing by 12% month on month to $2.03 billion, lower than market expectations. Trading revenue decreased by nearly 19% year-on-year to $1.3 billion. The weak trading volume in April has put pressure on the outlook for the second quarter, prompting analysts such as JPMorgan Chase and KBW to lower their full year revenue expectations. However, Coinbase's acquisition of Deribit, the world's largest cryptocurrency derivatives exchange, for $2.9 billion has attracted market attention. Analysts such as Bernstein and Canaccord gave positive reviews, believing that this move will enhance Coinbase's strategic position in the derivatives field and help its global layout. In addition, revenue from stablecoin business and services such as custody and trading technology increased by 9% to $698 million, becoming a key growth pillar for hedging market volatility. The 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）