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BREAKING NEWS: Coinbase Releases Highly Anticipated Earnings Report! There's a big surprise!
Cryptocurrency exchange Coinbase (COIN) has announced its financial results for the first quarter of 2025.
The company's earnings per share came in at $0.24 (EPS), 88% below the analyst estimate of $1.98. Revenues were $2.034 billion, missing expectations of $2.09 billion by 3%.
Despite this, the company made headlines today with an important strategic move. According to the Wall Street Journal, Coinbase has reached an agreement to acquire the Dubai-based crypto derivatives exchange Deribit for $2.9 billion. Deribit stands out as the world's largest platform for Bitcoin and Ether options trading. It also offers futures trading and spot trading services.
Greg Tusar, Vice President of Institutional Products at Coinbase, stated in a statement to the WSJ that this acquisition will make Coinbase "the most comprehensive player in derivatives products." It was announced that the acquisition will be financed with $700 million in cash and 11 million COIN shares.
In parallel with the news, Coinbase shares increased by close to 7% today with the effect of the rise in Bitcoin prices. Shares are up more than 45% since bottoming out in mid-April. However, it has still lost over 15% of its value since the beginning of the year.