Coinbase claims that the agreement deribit of $ 2.9 billion will increase the profits even when the income drop in the first quarter

Coinbase He has just taken the biggest acquisition of a crypt company in the history of industry. On Thursday, the largest crypt bag in the United States announced that it would pay $ 2.9 billion per deribit, a derivative platform that allows merchants to bet on future prices of cryptocurrencies such as Bitcoin.

Executives predicted that the acquisition would be an advantage for the Coinbase Fund line, as the company continues to diversify its income. “It has been constantly profitable,” said Emily Choi, the COO of the exchange, in a call from Thursday’s earnings, in reference to deribit. “It strengthens our business by giving us the leadership of the market within the options, which we hope to grow and improve the profitability.”

But Coinbase predictions on improved profitability coincided with a strong fall in the first quarter. Its net income decreased in the quarter to 95% to $ 66 million, as Crypto negotiation volume on the platform declined.

And the bag recorded a decrease in the quarter of 10% of the net income up to $ 1.96 billion, which did not exceed the expectations of analysts. Its 26 -cent action earnings were well below the $ 1.93 consensus, according to the Wall Street Journaland Coinbase shares dropped by 3% in the post -hours negotiation.

Party and hunger

Coinbase’s business is often at the party and family, increasing crypt trade volumes, and quickly reduces when negotiating volumes decrease. Its profits similar to wax and mesh, from clean loss during winter Crypt of 2022 and 2023 to almost $ 1.3 billion gain In the fourth quarter of 2024.

But even within the Crypt Market, Coinbase’s revenue is specialized. Much comes from the negotiation of Cripto Spot in the United States or United States merchants who buy and sell cryptocurrencies based on current prices. Deribit, however, exclusively addresses customers who are not Americans and allows them to market derivatives, financial products that allow specular investors, with leverage, on the future prices of cryptocurrencies.

Coinbase has moved away from the release of derivatives to the United States due to the historically unfavorable regulatory state of Crypto among the North -Americans. But Crypt exchange has made movements to establish an internationally. In 2023 it is open A subsidiary in the Bermuda to attend a non-American audience.

Its derbit acquisition is one of its most important initiatives to diversify its income in its vertical of crypt trade.

Coinbase has been looking to do the same in other parts of his business. In its first quarter’s earnings report, the stock market continued to improve what it calls its “service subscriptions and income” by 8% up to almost $ 700 million. The category includes the money made by the interest of the reserves supported by USDC, a stabloin managed by Coinbase Partner Circle. It also includes revenue from your own Blockchain base, as well as the rates based on the preventive detention of customer assets.

“We hope that Derebit will immediately improve our profitability and add diversity and durability to our commercial income,” said Alesia Haas, CFO de Coinbase, at the end of his prepared observations on Thursday’s earnings call.

This story originally presented to Fortune.com