Coinbase Global Inc - Ordinary Shares - Class A

Strong Financial Performance: Coinbase reported Q1 2025 revenue of $2 billion, slightly down from previous quarters, but with adjusted EBITDA of $930 million, reflecting the resilience of the business amid a challenging macroeconomic environment. Transaction revenue fell 19% quarter-over-quarter, driven by shifts in trading volume and revenue mix.

USDC Growth and Partnerships: The company highlighted significant progress with USDC, its stablecoin, reaching a market cap of $60 billion. A partnership with Binance was established to enhance distribution, reflecting the growth strategy to expand market presence. Stablecoin revenue grew 32% quarter-over-quarter to $298 million, emphasizing its importance in Coinbase’s revenue model.

Acquisition of Deribit: Coinbase announced the acquisition of Deribit, the leading crypto options exchange, for approximately $2.9 billion. This acquisition is expected to enhance profitability and provides opportunities for cross-selling between its existing futures and options products, further solidifying Coinbase's position in the derivatives market.