Meta Eyes Stablecoins + Coinbase to Acquire Deribit for $2.9B
Meta Reenters Crypto with Stablecoin Payout Plans, Coinbase Acquires Deribit for $2.9B, and Industry Faces Volatility with Q1 Misses and Celsius Fraud Verdict.
Because Bitcoin
May 8, 2025
Meta Eyes Stablecoins for Creator Payouts as It Quietly Reenters the Crypto Arena After Diem’s Demise
After abandoning its high-profile Diem (formerly Libra) project in 2022 due to regulatory pressure, Meta is cautiously reengaging with the crypto space. According to sources familiar with internal discussions, the company is exploring the use of stablecoins to streamline global payouts—particularly for creators on platforms like Instagram. Meta has reached out to several crypto infrastructure firms and recently hired Ginger Baker, a fintech veteran with deep crypto ties, as VP of product to lead the initiative.
The focus is on leveraging stablecoins for cross-border payments to reduce costs and friction compared to traditional methods like wire transfers. This shift comes as stablecoins gain traction in mainstream finance, with companies like Stripe acquiring Bridge, Visa announcing partnerships in the space, and Fidelity developing its own stablecoin.
While Meta remains in the early stages and has not committed to a single provider, the move signals renewed interest in blockchain-based payments at a time when regulatory clarity on stablecoins is finally taking shape in Congress. Despite the failure of Diem, Meta seems ready to reenter the crypto world—this time with a more focused and pragmatic approach.
Coinbase to Acquire Deribit for $2.9B, Cementing Its Position as the Global Leader in Crypto Derivatives
Coinbase has announced a landmark $2.9 billion agreement to acquire Deribit, the world’s top crypto options exchange by open interest. This move positions Coinbase as the most comprehensive and globally dominant platform for crypto derivatives, unifying spot, futures, perpetuals, and options trading under one brand. Deribit currently handles around $30 billion in open interest and facilitated over $1 trillion in trading volume last year, serving institutional and advanced traders outside the U.S.
The acquisition aligns with Coinbase’s strategy to build a diversified, resilient revenue base. Unlike spot markets, options trading tends to be less cyclical, offering more consistent revenue. Deribit’s profitability and strong institutional demand are expected to boost Coinbase’s earnings immediately after the deal closes.
Strategically, this deal accelerates Coinbase’s global growth. Deribit’s strong foothold in non-U.S. markets and advanced client base will complement Coinbase’s expanding international exchange and futures offerings. The move follows a series of successful acquisitions—including Xapo, Tagomi, FairX, and One River Digital—that have progressively strengthened Coinbase’s institutional infrastructure.
Pending regulatory approval, the transaction is expected to close by the end of the year. Coinbase sees this acquisition not just as expansion, but as a cornerstone in building the world’s most user-friendly and compliant crypto derivatives platform.
Former Celsius CEO Alex Mashinsky Sentenced to 12 Years for Crypto Fraud
Alex Mashinsky, the former CEO of Celsius, has been sentenced to 12 years in prison for orchestrating one of the largest frauds in the crypto industry, which caused many investors to lose their life savings. U.S. District Judge John George Koeltl stated that victims also suffered psychological harm. Mashinsky pleaded guilty to charges including commodities fraud and manipulating the price of Celsius’ native token, CEL. He was arrested in 2023 after misleading customers about the company’s financial health.
Mashinsky’s lawyers had requested a sentence of one year, while prosecutors advocated for 20 years. In a lighter moment, his lawyer requested permission for Mashinsky to travel to Memphis for his daughter’s wedding, which the court conditionally approved. Mashinsky must surrender to prison by September 12.
Coinbase Misses Q1 Estimates Despite Strong Derivatives Push and Deribit Deal
Coinbase reported Q1 earnings that fell short of Wall Street expectations, with earnings per share at $0.24—well below the $1.93 consensus—and total revenue hitting $2 billion versus the estimated $2.12 billion. The company posted $527 million in adjusted net income and noted a 19% decline in transaction revenue as trading volume slipped 10% from the prior quarter. Stablecoin revenue also dipped from $226 million to $197 million.
In its shareholder letter, Coinbase highlighted growth in its spot and derivatives market share, rising momentum in USDC—with a market cap now exceeding $60 billion—and a continued focus on utility and infrastructure expansion. Looking ahead, the company expects Q2 subscription and services revenue to land between $600–680 million, though it warns that lower blockchain rewards may offset gains in stablecoin revenue.
Coinbase shares dropped 2.5% in after-hours trading to $201. Year-to-date, the stock is down roughly 19%.
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