伯恩斯坦（Bernstein

這家研究公司強調了Coinbase在美國加密貨幣市場上的統治地位，並預測了由監管清晰度和加密交易量擴展到美國海岸的穩健收益增長。

Bernstein initiated coverage of Coinbase Global Inc (NASDAQ:COIN) with a Risky rating and a price target of $310, presenting a potential 69% upside from its current price of $188.96.

伯恩斯坦（Bernstein）以風險評級為310美元的Coinbase Global Inc（NASDAQ：COIN）的覆蓋範圍，其目前的價格為188.96美元，潛在的69％上漲空間。

Highlighting Coinbase's dominance in the U.S. crypto market and projected robust earnings growth driven by regulatory clarity and expansion of crypto trading volumes back to American shores, Bernstein analysts believe the company is uniquely positioned to capitalize on the reshoring of global crypto markets to the United States.

Bernstein Analysts強調了Coinbase在美國加密貨幣市場上的主導地位，並預計，由監管清晰度和加密貨幣交易量擴大到美國沿岸的增長，伯恩斯坦分析師認為，該公司在全球加密市場對美國的重新構建。

They pointed out that Coinbase's leadership, highlighted by over 66% U.S. market share, places it as the premier platform to benefit from an increasingly crypto-friendly regulatory environment.

他們指出，Coinbase的領導能力以超過66％的美國市場份額強調，它是受益於日益加密的監管環境的首要平台。

Bernstein expects Coinbase's earnings per share (EPS) to grow at a compound annual growth rate (CAGR) of 38% through 2026, substantially ahead of Wall Street consensus estimates.

伯恩斯坦（Bernstein）預計，Coinbase的每股收益（EPS）將以38％的複合年增長率（CAGR）增長到2026年，其大幅度超過華爾街共識估計。

"We are about 30% above consensus on 2025 EPS estimates and approximately 61% ahead for 2026," the analysts stated.

分析師說：“在2025年的EPS估計中，我們比共識高出約30％，在2026年提前約61％。”

The firm also noted the Trump administration's pro-crypto stance, including plans to make the U.S. the global hub for digital assets.

該公司還指出，特朗普政府的親克萊普托立場，包括使美國成為全球數字資產中心的計劃。

Policies such as a stablecoin bill and digital asset market structure legislation are expected to be passed by year-end 2024, which bodes well for Coinbase.

預計諸如Stablecoin法案和數字資產市場結構立法之類的政策預計將在2024年底之前通過，這對Coinbase來說是很好的。

Bernstein expects these regulatory changes to drive a return of offshore crypto volumes to U.S. markets, lifting Coinbase's revenues and offsetting competitive pressures from fintech and brokerage entrants.

伯恩斯坦（Bernstein）預計，這些監管變化將推動離岸加密貨幣銷售給美國市場的回報，從而提高了Coinbase的收入並抵消了Fintech和經紀人參與者的競爭壓力。

Beyond trading, Bernstein praised Coinbase's growing non-trading revenue streams such as staking, stablecoin issuance and institutional custody services, which provide a buffer against the cyclicality of crypto trading volumes.

除貿易外，伯恩斯坦（Bernstein）讚揚了Coinbase不斷增長的非交易收入來源，例如Staking，Stablecoin發行和機構監護服務，這些服務提供了反對加密交易量的周期性的緩衝。

The firm's report forecasts non-trading revenues to grow at a 31% CAGR between 2024 and 2026.

該公司的報告預測，在2024年至2026年期間，非交易收入將以31％的複合年增長率增長。

Despite looming competition from firms like Robinhood and traditional brokerages, Bernstein maintains that Coinbase's "compliance-first approach and impeccable safety track record" offer a durable advantage.

儘管諸如Robinhood和傳統經紀公司等公司的競爭迫在眉睫，但伯恩斯坦堅持認為，Coinbase的“合規性 - 優點和無可挑剔的安全記錄”提供了持久的優勢。

"We believe COIN trades cheap at current levels relative to its EPS growth," the firm concluded, noting Coinbase's price-to-earnings growth (PEG) ratio is materially lower than peers.

該公司得出結論：“我們認為，相對於其EPS增長，硬幣的交易價格便宜，”該公司指出，Coinbase的市盈率增長（PEG）的比率大大低於同行。

Bernstein's valuation assumes a 21x price-to-earnings multiple based on 2026 earnings, which it says is in line with fintech and broker-dealer peers.

伯恩斯坦的估值基於2026年的收入，假定21倍的市盈率，它說這與金融科技和經紀交易商同行一致。

Coinbase stock has declined roughly 24% over the past year but has rallied in tandem with improving sentiment around digital assets amid institutional adoption and regulatory tailwinds.

在過去的一年中，Coinbase股票的下降約為24％，但由於機構採用和監管逆風而與數字資產的情緒提高了同時。

"The regulatory dark cloud that hovered over Coinbase has lifted, and this provides a fresh runway for COIN's next leg of growth," the analysts stated.

分析師說：“懸停在二線群上的監管烏雲已經抬起，這為硬幣下一個生長而言提供了新的跑道。”