Coinbase硬幣和Robinhood Hood是同時討論的兩個名稱

鑑於唐納德·特朗普總統的加密偏愛，這兩種股票都引起了人們的關注。比特幣的移動，最大的加密貨幣

Coinbase (NASDAQ:COIN) and Robinhood (NASDAQ:HOOD) are two names that are discussed simultaneously when it comes to topics related to cryptocurrency. Both these stocks have been performing well of late, especially after President Donald Trump's favoritism toward crypto was evident. Any movement in Bitcoin, the largest cryptocurrency, will impact these stocks.

Coinbase（Nasdaq：Coin）和Robinhood（Nasdaq：Hood）是兩個名稱，這些名字在與加密貨幣有關的主題時同時討論。這兩種股票最近都表現出色，尤其是在唐納德·特朗普總統對加密貨幣的偏愛之後。比特幣（最大的加密貨幣）的任何運動都會影響這些股票。

The easing of regulatory control to accelerate crypto adoption, including institutional, raises optimism. Also, integrating artificial intelligence (AI) and blockchain technology to enhance security and efficiency is appreciable. However, cyber threats remain a challenge.

緩解採用加密貨幣（包括制度）的監管控制放鬆，這使人們變得樂觀。同樣，將人工智能（AI）和區塊鏈技術集成以提高安全性和效率。但是，網絡威脅仍然是一個挑戰。

But as an investment option, which stock is more attractive? Let’s closely look at the fundamentals of these stocks.

但是作為投資選擇，哪種股票更具吸引力？讓我們仔細研究這些股票的基本面。

Factors to Consider for COIN

要考慮硬幣的因素

America's largest registered crypto exchange is set to benefit from higher crypto asset volatility and prices. Trump’s pro-crypto inclination and focus on regulatory clarity will further benefit Coinbase. The company generated 83% of its total revenues in the United States, which is envisioned as a crypto hub. Total revenues more than doubled in 2024, which also marked two straight years of positive adjusted EBITDA.Transaction revenues, primarily driven by trading volume, should continue to improve. In 2024, trading volume more than doubled year over year, reflecting an increase in both the total market and market share in the United States. Transaction revenues more than doubled year over year in 2024.In an effort to enhance crypto utility, Coinbase invests in infrastructure and foundational platforms like Base — Layer 2 solution. Base is the low-cost Layer 2 solution that helps blockchains scale. Initiatives to enhance the utility of crypto via Base and Stablecoins are encouraging.Coinbase is a fundamentally strong company. It ended 2024 with $9.3 billion in USD resources, which is defined as cash & cash equivalents and USDC, up $3.8 billion year over year.Debt has been decreasing over the past several quarters while total debt capital ratio has been improving. Also, its higher times interest earned implies that the company can comfortably service its debt.Management expects Coinbase to be the platform for companies that are trying to integrate cryptocurrency.However, escalating expenses due to higher transaction expenses and other operating expenses tend to weigh on margins.Crypto asset price risk could adversely impact operating results. A decline in the market price of Bitcoin, Ethereum and other crypto assets could have an adverse effect on earnings, the carrying value of crypto assets and future cash flows. This may also affect liquidity and the ability to meet ongoing obligations.

美國最大的註冊加密交易所將受益於更高的加密資產波動和價格。特朗普的親克賴普托傾向和專注於監管清晰度將進一步受益於共同基礎。該公司在美國產生了其總收入的83％，該公司被設想為加密樞紐。在2024年，總收入增加了一倍以上，這也標誌著兩年的正調整EBITDA。交易收入主要由交易量驅動，應繼續改善。在2024年，交易量逐年翻了一番，反映了美國的總市場份額和市場份額的增加。交易收入在2024年逐年增加一倍以上。為了增強加密貨幣公用事業，Coinbase投資於基礎設施和基礎平台（例如Base -2層解決方案）。底座是有助於區塊鏈規模的低成本第2層解決方案。通過基礎和Stablecoins增強加密貨幣效用的舉措令人鼓舞。 CoinBase是一家堅強的公司。它以2024年的結尾，有93億美元的美元資源（定義為現金和現金同等價值和美元），一年增長了38億美元。 DEBT在過去幾個季度中一直在下降，而總債務資本比率一直在提高。此外，其較高的利息所獲得的意味著該公司可以舒適地償還其債務。管理預計Coinbase將成為試圖整合加密貨幣的公司的平台。但是，由於較高的交易費用和其他運營費用往往會對利潤率進行權衡而升級支出。比特幣，以太坊和其他加密資產的市場價格下跌可能會對收益，加密資產的賬面價值和未來現金流量產生不利影響。這也可能影響流動性和履行正在進行的義務的能力。

Factors to Consider for HOOD

引擎蓋要考慮的因素

After starting as a brokerage firm that mainly trades in digital assets, Robinhood is evolving into a more mature and diversified entity, striving to widen its market and reach.

從主要從事數字資產進行交易的經紀公司開始之後，Robinhood正在發展成為一個更加成熟和多元化的實體，努力擴大其市場和覆蓋範圍。

While transaction-based revenues are expected to benefit from the company’s efforts to become a leader in the active trader market, increased retail participation and secular tailwinds, such as a higher mobile banking population and an improvement in net interest revenues, should also drive the top line.

雖然預計基於交易的收入將從公司成為活躍交易者市場的領導者的努力中受益，但零售參與的增加和世俗的後風（例如，移動銀行人口較高，淨額收入的提高）也應推動最高線。

Rapid product innovations through vertical integration will likely expand its client base, enabling greater operating leverage and paving the way for sustained profitability.

通過垂直集成的快速產品創新可能會擴大其客戶群，從而為持續的盈利能力鋪平了更多的運營槓桿作用。

By controlling costs, the company has been successfully improving its margin.

通過控製成本，該公司已成功提高其利潤率。

However, Robinhood operates in a highly regulated industry and is subject to the scrutiny of numerous authorities. Exposure to regulatory risks, resulting in hefty fines and restrictions, may affect its profitability.

但是，Robinhood在高度受監管的行業中運作，並受到眾多當局的審查。暴露於監管風險，導致罰款和限制，可能會影響其盈利能力。

Moreover, Robinhood has been incurring significant SBC expenses relative to its net revenues. Although the company aims to improve its compensation arrangement, significant SBC expenses will continue to dilute shareholders’ value in the near term.

此外，相對於其淨收入，羅賓希德一直在產生巨大的SBC支出。儘管該公司旨在改善其薪酬安排，但SBC的大量費用將在短期內繼續稀釋股東的價值。

Estimates for COIN and HOOD

硬幣和引擎蓋的估計

The Zacks Consensus Estimate for COIN’s 2025 revenue implies a year-over-year increase but the same for EPS implies a 3.7% decline. EPS estimates have however moved northward over the past seven days.

Zacks對Coin 2025年收入的共識估計意味著同比增長，但EPS相同的收入意味著下降了3.7％。然而，在過去的七天中，每股收益已經向北移動。

On the contrary, the Zacks Consensus Estimate for HOOD’s 2025 revenues and EPS implies a year-over-year increase of 25.4% and 34.9%, respectively. EPS estimates, however, moved southward over the past seven days.

相反，Zacks對Hood 2025年收入和EPS的共識估計分別意味著同比增長25.4％和34.9％。但是，EPS估計在過去的七天中向南移動。