JMP 表示 Coinbase 的多元化策略擁有充足的成長潛力

在衍生性商品和質押等輔助業務的推動下，Coinbase 第一季的交易量激增。 JMP 證券維持看漲前景，理由是該交易所在代幣化、支付和 Web3 開發方面的作用不斷擴大。該公司強調了傳統金融公司與 Coinbase 合作的潛力，推動數位資產領域的進一步成長和創新。

Coinbase's Ancillary Businesses Offer Ample Growth Prospects, JMP Securities Asserts

JMP 證券斷言 Coinbase 的輔助業務提供充足的成長前景

Coinbase Global Inc. (COIN), a leading cryptocurrency exchange, is poised to capitalize on significant growth opportunities beyond its core trading operations, according to JMP Securities. In a comprehensive research report published Thursday, the brokerage firm highlighted the burgeoning potential of Coinbase's ancillary businesses, complementing its robust trading volumes.

JMP 證券表示，領先的加密貨幣交易所 Coinbase Global Inc. (COIN) 準備利用其核心交易業務以外的重大成長機會。在周四發布的綜合研究報告中，該經紀公司強調了 Coinbase 輔助業務的新興潛力，與其強勁的交易量相輔相成。

Robust Trading Momentum and Emerging Derivatives Platform

強勁的交易動力和新興的衍生性商品平台

JMP Securities noted that Coinbase's daily spot trading volume surged in the first quarter, averaging approximately $3.3 billion, representing a more than twofold increase compared to the fourth quarter of 2021. This robust activity underscores the growing adoption of cryptocurrencies and the exchange's market share gains. Additionally, the firm's newly launched derivatives platform is rapidly gaining traction, indicating Coinbase's expansion into more sophisticated financial instruments.

JMP Securities 指出，Coinbase 第一季的每日現貨交易量激增，平均約為33 億美元，與2021 年第四季度相比增長了兩倍多。這種強勁的活動凸顯了加密貨幣的日益普及以及該交易所市場佔有率的成長。此外，該公司新推出的衍生性商品平台正在迅速獲得關注，這表明 Coinbase 正在向更複雜的金融工具擴張。

Expanding Blockchain Use Cases and Ecosystem Participation

擴大區塊鏈用例和生態系統參與

Beyond its core trading business, JMP Securities sees substantial growth opportunities for Coinbase in the broader blockchain ecosystem. The report identifies the tokenization of real-world assets, payments through partnerships with stablecoin issuers, Web3 development, decentralized applications (dapps), and staking as key areas where Coinbase can leverage its platform and expertise.

除了核心交易業務之外，JMP 證券還看到了 Coinbase 在更廣泛的區塊鏈生態系統中的巨大成長機會。該報告指出，現實世界資產的代幣化、透過與穩定幣發行人合作進行的支付、Web3 開發、去中心化應用程式 (dapp) 以及質押是 Coinbase 可以利用其平台和專業知識的關鍵領域。

By collaborating with traditional finance (TradFi) firms seeking to engage with digital assets, Coinbase can participate in the sector's future growth and innovation without directly competing with established players, the report suggests.

報告顯示，透過與尋求數位資產業務的傳統金融 (TradFi) 公司合作，Coinbase 可以參與該行業的未來成長和創新，而無需與老牌企業直接競爭。

ETF Adoption and Market Potential

ETF 的採用和市場潛力

JMP Securities continues to view the potential adoption of a spot bitcoin exchange-traded fund (ETF) as a significant catalyst for the cryptocurrency market. However, the brokerage acknowledges that ETF inflows may not be linear, with potential transitory selling related to the Grayscale Bitcoin Trust (GBTC).

JMP 證券繼續將現貨比特幣交易所交易基金 (ETF) 的採用視為加密貨幣市場的重要催化劑。然而，該券商承認 ETF 流入可能不是線性的，可能會出現與灰階比特幣信託 (GBTC) 相關的暫時性拋售。

Despite these near-term headwinds, JMP Securities remains optimistic about the long-term growth prospects for Coinbase. The report estimates that approximately $25 trillion of capital associated with traditional wealth management has yet to enter the cryptocurrency market, presenting a vast opportunity for Coinbase to capture market share.

儘管有這些近期阻力，JMP 證券仍對 Coinbase 的長期成長前景持樂觀態度。該報告估計，約 25 兆美元與傳統財富管理相關的資本尚未進入加密貨幣市場，這為 Coinbase 奪取市場份額提供了巨大的機會。

Market Outperform Rating and Price Target

跑贏大盤評級和目標價

Based on these growth drivers, JMP Securities maintains a Market Outperform rating on Coinbase shares, with a price target of $300. The stock closed at $262 on Thursday, reflecting a potential upside of approximately 15%.

基於這些成長動力，JMP Securities 維持 Coinbase 股票跑贏大盤的評級，目標價為 300 美元。該股週四收在 262 美元，潛在上漲幅度約為 15%。

Conclusion

結論

Coinbase's expanding ecosystem of ancillary businesses, combined with its strong trading volumes and potential ETF tailwinds, positions the company for continued growth and value creation in the rapidly evolving cryptocurrency market. JMP Securities' bullish outlook underscores the company's ability to capitalize on the broader adoption of blockchain technology and digital assets.

Coinbase 不斷擴大的輔助業務生態系統，加上其強勁的交易量和潛在的 ETF 推動力，使該公司能夠在快速發展的加密貨幣市場中實現持續成長和價值創造。 JMP 證券的樂觀前景凸顯了該公司利用區塊鏈技術和數位資產更廣泛採用的能力。