Coinbase Global（Coin）已跌倒 - 與美國股票和加密貨幣一起下降

在過去的一個月中，Coinbase大大跌倒了 - 與美國股票和加密貨幣一起下降。近50％的暴跌可能會使這種加密貨幣交換看起來像是誘人的股票購買

Coinbase (NASDAQ:COIN) stock has tumbled in a big way over the past month, dropping alongside US stocks and crypto.

Coinbase（NASDAQ：COIN）的股票在過去一個月中大大跌倒，與美國股票和加密貨幣一起下降。

While that nearly 50% plunge might make this crypto exchange look like a tempting stock buy, don’t assume it’s a bargain just yet. Some stock slips mark a real buying opportunity, but for the rest, it’s just a lower price tag.

雖然近50％的人可能會使這種加密貨幣交換看起來像是一種誘人的股票購買，但不要以為這是一種討價還價。有些股票滑倒標誌著真正的購買機會，但在其餘的情況下，這只是一個較低的價格標籤。

I’ve run through this company’s numbers and built a model you can use to test various scenarios. So let’s dive in.

我已經貫穿了該公司的數字並建立了一個模型，您可以用來測試各種方案。因此，讓我們潛入。

What exactly does Coinbase do?

Coinbase到底做什麼？

Coinbase Global (NASDAQ:COIN) is one of the leading cryptocurrency exchanges in the world – and it’s the biggest publicly traded one. Back when there were very few crypto plays on the actual stock market (meaning, before there were bitcoin spot ETFs), Coinbase was one of the darlings. Institutional investors were generally barred from putting the money they managed into cryptocurrencies, but Coinbase gave them a mainstream way to profit from crypto’s action. And the better bitcoin did, the better Coinbase did.

Coinbase Global（NASDAQ：COIN）是世界上領先的加密貨幣交流之一 - 它是最大的公開交易。早在實際股票市場上的加密貨幣（意味著在有比特幣現場ETF之前）時，Coinbase就是寵兒之一。機構投資者通常被禁止將他們管理的錢投入加密貨幣，但Coinbase為他們提供了一種從加密貨幣行動中獲利的主流方式。更好的比特幣做到了，更好的共插案做到了。

Coinbase’s platform makes it easy for people and institutions to engage with crypto assets – by trading, staking, safekeeping, spending, or transferring them around the globe. And its services are widely used: researchers estimate that two-thirds of Americans who have owned crypto have used Coinbase at some point. And that familiarity has helped it increase its share of both US “spot” and “derivatives” crypto trading, with over 240 different digital assets available to trade on the platform.

Coinbase的平台使人們和機構可以輕鬆地與加密資產互動 - 通過交易，積分，安全保管，支出或將其轉移到全球範圍內。它的服務被廣泛使用：研究人員估計，擁有加密貨幣的美國人中有三分之二在某個時候使用了Coinbase。這種熟悉程度有助於它增加了美國“現貨”和“衍生品”加密交易的份額，超過240種不同的數字資產可以在平台上進行交易。

Now, there have been a few rather gonzo operations in this industry (to say the least), but Coinbase has mostly not aligned itself with those. Let’s be clear, the firm has had its run-ins with regulators, but it’s also managed to (mostly) build a reputation for both security and legal compliance – and that’s helped it expand into over 100 countries. In the process, the company has developed a “competitive moat” that’s been keeping other potential rivals at a distance, allowing it to continue to profit from crypto’s growth story and even grow its market share.

現在，這個行業已經進行了一些相當相當的奇聞趣事業務（至少可以說），但是Coinbase主要與這些業務並不與之保持一致。我們清楚地說，該公司已經與監管機構有所幫助，但它也設法（主要）以安全和法律合規性建立聲譽 - 這有助於它擴展到100多個國家 /地區。在此過程中，該公司開發了一種“競爭護城河”，該護城河一直將其他潛在的競爭對手保持距離，從而使其能夠繼續從加密貨幣的增長故事中獲利，甚至增長其市場份額。

At the end of last year, Coinbase’s platform held over $400 billion in digital assets – more than double what it had a year earlier. And most of that was in this market’s oldest, biggest asset: bitcoin. The firm is now the world’s biggest custodian of the OG crypto, holding roughly 12% of all the world’s mined bitcoin.

去年年底，Coinbase的平台持有超過4000億美元的數字資產，這是一年前的兩倍以上。其中大部分都是這個市場最古老的最大資產：比特幣。該公司現在是世界上最大的OG Crypto託管人，佔全球全球開採比特幣的12％。

The best Stocks and Shares ISA providers have gone head-to-headBrits, you need to know your way around a Stocks and Shares ISA.

最好的股票和股票ISA提供商已經開始面對頭腦，您需要知道圍繞股票和股票ISA的方式。

You can use the accounts to invest in a variety of assets at varying risk levels – and most importantly, you won’t pay UK taxon any interest or gains.

您可以使用這些帳戶以不同的風險水平投資各種資產 - 最重要的是，您不會向英國分類單元支付任何利息或收益。

That means your money can work harder: by keeping more cash in your account rather than the taxman’s, you’ll benefit from more compounding power, putting you closer to your goals.

這意味著您的資金可以更加努力地工作：通過將更多的現金保留在您的帳戶而不是稅務員的現金中，您將從更複雜的能力中受益，使您更接近目標。

But with so many providers out there, you’ll be hard-pressed to find clarity about which one offers the best value, investment choices, and service for you.

但是，由於那裡有這麼多的提供商，您將很難清楚地發現哪個提供了最佳價值，投資選擇和服務。

Kepler Trust Intelligence has done the hard work for you, ranking the top ISA providers for 2025 based on performance, fees, and customer satisfaction.

開普勒信任情報（Kepler Trust Intelligence）為您完成了艱苦的工作，根據績效，費用和客戶滿意度將2025年的ISA頂級提供商排名。

So to put ISA providers head-to-head, like you might with a new phone or a credit card comparison, you can take a look at Kepler’s ranking of the best ISA providers this year.Okay, so how does Coinbase make money?

因此，要把ISA提供商正對面，就像您可以通過新的手機或信用卡比較一樣，您可以查看Kepler今年最好的ISA提供商的排名。

Short answer: crypto fees (mostly). The company more than doubled its revenues last year, raking in $6.3 billion. The bulk of that, some $4 billion, came from crypto transaction fees, with retail investors responsible for 87% of the total and institutional investors driving the rest. Coinbase’s subscriptions and other services (things like stablecoins, staking, lending) pitched in the other $2.3 billion in revenue.

簡短答案：加密費（主要是）。該公司去年的收入增加了一倍以上，收入為63億美元。其中的大部分（約40億美元）來自加密交易費用，零售投資者負責佔剩下剩餘的總投資者的87％。 Coinbase的訂閱和其他服務（例如Stablecoins，Staging，Lending）的收入為其他23億美元的收入。

Right now, a lot is driven by activity in the market – and the fees that come from it. But the firm’s more diversified and less market-dependent revenue stream could ultimately help the firm command a higher valuation. (It just might take a while for that to play out.)

目前，在市場上的活動以及從中獲得的費用驅動了很多。但是該公司更加多元化和依賴市場的收入來源最終可以幫助該公司的估值更高。 （可能需要一段時間才能發揮作用。）

In the meantime, let’s have a look at Coinbase’s money pipelines.

同時，讓我們看看Coinbase的貨幣管道。

Pipeline #1: Transaction fees.

管道＃1：交易費用。

Volatility tends to be a major driver of volumes. But in 2024, there were a couple of other huge drivers too: the launch of spot bitcoin exchange-traded funds (ETFs) in the first quarter, for one, and an extended rally sparked by the election of a seemingly pro-crypto US president in the fourth quarter, for another.

波動率往往是體積的主要驅動力。但是在2024年，還有其他幾個巨大的車手：第一季度推出了現貨比特幣交易所交易資金（ETF），這是一個延長的集會，該集會在第四季度看似支持的美國總統的選舉引發了一個延長的集會。

Coinbase is, frankly, perfectly positioned to gain when everyone flocks

坦率地說，Coinbase在每個人蜂擁而至