Coinbase 的多面向成長：超越交易，擁抱 Web3 和區塊鏈創新

Coinbase 是一家領先的加密貨幣交易所，繼續其多方面的成長策略。分析師 Devin Ryan 維持市場跑贏大盤評級，目標價為 300 美元，不僅指出了交易所業務的成長潛力，還指出了該公司在區塊鏈創新方面的重要作用。

Coinbase's Diversified Growth Strategy: Beyond Trading, Embracing Blockchain Innovations

Coinbase多元化成長策略：超越交易，擁抱區塊鏈創新

Analyst's Perspective

分析師的觀點

JMP analyst Devin Ryan, who has closely followed Coinbase Global, Inc. (NASDAQ: COIN) since its inception, maintains a Market Outperform rating with a price target of $300 on the company's stock. Ryan recognizes Coinbase's potential to transcend its role as a cryptocurrency exchange and become a key player in the broader blockchain ecosystem.

JMP 分析師 Devin Ryan 自 Coinbase Global, Inc.（納斯達克股票代碼：COIN）成立以來一直密切關注該公司，維持該公司股票跑贏大盤的評級，目標價為 300 美元。 Ryan 意識到 Coinbase 有潛力超越其作為加密貨幣交易所的角色，成為更廣泛的區塊鏈生態系統中的關鍵參與者。

Exchange Business Growth

交易所業務成長

Coinbase's core trading business continues to exhibit robust growth. In the first quarter of 2024, spot-trading volumes surged by approximately 106% compared to the fourth quarter of 2023 and 108% compared to the first quarter of 2023. Additionally, the company's derivatives platform has witnessed a remarkable rise in daily volumes, reaching $689 million in the current quarter, a significant increase from $178 million in the previous quarter.

Coinbase 的核心交易業務持續呈現強勁成長。 2024年第一季，現貨交易量較2023年第四季激增約106%，較2023年第一季激增108%。此外，該公司的衍生性商品平台日交易量顯著上升，達到本季為6.89億美元，較上一季的1.78 億美元大幅成長。

Blockchain Innovations

區塊鏈創新

Beyond its core exchange operations, Ryan highlights Coinbase's pivotal role in fostering blockchain use cases. The company's Layer 2 blockchain, Base, has gained traction, attracting a growing number of applications and users. Coinbase also actively participates in tokenization of real assets, payments and remittance development, Web3 advancements, and decentralized applications.

除了核心交易所業務之外，Ryan 還強調了 Coinbase 在培育區塊鏈用例方面的關鍵作用。該公司的第 2 層區塊鏈 Base 已獲得關注，吸引了越來越多的應用程式和用戶。 Coinbase 也積極參與實體資產代幣化、支付和匯款開發、Web3 進步以及去中心化應用程式。

Partnerships and Expansion

合作夥伴和擴張

Coinbase positions itself not only as a competitor but also as a collaborative partner for non-crypto native entities seeking entry into the crypto space. The company has forged alliances with corporations, merchants, sovereign states, and traditional institutions. Ryan anticipates the adoption of spot Bitcoin ETFs as a major catalyst for the industry, with potential inflows of $220 billion and resulting price appreciation. Coinbase is well-positioned to benefit from this transformative force.

Coinbase 不僅將自己定位為競爭對手，而且還將自己定位為尋求進入加密領域的非加密原生實體的合作夥伴。該公司與企業、商人、主權國家和傳統機構結盟。 Ryan 預計現貨比特幣 ETF 的採用將成為該行業的主要催化劑，可能帶來 2200 億美元的資金流入並導致價格升值。 Coinbase 處於有利地位，可以從這種變革力量中受益。

Wealth Management Opportunity

財富管理機會

Ryan observes that the traditional wealth management sector, boasting approximately $25 trillion in capital, has yet to fully embrace the crypto market. This untapped opportunity presents significant future growth potential for Coinbase.

Ryan 觀察到，擁有約 25 兆美元資本的傳統財富管理產業尚未完全擁抱加密貨幣市場。這項尚未開發的機會為 Coinbase 帶來了巨大的未來成長潛力。

Analyst Projections and Market Performance

分析師預測與市場表現

Ryan projects Coinbase's first-quarter revenue and EPS to reach $1.23 billion and $0.84, respectively. The company's stock has witnessed a remarkable 233% gain over the past 12 months. Investors can gain exposure to Coinbase through exchange-traded funds such as the First Trust SkyBridge Crypto Industry And Digital Economy ETF (NYSE: CRPT) and the Fidelity Crypto Industry And Digital Payments ETF (NASDAQ: FDIG).

Ryan 預計 Coinbase 第一季營收和每股收益將分別達到 12.3 億美元和 0.84 美元。該公司的股票在過去 12 個月上漲了 233%。投資者可以透過 First Trust SkyBridge 加密產業和數位經濟 ETF（NYSE：CRPT）和 Fidelity 加密產業和數位支付 ETF（NASDAQ：FDIG）等交易所交易基金獲得 Coinbase 的投資。

Conclusion

結論

Coinbase Global, Inc. presents a compelling investment opportunity due to its diversified growth strategy, which extends beyond trading volumes to encompass cutting-edge blockchain innovations and strategic partnerships. As the blockchain industry continues to mature, Coinbase is poised to capitalize on its unique position as a market leader in both crypto trading and the broader blockchain ecosystem.

Coinbase Global, Inc. 因其多元化成長策略提供了引人注目的投資機會，該策略不僅限於交易量，還涵蓋尖端的區塊鏈創新和戰略合作夥伴關係。隨著區塊鏈產業不斷成熟，Coinbase 準備充分利用其作為加密貨幣交易和更廣泛的區塊鏈生態系統市場領導者的獨特地位。