隨著加密貨幣興趣飆升，Coinbase 恢復獲利

美國著名加密貨幣交易所 Coinbase 於 2 月 15 日宣布實現 2021 年以來的首次獲利。這一重大轉變是由交易量增加所推動的，這反映出人們對加密貨幣重新產生了興趣。 2023 年第四季的業績顯示，利潤為 2.734 億美元，超過了去年 5.57 億美元的虧損。交易量的激增與現貨比特幣交易所交易基金 (ETF) 的樂觀情緒一致，導致 Coinbase 股價上漲 69%。

Coinbase Posts First Profit Since 2021 as Crypto Interest Revives

隨著加密貨幣興趣復甦，Coinbase 實現 2021 年以來首次獲利

NEW YORK (February 15, 2024) - Coinbase Global, Inc. (COIN), the leading U.S.-based cryptocurrency exchange, reported its first quarterly profit since the third quarter of 2021, bolstered by a resurgence in trading activity driven by renewed interest in cryptoassets.

紐約（2024 年2 月15 日）—美國領先的加密貨幣交易所Coinbase Global, Inc. (COIN) 公佈了自2021 年第三季以來的首次季度利潤，這得益於人們對加密貨幣重新產生興趣而推動的交易活動復甦。加密資產。

The company announced a fourth-quarter 2023 net income of $273.4 million, or $1.04 per share, a significant improvement from the $557 million loss, or $2.46 per share, recorded in the same period the previous year.

該公司宣布 2023 年第四季淨利潤為 2.734 億美元，即每股 1.04 美元，較上年同期的虧損 5.57 億美元，即每股 2.46 美元有了顯著改善。

Strong Trading Volume Propels Profitability

強勁的交易量推動獲利能力

The turnaround is attributed to a surge in trading volume, fueled by investor optimism surrounding the launch of spot Bitcoin exchange-traded funds (ETFs) in mid-January. This enthusiasm lifted Bitcoin and other token prices, leading to increased transaction fees for Coinbase.

這一轉變歸因於交易量激增，而投資者對 1 月中旬推出現貨比特幣交易所交易基金 (ETF) 的樂觀情緒推動了交易量的激增。這種熱情提振了比特幣和其他代幣的價格，導致 Coinbase 的交易費用增加。

Market Catalysts Drive Crypto Prices Higher

市場催化劑推動加密貨幣價格走高

Cryptocurrency prices have been on an upward trajectory throughout 2023, but the rally accelerated in the fourth quarter as anticipation for Bitcoin ETFs sparked investor interest. Key catalysts driving crypto prices higher include:

2023 年，加密貨幣價格一直呈上升趨勢，但由於對比特幣 ETF 的預期激發了投資者的興趣，第四季度漲勢加速。推動加密貨幣價格上漲的關鍵催化劑包括：

• Spot Bitcoin ETFs Approval: The SEC's green light for spot Bitcoin ETFs in mid-January triggered a significant rally in Bitcoin prices.
• Upcoming Bitcoin Halving: The halving, scheduled for April 2024, is expected to reduce the number of new Bitcoin mined, potentially impacting its supply-demand dynamics.
• Ethereum Dencun Update: The highly anticipated update to the Ethereum blockchain is expected to enhance its scalability and efficiency.
• Prospects of Spot Ethereum ETFs in the U.S.: The possibility of SEC approval for spot Ethereum ETFs is estimated to have a 50% chance of occurring in May, further boosting investor sentiment.

Coinbase's Positive Outlook

現貨比特幣ETF 批准：1 月中旬SEC 對現貨比特幣ETF 的批准引發了比特幣價格的大幅上漲。即將到來的比特幣減半：計劃於2024 年4 月進行的減半預計將減少新開採的比特幣數量，可能會影響比特幣價格。以太坊Dencun 更新：備受期待的以太坊區塊鏈更新預計將提高其可擴展性和效率。美國現貨以太坊ETF 的前景：SEC 批准現貨以太坊ETF的可能性估計有5 月發生的可能性為 50%，進一步提振投資者情緒。Coinbase 的正面前景

The positive Q4 results have fueled a 69% surge in Coinbase's share price since their release, reflecting investors' renewed confidence. The company is optimistic about its financial performance in the first quarter of 2024, with projected subscription and services revenue between $410 million and $480 million.

自發布以來，第四季的積極業績推動 Coinbase 股價飆升 69%，反映出投資者重燃信心。該公司對其 2024 年第一季的財務業績持樂觀態度，預計訂閱和服務收入將在 4.1 億美元至 4.8 億美元之間。

Impact of Bitcoin ETFs on Coinbase

比特幣 ETF 對 Coinbase 的影響

While the financial impact of Bitcoin ETFs on Coinbase remains unclear, the company's role as custodian for eight out of the ten spot Bitcoin ETFs provides a potential revenue stream. The ETFs have also contributed to the overall revitalization of the crypto space, benefiting Coinbase's trading volumes.

雖然比特幣 ETF 對 Coinbase 的財務影響尚不清楚，但該公司作為 10 個現貨比特幣 ETF 中的 8 個的託管人提供了潛在的收入來源。 ETF 也為加密貨幣領域的整體振興做出了貢獻，使 Coinbase 的交易量受益。

Technical Analysis

技術分析

Coinbase's share price has experienced a remarkable turnaround since bottoming out at $31.55 in January 2023. It hit a high of $279.71 on Monday, marking an 800% increase in just over fifteen months. The rally closely mirrors Bitcoin's price trajectory, indicating a strong correlation between the two assets.

自 2023 年 1 月觸底 31.55 美元以來，Coinbase 的股價經歷了顯著的轉變。週一觸及 279.71 美元的高點，在短短 15 個月內上漲了 800%。此次上漲與比特幣的價格軌跡密切相關，顯示這兩種資產之間存在強烈的相關性。

As long as crypto prices continue to rise, Coinbase's share price is likely to follow suit. However, technical indicators suggest that the stock may be overbought in the short term. Nevertheless, the overall uptrend remains intact, and higher price levels are expected in the upcoming year.

只要加密貨幣價格持續上漲，Coinbase 的股價就可能隨之上漲。然而，技術指標顯示該股短期內可能會超買。儘管如此，整體上漲趨勢仍然完好，預計來年價格水準將會更高。

Investment Considerations

投資注意事項

For professional investors seeking heightened exposure to Coinbase, Leverage Shares offers +3x Long Coinbase and -3x Short Coinbase ETPs.

對於尋求增加 Coinbase 曝險的專業投資者，Leverage Shares 提供 +3 倍多頭 Coinbase 和 -3 倍空頭 Coinbase ETP。

Conclusion

結論

Coinbase's strong fourth-quarter performance demonstrates the resilience of the cryptocurrency industry despite regulatory challenges. With the SEC's approval of spot Bitcoin ETFs and the broader optimism surrounding cryptoassets, Coinbase is well-positioned to benefit from the ongoing market momentum.

儘管面臨監管挑戰，Coinbase 第四季的強勁表現證明了加密貨幣產業的韌性。隨著 SEC 對現貨比特幣 ETF 的批准以及圍繞加密資產的更廣泛樂觀情緒，Coinbase 處於有利地位，可以從持續的市場勢頭中受益。