Coinbase 股價最近陷入區間波動。這就是為什麼這種情況可能不會很快改變。

從 2024 年初到 3 月 25 日，該公司的股價上漲了 50% 以上，當時股價觸及 283.48 美元的高點。此後，股價下跌 22%，至每股 221 美元。

Coinbase (COIN) shares have been trading sideways of late.

Coinbase (COIN) 股價最近一直橫盤整理。

The stock soared more than 50% between the start of 2024 and March 25, when the shares hit a high of $283.48. Since then, the shares have slid 22% to trade around $221 apiece.

從 2024 年初到 3 月 25 日，該股飆升了 50% 以上，當時股價觸及 283.48 美元的高點。此後，該股已下跌 22%，每股交易價格約 221 美元。

That’s despite the fact that the prices of Bitcoin and other cryptocurrencies have been on a tear. Bitcoin on Tuesday passed $73,000, up more than 18% from June 30.

儘管比特幣和其他加密貨幣的價格一直在上漲。比特幣週二突破 73,000 美元，較 6 月 30 日上漲逾 18%。

Most of those gains occurred after the third quarter ended, and some analysts think Coinbase will report that trading on the platform in the quarter was largely stagnant. Oppenheimer analysts Owen Lau and Guru Sidaarth in a research note earlier this month said they estimate trading volume in the third quarter fell 23% from the quarter before.

這些漲幅大部分發生在第三季結束後，一些分析師認為 Coinbase 將報告該季度平台上的交易基本上停滯。 Oppenheimer 分析師 Owen Lau 和 Guru Sidaarth 在本月稍早的一份研究報告中表示，他們估計第三季的交易量比上一季下降了 23%。

Trading volume on Coinbase will continue to be buffeted by investors’ risk appetites. But company executives for more than a year have said they’re trying to diversify its revenues beyond trading with the goal of turning a profit no matter whether crypto traders are active or absent.

Coinbase 的交易量將持續受到投資者風險偏好的打擊。但公司高層一年多來一直表示，他們正在努力實現交易以外的收入多元化，目標是無論加密貨幣交易者是否活躍，都能實現盈利。

The company’s other revenue streams include staking, where investors utilize Coinbase to post their tokens in exchange for yield, which Coinbase takes a cut of. The company also makes money through its sponsorship of the USDC stablecoin, a kind of crypto pegged to the dollar and backed by reserves. The reserves, which are held in Treasuries and other safe assets, throw off interest, part of which goes to Coinbase.

該公司的其他收入來源包括質押，投資者利用 Coinbase 發布代幣以換取收益，Coinbase 從中抽取分成。該公司還透過贊助 USDC 穩定幣賺錢，這是一種與美元掛鉤並由儲備支持的加密貨幣。這些儲備金以國債和其他安全資產的形式持有，會扣除利息，其中一部分流向了 Coinbase。

Between the second quarter of 2023 and 2024, the company’s subscription and services revenue, which includes staking and USDC, rose 79% to $599 million.

2023年第二季至2024年期間，該公司的訂閱和服務收入（包括質押和USDC）成長了79%，達到5.99億美元。

One of the driving forces in the increase in revenue was rising interest rates, which let Coinbase earn more interest, but now that the Federal Reserve has begun to cut rates, those revenues could start to flatline.

收入增加的驅動力之一是利率上升，這讓 Coinbase 賺取更多利息，但現在聯準會開始降息，這些收入可能開始持平。

USDC and staking have also drawn the attention of regulators, and the outcome of the November election could have at least some impact on how sustainable they are.

USDC 和質押也引起了監管機構的關注，11 月的選舉結果至少可能對其永續性產生一些影響。

Former President Donald Trump has promised that if elected to the presidency, he will fire Securities and Exchange Commission Chair Gary Gensler and usher in a new era of pro-crypto policies in the U.S. Coinbase is among the crypto companies currently being sued by the SEC for allegedly operating as an unregistered securities exchange. Coinbase denies that it’s broken the law.

前總統唐納德·川普承諾，如果當選總統，他將解僱美國證券交易委員會主席加里·詹斯勒(Gary Gensler)，並開啟美國支持加密貨幣政策的新時代。貨幣公司之一。 Coinbase 否認自己違反了法律。

Though Vice President Kamala Harris is less likely than Trump to remove Gensler from his post if she is elected president, her campaign has said she’d support giving regulatory clarity to the industry.

儘管副總統卡瑪拉·哈里斯在當選總統後將詹斯勒免職的可能性低於川普，但她的競選團隊表示，她支持對該行業的監管進行明確。

A more friendly SEC could be a catalyst for Coinbase. The SEC in the past has taken the position that the vast majority of cryptocurrencies are securities, apart from Bitcoin and perhaps Ether, and must register with the agency—a process that crypto firms say is impossible to accomplish in practice. With most courts yet to decide whether the law is on the SEC’s or Coinbase’s side, that puts a huge swath of the firm’s revenue at risk. A new SEC chair could choose to pull back on the lawsuits, or not pursue new ones.

更友善的 SEC 可能會成為 Coinbase 的催化劑。美國證券交易委員會過去的立場是，除了比特幣和以太幣之外，絕大多數加密貨幣都是證券，並且必須在該機構註冊——加密公司表示這一過程在實踐中不可能完成。由於大多數法院尚未決定法律是站在 SEC 還是 Coinbase 一邊，這使得該公司的大量收入面臨風險。新任 SEC 主席可以選擇撤回訴訟，或不再提起新訴訟。

While more than a third of Coinbase’s transaction volume comes from Bitcoin trading, so-called alt coins represent an increasingly important area where Coinbase makes money. In the second quarter, crypto assets other than Bitcoin and Ethereum accounted for 42% of the company’s transaction revenue, up from 39% in the second quarter of 2023.

雖然 Coinbase 超過三分之一的交易量來自比特幣交易，但所謂的山寨幣代表了 Coinbase 賺錢的一個日益重要的領域。第二季度，比特幣和以太坊以外的加密資產占公司交易收入的42%，高於2023年第二季的39%。

The company has also launched derivatives trading for foreign customers, an offering that company executives have said are an important growth area for the future. Last quarter, Coinbase did not break out separately what it had earned from derivatives but said that they had contributed to growth in transaction revenues.

該公司還為外國客戶推出了衍生性商品交易，公司高層表示，這是未來一個重要的成長領域。上個季度，Coinbase 沒有單獨公佈衍生性商品的收入，但表示衍生性商品為交易收入的成長做出了貢獻。