Coinbase第一季飆升，淨利突破10億美元

Coinbase 第一季淨利為 11.8 億美元，超出分析師預期，較上年虧損大幅增加。在強勁的消費者交易收入、訂閱和服務收入的推動下，該公司 16.4 億美元的收入超出了預期。受益於比特幣價格飆升以及新的經 SEC 批准的比特幣 ETF 的批准，Coinbase 股價在 2023 年大幅上漲。

Coinbase Soars, Net Income Surpassing $1 Billion in Q1

Coinbase飆升，第一季淨利突破10億美元

In a remarkable display of resilience, Coinbase has defied analyst expectations, announcing a stellar first-quarter performance marked by a record net income of $1.18 billion or $4.40 per share. This astonishing figure represents a staggering turnaround from the $78.9 million loss reported in the same period last year. Furthermore, the company's revenue of $1.64 billion surpassed market projections of $1.34 billion, highlighting its robust financial health.

Coinbase 表現出了非凡的韌性，超出了分析師的預期，宣布第一季業績出色，淨利潤達到創紀錄的 11.8 億美元（即每股 4.40 美元）。這一驚人的數字與去年同期 7,890 萬美元的虧損相比出現了驚人的轉變。此外，該公司 16.4 億美元的收入超過了市場預測的 13.4 億美元，凸顯了其穩健的財務狀況。

The driving force behind Coinbase's exceptional earnings was a remarkable $650 million mark-to-market gain on crypto assets. Consumer transaction revenue skyrocketed by over 100% year-over-year, reaching $935 million, while total transaction revenue nearly tripled to $1.07 billion. Subscription and services revenue also contributed significantly, generating $511 million during the quarter.

Coinbase 出色收益背後的推動力是加密資產按市值計算的 6.5 億美元的驚人收益。消費者交易收入年增超過 100%，達到 9.35 億美元，而總交易收入幾乎成長了兩倍，達到 10.7 億美元。訂閱和服務收入也做出了巨大貢獻，本季創造了 5.11 億美元。

Coinbase's stock price has been on a meteoric rise, surging almost 9% ahead of the earnings announcement and accumulating a 32% gain year-to-date. This upward trajectory aligns with the company's impressive fivefold increase in 2023. The stock typically reacts favorably to surges in Bitcoin prices, which lead to heightened trading volumes and demand for Coinbase's services. The first quarter witnessed Bitcoin hitting a record high above $73,000, and Ethereum undergoing its first major upgrade in over a year. The recent regulatory approval of new U.S. spot Bitcoin exchange-traded funds by the SEC has also ignited substantial net inflows of over $50 billion since the beginning of the year.

Coinbase 的股價一直在飛速上漲，在財報公佈前飆升近 9%，今年迄今累計上漲 32%。這一上升軌跡與該公司在 2023 年令人印象深刻的五倍增長相一致。第一季度，比特幣創下了 73,000 美元以上的歷史新高，以太坊也經歷了一年多來的首次重大升級。美國證券交易委員會 (SEC) 最近批准新的美國現貨比特幣交易所交易基金，也引發了自今年年初以來超過 500 億美元的大量淨流入。

However, Coinbase faces a few hurdles, including a legal dispute with the SEC over accusations of unregistered securities sales. The company also encounters intensifying competition from rivals like Crypto.com, potentially challenging its market share. Notably, Coinbase has experienced increased insider selling in recent months, with executives such as co-founder Fred Ehrsam collectively selling $383 million in shares during the first quarter. This amount represents more than double the sales in the previous quarter and marks the highest level of insider selling since Coinbase's Nasdaq listing in 2021.

然而，Coinbase 面臨一些障礙，包括與 SEC 因未註冊的證券銷售指控而發生的法律糾紛。該公司還面臨來自 Crypto.com 等競爭對手的激烈競爭，可能會挑戰其市場份額。值得注意的是，近幾個月來，Coinbase 的內幕拋售有所增加，聯合創始人 Fred Ehrsam 等高管在第一季總共出售了 3.83 億美元的股票。這筆金額是上一季銷售額的兩倍多，也是自 2021 年 Coinbase 在納斯達克上市以來的最高水準。

Despite these regulatory challenges and competition, Coinbase's first-quarter performance has exceeded expectations, buoyed by robust transaction revenue and a substantial increase in net income. The company's success is inextricably linked to the performance of cryptocurrencies like Bitcoin and Ethereum, which have experienced significant price fluctuations during the quarter. To maintain its position as a leading marketplace for digital token transactions in the U.S., Coinbase must navigate regulatory uncertainties, increasing competition, and potential market volatility in the future.

儘管存在這些監管挑戰和競爭，但在強勁的交易收入和淨利潤大幅增長的推動下，Coinbase 第一季的業績還是超出了預期。該公司的成功與比特幣和以太坊等加密貨幣的表現密不可分，這些貨幣在本季度經歷了大幅價格波動。為了保持其作為美國數位代幣交易領先市場的地位，Coinbase 必須應對監管的不確定性、日益激烈的競爭以及未來潛在的市場波動。