美國加密工業繁榮的兩個交換巨頭之間的競爭成長

伯恩斯坦分析師概述了他們的投資案件。他們認為，在接下來的12個月中，Coinbase的股價飆升至300美元，昨天收盤價為190.38美元的63％。

Bernstein analysts have highlighted their investment case for Coinbase (NASDAQ:COIN) and Robinhood (NASDAQ:HOOD), elaborating on why they prefer the former for its dominant market share in the US crypto industry and the latter for its impressive product pipeline.

伯恩斯坦分析師強調了他們對Coinbase（NASDAQ：COIN）和ROBINOHED（NASDAQ：HOOD）的投資案例，詳細介紹了為什麼他們更喜歡前者在美國加密貨幣行業的主要市場份額，而後者則是其令人印象深刻的產品管道。

The analysts, who rate Coinbase Outperform with a $310 price target, believe the stock could surge by 63% from yesterday's closing price of $190.38 to reach $310 in the next 12 months. They also rate Robinhood Outperform with a $105 price target, implying more than double from its current price of $43.66.

分析師對Coinbase的效果的評價為310美元，他認為，從昨天的收盤價為190.38美元的股票可能會增長63％，在未來12個月內達到310美元。他們還以105美元的價格目標對Robinhood的表現進行評分，這意味著其目前的價格為43.66美元。

"We answer the most asked investor question - COIN vs HOOD? We like both, but for different things," the analysts wrote in an investor note.

分析師在一份投資者指出：“我們回答了最問的投資者問題 - 硬幣vs hood？我們都喜歡兩者，但對於不同的事情。”

"Investors consider COIN a simple crypto trading thesis, and are concerned on rising competition impacting margins. COIN is dominant in the US, and has a broad product suite to drive non-trading revenues, and new trading products to support volumes and margins."

“投資者認為硬幣是一個簡單的加密交易論文，並且關注影響利潤率的競爭上升。硬幣在美國是主導的，並且擁有廣泛的產品套件，可促進非交易收入，以及新的交易產品以支持數量和利潤。”

President Donald Trump wants to make America the world's crypto capital, and combined with a growing share of trading volumes, "Coinbase remains the dominant platform to ride the tailwinds."

唐納德·特朗普（Donald Trump）總統希望使美國成為世界的加密資本，並加上越來越多的交易量，“ Coinbase仍然是騎逆風的主要平台。”

New trading products such as perpetual futures are likely to be approved in the US, Bernstein wrote, while non-trading subscription and service revenues will jump 31%, on a compound annual growth rate over the next two years.

伯恩斯坦寫道，在美國，新的貿易產品（例如永久期貨）可能會得到批准，而非交易訂閱和服務收入將增長31％，在未來兩年內復合年增長率。

Meanwhile, stablecoins, staking services and other services will drive growth.

同時，Stablecoins，Staking Services和其他服務將推動增長。

Regulatory clarity will bring more competition from fintechs, brokers, and banks, Bernstein said.

伯恩斯坦說，監管清晰度將帶來更多來自金融科技，經紀人和銀行的競爭。

"However, we expect, a strong bull market and rising US onshore dominance to more than offset any competitive market share and pricing pressures."

“但是，我們預計，強勁的牛市，使我們在陸上的統治地位越來越多，而不僅僅是抵消了任何競爭性的市場份額和定價壓力。”

As for Robinhood, the analysts noted that the stock is better liked by investors with limited pushback.

至於Robinhood，分析師指出，股票受到有限推力的投資者的喜愛。

"Several investors booked profits post the blockbuster 4Q and are now looking for fresh entries. As regularity clarity emerges, we expect HOOD to launch new tokens on the primary platform from its current 25."

“幾位投資者預訂了大片4Q的利潤，現在正在尋找新的條目。隨著規律性的清晰度的出現，我們希望Hood從目前的25號開始在主要平台上推出新的代幣。”

Coinbase lists more than 250, it noted.

它指出，Coinbase列出了250多個。

Robinhood will also launch staking and stablecoins, which combined accounted for about 25% of Coinbase's revenue last year.

Robinhood還將推出Staking和Stablecoins，該公司去年佔Coinbase收入的約25％。

Robinhood's acquisition of crypto exchange Bitstamp, announced in June, will also fuel gains.

Robinhood在6月宣布的加密交易所Bitstamp的收購也將加劇。

Some 100 tokens are listed on Bitstamp, and the integration will "lead to HOOD's entry in the global exchange space, driving new revenues in global retail and institutional trading, derivatives, staking and stablecoins."

在Bitstamp上列出了約100個令牌，集成將“導致Hood進入全球交換領域，推動全球零售和機構貿易，衍生品，Staking和Stablecoins的新收入”。