加密市場復興：Marathon Digital 和 Coinbase 引領潮流

2023年，加密貨幣市場因SEC批准比特幣ETF、降息預期以及比特幣即將減半等因素而反彈。隨著市場樂觀情緒重新抬頭，對比特幣和以太坊等頂級加密貨幣的直接投資仍然是一種選擇，但投資Marathon Digital（領先的比特幣礦商）和Coinbase Global（主要的加密貨幣交易所）等有前景的加密公司也可以利用行業順風和潛在的成長。

Cryptocurrency Market Resurgence: Marathon Digital and Coinbase Global Emerge as Frontrunners

加密貨幣市場復甦：Marathon Digital 和 Coinbase Global 成為領導者

The cryptocurrency market has undergone a remarkable resurgence in the past year, shedding its bearish sentiments as investors regain confidence amidst favorable regulatory developments, a surge in institutional adoption, and the pending Bitcoin halving. This revitalization has ignited a renewed optimism in the crypto realm, prompting investors to seek opportunities beyond direct cryptocurrency ownership.

加密貨幣市場在過去一年經歷了顯著的復甦，隨著投資者在有利的監管發展、機構採用激增以及即將到來的比特幣減半中重拾信心，擺脫了看跌情緒。這種復興點燃了加密領域新的樂觀情緒，促使投資者尋找直接擁有加密貨幣以外的機會。

In this context, Marathon Digital and Coinbase Global emerge as compelling investment prospects, poised to capitalize on the burgeoning crypto landscape. As the North American leader in Bitcoin mining and one of the largest global cryptocurrency exchanges, respectively, these companies offer investors exposure to the growth drivers shaping the industry.

在此背景下，Marathon Digital 和 Coinbase Global 成為極具吸引力的投資前景，準備充分利用新興的加密貨幣領域。作為北美比特幣挖礦領域的領導者和全球最大的加密貨幣交易所之一，這些公司分別為投資者提供了塑造該行業的成長動力的機會。

1. Marathon Digital: The Bitcoin Mining Powerhouse

1. Marathon Digital：比特幣挖礦巨頭

Marathon Digital stands apart as North America's largest pure-play Bitcoin miner, commanding a formidable market position with its impressive mining operations. In 2023 alone, the company's Bitcoin production skyrocketed by 210%, amassing a staggering 12,852 Bitcoins. Its robust balance sheet further testifies to its financial strength, boasting a significant $1.6 billion in total Bitcoin and cash holdings.

Marathon Digital 是北美最大的純比特幣礦商，憑藉其令人印象深刻的挖礦業務佔據了強大的市場地位。光是 2023 年，該公司的比特幣產量就飆升了 210%，累積了驚人的 12,852 個比特幣。其穩健的資產負債表進一步證明了其財務實力，其比特幣和現金持有總額高達 16 億美元。

Despite temporary setbacks caused by inclement weather conditions, Marathon Digital remains steadfast in its expansion strategy. The company plans to relocate miners to more favorable locations and commission thousands of new units, aiming to expand its operational fleet to an impressive 235,000 miners by year-end. This ambitious plan will likely solidify its dominance over competitors, propelling its production capacity to an extraordinary 29.8 exahashes per second (EH/s).

儘管惡劣天氣條件造成了暫時的挫折，Marathon Digital 仍堅定不移地實施其擴張策略。該公司計劃將礦機遷移到更有利的地點，並調試數千台新設備，目標是到年底將營運礦機數量擴大到 235,000 台。這項雄心勃勃的計劃可能會鞏固其對競爭對手的主導地位，將其生產能力提升至每秒 29.8 EH/s。

Moreover, Marathon Digital's strategic partnerships and acquisitions position it for continued growth. Its joint venture in Abu Dhabi provides a lucrative foothold in the Middle East's burgeoning crypto market, while its periodic sale of Bitcoin allows the company to raise capital for further expansion.

此外，Marathon Digital 的策略合作夥伴關係和收購使其能夠持續成長。它在阿布達比的合資企業在中東蓬勃發展的加密貨幣市場中提供了利潤豐厚的立足點，而定期出售比特幣使該公司能夠籌集資金以進一步擴張。

Analysts predict a sustained growth trajectory for Marathon Digital, forecasting a 35% compound annual growth rate (CAGR) in revenue from 2023 to 2026. While its adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) may exhibit a slower CAGR of 1% due to increased capital expenditures, its stock remains reasonably valued at a compelling 6 times this year's sales and 13 times its adjusted EBITDA.

分析師預測Marathon Digital 將保持持續成長軌跡，預計2023 年至2026 年收入複合年增長率(CAGR) 為35%。雖然其調整後的息稅折舊攤銷前利潤(EBITDA) 可能會呈現較慢的複合年增長率由於資本支出增加，該公司股票的估值仍然合理，為今年銷售額的 6 倍和調整後 EBITDA 的 13 倍。

2. Coinbase Global: The Cryptocurrency Trading Colossus

2. Coinbase Global：加密貨幣交易巨頭

Coinbase Global reigns as one of the world's premier cryptocurrency exchanges, boasting a colossal $101 billion in assets under custody as of 2023. Its selection as custodian for eight of the 11 recently launched Bitcoin spot price ETFs further underscores its industry leadership. Coinbase has emerged unscathed amidst the collapse of many of its peers, demonstrating its operational resilience.

Coinbase Global 是全球首屈一指的加密貨幣交易所之一，截至2023 年託管資產規模高達1,010 億美元。其行業領導地位。在許多同業倒閉的過程中，Coinbase 毫髮無傷，展現了其營運彈性。

While Coinbase's total trading volume declined by 44% in 2023, it has experienced a notable sequential improvement in the third and fourth quarters, in tandem with the crypto market's recovery. The exchange's increasing reliance on the stablecoin Tether for trading revenue, which accounted for 11% of its volume in 2023, could mitigate its long-term vulnerability to the volatility of Bitcoin, Ethereum, and other crypto assets.

儘管 Coinbase 的總交易量在 2023 年下降了 44%，但隨著加密貨幣市場的復甦，第三季和第四季出現了顯著的環比改善。該交易所越來越依賴穩定幣 Tether 來獲取交易收入（2023 年佔其交易量的 11%），這可能會減輕其長期受到比特幣、以太坊和其他加密資產波動影響的脆弱性。

Analysts project Coinbase's revenue to surge at a 21% CAGR from 2023 to 2026, with its adjusted EBITDA expanding at an even more robust 40% CAGR. These forecasts translate into a stock valuation of 10 times this year's sales and 24 times its adjusted EBITDA.

分析師預計，從 2023 年到 2026 年，Coinbase 的收入將以 21% 的複合年增長率激增，其調整後的 EBITDA 將以更強勁的 40% 複合年增長率增長。這些預測相當於今年銷售額的 10 倍和調整後 EBITDA 的 24 倍。

Coinbase's stock may not be considered an outright bargain at present, but it holds significant upside potential as the cryptocurrency market expands. Ark Invest's Cathie Wood, renowned for her bullish stance on Bitcoin and its potential to reach $1.5 million within three years, has repeatedly affirmed her confidence in Coinbase. Her inclusion of the company as a top holding in several of Ark Invest's ETFs bears testament to its compelling long-term prospects.

目前 Coinbase 的股票可能不被認為是完全便宜的，但隨著加密貨幣市場的擴張，它具有巨大的上漲潛力。 Ark Invest 的 Cathie Wood 因看好比特幣及其三年內達到 150 萬美元的潛力而聞名，她多次重申了對 Coinbase 的信心。她將該公司納入 Ark Invest 多個 ETF 的頂級持股，證明了其令人信服的長期前景。

For investors who anticipate increasing participation from retail and institutional investors in the cryptocurrency market, acquiring shares of Coinbase provides an opportune way to tap into this burgeoning trend. By following in the footsteps of Ark Invest, investors can position themselves to benefit from the growth of this transformative industry.

對於預計散戶和機構投資者越來越多地參與加密貨幣市場的投資者來說，收購 Coinbase 的股票提供了利用這一新興趨勢的絕佳方式。透過追隨方舟投資的腳步，投資人可以從這個變革性產業的成長中受益。