MicroStrategy (MSTR) 與 Coinbase (COIN)：哪一種比特幣股票比較值得買？

在 2022 年熊市期間市值損失超過 75% 後，比特幣 (BTCUSDC) 在過去 22 個月中又重新煥發活力。

Bitcoin (BTCUSD) has staged a remarkable comeback from the bear market of 2022, which saw the cryptocurrency lose over 75% of its market value. Over the last 22 months, BTC prices have surged over 300%, valuing the world’s largest cryptocurrency at a market cap of $1.34 trillion.

比特幣 (BTCUSD) 從 2022 年的熊市中實現了驚人的反彈，該加密貨幣的市值在 2022 年熊市中損失了超過 75%。在過去 22 個月中，BTC 價格飆升超過 300%，全球最大的加密貨幣市值達到 1.34 兆美元。

While Bitcoin is up significantly, investors can also gain access to the digital asset by holding shares of crypto-related companies, such as Coinbase (NASDAQ:COIN) and MicroStrategy (NASDAQ:MSTR).

雖然比特幣大幅上漲，但投資者也可以透過持有 Coinbase （納斯達克股票代碼：COIN）和 MicroStrategy （納斯達克股票代碼：MSTR）等加密相關公司的股票來獲得數位資產。

Coinbase is one of the world’s largest crypto exchanges, while MicroStrategy is the largest institutional holder of Bitcoin. Let’s see which of these Bitcoin stocks is a better buy right now.

Coinbase 是全球最大的加密貨幣交易所之一，而 MicroStrategy 則是最大的比特幣機構持有者。讓我們看看現在哪些比特幣股票更值得買。

Is MicroStrategy Stock A Good Buy?

MicroStrategy 股票值得買入嗎？

Valued at a market cap of $41.8 billion, MicroStrategy (MSTR) shares have returned an emphatic 1,434% in the last five years. MicroStrategy began accumulating Bitcoin on its balance sheet in mid-2020, and now holds 252,220 BTC.

MicroStrategy (MSTR) 的市值為 418 億美元，過去五年的回報率高達 1,434%。 MicroStrategy 於 2020 年中期開始在其資產負債表上累積比特幣，目前持有 252,220 BTC。

While MicroStrategy is an enterprise software company, its aggressive Bitcoin strategy means its stock performance is now tied to the performance of the digital asset.

雖然 MicroStrategy 是一家企業軟體公司，但其積極的比特幣策略意味著其股票表現現在與數位資產的表現掛鉤。

MicroStrategy Executive Chairman Michael Saylor expects BTC prices to surge to $13 million by 2045. At these prices, its current Bitcoin position would be valued at $3.3 trillion. This suggests that MicroStrategy could have the largest cash reserve compared to any other publicly traded company, allowing it to fund innovative projects or allocate capital towards big-ticket acquisitions.

MicroStrategy 執行主席 Michael Saylor 預計 BTC 價格到 2045 年將飆升至 1,300 萬美元。這表明，與任何其他上市公司相比，MicroStrategy 可能擁有最大的現金儲備，使其能夠為創新項目提供資金或將資金分配給大額收購。

Recently, investment bank Bernstein raised its target price on MSTR stock to $290, indicating an upside potential of over 23% from current levels. Bernstein is bullish on MicroStrategy’s significant BTC investment, worth roughly $16 billion today.

最近，投資銀行伯恩斯坦將 MSTR 股票的目標價上調至 290 美元，顯示較當前水準有超過 23% 的上漲潛力。 Bernstein 看好 MicroStrategy 的重大 BTC 投資，目前價值約 160 億美元。

At an event hosted by Bernstein, Saylor explained that MicroStrategy eventually aims to evolve into a Bitcoin bank and create capital market instruments tied to the cryptocurrency. He explained, “We are in the core business of creating Bitcoin capital market instruments across equity, convertibles, fixed income, and preferred shares.”

在 Bernstein 主辦的活動中，Saylor 解釋說，MicroStrategy 最終的目標是發展成為一家比特幣銀行，並創建與加密貨幣相關的資本市場工具。他解釋說：“我們的核心業務是創建涵蓋股票、可轉換債券、固定收益和優先股的比特幣資本市場工具。”

Each of the eight analysts covering MSTR stock has a "strong buy” recommendation. Wall Street has an average target price of $223.44 for the tech stock, which is a slight discount to Friday's closing price.

研究 MSTR 股票的八位分析師均給出了「強力買入」建議。

Is Coinbase Stock Undervalued In October 2024?

2024 年 10 月 Coinbase 股票是否被低估？

Valued at $51.36 billion by market cap, Coinbase (NASDAQ:COIN) has returned close to 164% in the last 12 months and is up almost 500% since the start of 2023. While Coinbase is among the world’s largest crypto exchanges, it is diversifying its revenue base, which should result in lower volatility related to crypto's price swings.

Coinbase（NASDAQ：COIN）的市值為513.6 億美元，過去12 個月的回報率接近164%，自2023 年初以來上漲了近500%。一，但它正在多元化發展其收入基礎，這應該會導致與加密貨幣價格波動相關的波動性降低。

Previously, Coinbase generated the majority of sales from crypto trading fees and commissions. So, the company would benefit from higher trading volumes and fees during bull runs and experience a drastic fall in sales when sentiment turned bearish. For instance, its sales rose from $1.27 billion in 2020 to $7.87 billion in 2021, before falling to $3.15 billion in 2022.

此前，Coinbase 的大部分銷售額來自加密貨幣交易費用和佣金。因此，該公司將在牛市期間受益於較高的交易量和費用，並在情緒轉為看跌時經歷銷售額的急劇下降。例如，其銷售額從 2020 年的 12.7 億美元增至 2021 年的 78.7 億美元，然後在 2022 年下降至 31.5 億美元。

In addition to facilitating cryptocurrency transactions, Coinbase now generates revenue from other products and services, such as staking, interest income, and custodial services. This diversification allows Coinbase to benefit from several aspects of this disruptive market, making it a top investment choice in 2024.

除了促進加密貨幣交易之外，Coinbase 現在還透過其他產品和服務產生收入，例如質押、利息收入和託管服務。這種多元化使 Coinbase 能夠從這個顛覆性市場的多個方面受益，使其成為 2024 年的最佳投資選擇。

Today, Coinbase generates 56% of its revenue from transaction fees, down from 90% in 2022. In Q2 of 2024, Coinbase reported transaction revenue of $781 million, up from $327 million, while total subscription and services revenue rose to $599 million, up from $335.4 million.

如今，Coinbase 56% 的收入來自交易費用，低於2022 年的90%。美元，年增3.354 億美元起。

Moreover, its asset-light business allowed Coinbase to generate a free cash flow of $1.20 billion in the last 12 months, up from $923 million in 2023.

此外，其輕資產業務使 Coinbase 在過去 12 個月內產生了 12 億美元的自由現金流，高於 2023 年的 9.23 億美元。

Priced at 35.6 times forward earnings, COIN stock is not too expensive, especially if Bitcoin prices can touch multiple record highs in the next 12 months.

COIN 股票的預期本益比為 35.6 倍，並不算太貴，特別是如果比特幣價格在未來 12 個月內觸及多個歷史新高的話。

Out of the 22 analysts covering Coinbase, seven recommend “strong buy,” one recommends “moderate buy,” 13 recommend “hold,” and one recommends “strong sell.” The average target price for COIN stock is $241.70, about 18% above Friday's close.

在研究 Coinbase 的 22 名分析師中，7 名建議“強力買入”，1 名建議“適度買入”，13 名建議“持有”，1 名建議“強力賣出”。 COIN 股票的平均目標價為 241.70 美元，較週五收盤價高出約 18%。

If you are bullish on Bitcoin, it makes sense to gain a small position in both these crypto stocks and benefit from outsized gains over time.

如果您看好比特幣，那麼在這兩種加密貨幣股票中獲得少量頭寸並隨著時間的推移從巨額收益中受益是有意義的。