晨星 (Morningstar) 發布謹慎的 Coinbase 評估報告，評級股票嚴重高估，公允價值估計為每股 150 美元

該報告分析了公司的商業模式、利潤驅動因素、估值指標和風險，以及可操作的水平和投資見解

Coinbase Global Inc. (COIN), the largest U.S.-based cryptocurrency exchange, has drawn a cautious evaluation from Morningstar, with a fair value estimate of $150 per share and a commentary on the company's strengths and weaknesses in the dynamic cryptocurrency market. Here's a closer look at Morningstar's analysis and key takeaways.

美國最大的加密貨幣交易所 Coinbase Global Inc. (COIN) 得到了晨星公司的謹慎評估，其公允價值估計為每股 150 美元，並對該公司在動態加密貨幣市場中的優勢和劣勢進行了評論。以下是晨星公司的分析和關鍵要點的詳細分析。

Coinbase is a leading cryptocurrency exchange that benefits from rising crypto prices and streamlined costs. However, it faces regulatory risks, such as the SEC lawsuit, and its business is tied to the volatile crypto market.

Coinbase 是一家領先的加密貨幣交易所，受益於加密貨幣價格上漲和成本簡化。然而，它面臨著監管風險，例如 SEC 訴訟，而且其業務與波動的加密貨幣市場息息相關。

Coinbase is valued at $150 per share by Morningstar, which is significantly lower than its current trading price of $270.65. This translates to a downside of around 44% from the present price.

晨星公司對 Coinbase 的估值為每股 150 美元，遠低於其目前 270.65 美元的交易價格。這意味著較目前價格下跌約 44%。

Coinbase lacks an economic moat, highlighting the challenges in establishing a durable competitive edge in the cryptocurrency space.

Coinbase 缺乏經濟護城河，凸顯了在加密貨幣領域建立持久競爭優勢的挑戰。

Transaction fees and interest income from the USDC partnership are identified as the primary profit drivers for Coinbase.

USDC 合作夥伴的交易費用和利息收入被認為是 Coinbase 的主要利潤驅動力。

Coinbase is licensed in New York as a virtual currency exchange and has applied for a charter from the Federal Reserve to become a bank holding company. However, the company's status as a cryptocurrency exchange and custodian places it within the jurisdiction of various regulatory bodies, including the Commodities Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC).

Coinbase 在紐約獲得虛擬貨幣交易所許可，並已向聯準會申請成為銀行控股公司的許可。然而，該公司作為加密貨幣交易所和託管人的地位使其受到各種監管機構的管轄，包括商品期貨交易委員會（CFTC）和證券交易委員會（SEC）。

Coinbase's business strategy revolves around providing a platform for cryptocurrency trading, custody, and brokerage services. The company caters to both retail and institutional traders, aiming to capitalize on the growing adoption and utilization of digital assets.

Coinbase 的業務策略圍繞著提供加密貨幣交易、託管和經紀服務平台。該公司為零售和機構交易者提供服務，旨在利用數位資產日益普及和利用的機會。

In a sector often marred by fraud and volatility, Coinbase has cultivated a reputation for operating a secure and regulatory-compliant exchange. This standing has proven instrumental in attracting and retaining customers within a competitive and rapidly evolving market.

在一個經常受到詐欺和波動困擾的行業中，Coinbase 因營運安全且合規的交易所而贏得了聲譽。事實證明，這一地位有助於在競爭激烈且快速發展的市場中吸引和留住客戶。

However, Coinbase's business model is heavily reliant on cryptocurrency trading fees, which are directly tied to the speculative and cyclical nature of crypto markets. This reliance poses inherent risks, especially considering the volatility and regulatory uncertainty surrounding cryptocurrencies.

然而，Coinbase 的商業模式嚴重依賴加密貨幣交易費用，這與加密貨幣市場的投機性和週期性性質直接相關。這種依賴帶來了固有的風險，特別是考慮到加密貨幣的波動性和監管不確定性。

Coinbase is facing a class-action lawsuit from customers who allege that the company engaged in deceptive practices by promoting and selling unregistered securities through its staking service. The lawsuit was filed in response to a SEC statement that crypto exchanges may face legal action for offering unregistered securities.

Coinbase 正面臨來自客戶的集體訴訟，這些客戶指控該公司透過其質押服務推銷和銷售未註冊的證券，從而從事欺騙行為。該訴訟是針對美國證券交易委員會的聲明而提起的，該聲明稱加密貨幣交易所可能因提供未註冊的證券而面臨法律訴訟。

Coinbase is also facing a lawsuit from the SEC over allegations that its Lend program violated securities laws. The SEC claims that the program, which allowed customers to earn rewards by lending out their crypto assets, should have been registered as a securities offering.

Coinbase 也面臨 SEC 的訴訟，指控其 Lend 計劃違反證券法。美國證券交易委員會聲稱，該計劃允許客戶透過出藉其加密資產來賺取獎勵，並且應該註冊為證券發行。

Technical Analysis and Investment Levels for COIN

COIN 的技術分析和投資水平

Coinbase's stock price has been fluctuating within a recent range, with key levels identified by technical analysis. These levels can provide traders with potential areas of support and resistance for short-term price movements.

Coinbase 的股價近期一直在區間內波動，技術分析確定了關鍵水準。這些水準可以為交易者提供短期價格走勢的潛在支撐和阻力區域。

Support Levels: $250, $230 Resistance Levels: $280, $300 Fibonacci Levels Using a recent high of $310 and a low of $200, the following levels apply:

支撐位：250 美元、230 美元 阻力位：280 美元、300 美元 斐波那契水準 使用近期高點 310 美元和低點 200 美元，適用以下水準：

23.6% Retracement: $230 50% Retracement: $255 61.8% Retracement: $275 A breakout above $280 could lead to further upward momentum toward $300, while a breach below $250 may push the stock down to $230.

23.6% 回檔：230 美元 50% 回檔：255 美元 61.8% 回檔：275 美元 突破 280 美元可能會導致進一步上漲至 300 美元，而跌破 250 美元可能會將股價推低至 230 美元。

Valuation Metrics and Competitor Comparison CME Group (CME) has a fair value estimate of $225 and a market cap of $83.78 billion, boasting a wide economic moat.

估值指標與競爭對手比較 芝商所 (CME) 的公允價值估計為 225 美元，市值為 837.8 億美元，擁有廣泛的經濟護城河。

Block Inc. (SQ), on the other hand, carries a fair value estimate of $90 and a market cap of $57.12 billion. While Coinbase focuses on cryptocurrencies, both CME Group and Block Inc. operate diversified financial businesses that could offer more stable revenue streams.

另一方面，Block Inc. (SQ) 的公允價值估計為 90 美元，市值為 571.2 億美元。雖然 Coinbase 專注於加密貨幣，但 CME 集團和 Block Inc. 都經營多元化的金融業務，可以提供更穩定的收入來源。

Coinbase is compared to other companies in the financial sector by Morningstar. Both CME Group and Block Inc. are assigned lower fair value estimates and higher market caps.

晨星公司將 Coinbase 與金融領域的其他公司進行了比較。 CME Group 和 Block Inc. 的公允價值估值較低，市值較高。

Coinbase benefits from its crypto focus, while competitors like CME Group and Block Inc. have diversified financial businesses.

Coinbase 受益於其對加密貨幣的關注，而 CME Group 和 Block Inc. 等競爭對手則擁有多元化的金融業務。

Profit Drivers and Financial Performance Analysis As the largest U.S.-based cryptocurrency exchange, Coinbase generates the majority of its revenue from retail trading fees. These fees are directly tied to the volume and prices of cryptocurrencies, which can fluctuate dramatically.

利潤驅動因素與財務績效分析 作為美國最大的加密貨幣交易所，Coinbase 的大部分收入來自零售交易費用。這些費用與加密貨幣的數量和價格直接相關，而加密貨幣的數量和價格可能會大幅波動。

Coinbase's partnership with Circle to launch the USDC stablecoin contributes a significant portion of the company's total interest income. However, with interest rates expected to decline in the future, this revenue stream may also decrease.

Coinbase 與 Circle 合作推出的 USDC 穩定幣貢獻了公司總利息收入的很大一部分。然而，隨著未來利率預計下降，這一收入來源也可能減少。

Coinbase has recently undertaken cost-cutting measures, including layoffs and other expense reductions, which have helped improve the company's overall cost structure and aided in achieving profitability.

Coinbase最近採取了削減成本的措施，包括裁員和其他費用削減，這有助於改善公司的整體成本結構並有助於實現盈利。

Regulatory and Market Risks Impacting Coinbase Coinbase is embroiled in legal battles with the SEC, which has accused the company of offering unregistered securities. This creates significant regulatory uncertainty that could limit

影響 Coinbase 的監管和市場風險 Coinbase 捲入了與 SEC 的法律訴訟，SEC 指控該公司提供未註冊的證券。這造成了巨大的監管不確定性，可能會限制