伯恩斯坦（Bernstein

这家研究公司强调了Coinbase在美国加密货币市场上的统治地位，并预测了由监管清晰度和加密交易量扩展到美国海岸的稳健收益增长。

Bernstein initiated coverage of Coinbase Global Inc (NASDAQ:COIN) with a Risky rating and a price target of $310, presenting a potential 69% upside from its current price of $188.96.

伯恩斯坦（Bernstein）以风险评级为310美元的Coinbase Global Inc（NASDAQ：COIN）的覆盖范围，其目前的价格为188.96美元，潜在的69％上涨空间。

Highlighting Coinbase's dominance in the U.S. crypto market and projected robust earnings growth driven by regulatory clarity and expansion of crypto trading volumes back to American shores, Bernstein analysts believe the company is uniquely positioned to capitalize on the reshoring of global crypto markets to the United States.

Bernstein Analysts强调了Coinbase在美国加密货币市场上的主导地位，并预计，由监管清晰度和加密货币交易量扩大到美国沿岸的增长，伯恩斯坦分析师认为，该公司在全球加密市场对美国的重新构建。

They pointed out that Coinbase's leadership, highlighted by over 66% U.S. market share, places it as the premier platform to benefit from an increasingly crypto-friendly regulatory environment.

他们指出，Coinbase的领导能力以超过66％的美国市场份额强调，它是受益于日益加密的监管环境的首要平台。

Bernstein expects Coinbase's earnings per share (EPS) to grow at a compound annual growth rate (CAGR) of 38% through 2026, substantially ahead of Wall Street consensus estimates.

伯恩斯坦（Bernstein）预计，Coinbase的每股收益（EPS）将以38％的复合年增长率（CAGR）增长到2026年，其大幅度超过华尔街共识估计。

"We are about 30% above consensus on 2025 EPS estimates and approximately 61% ahead for 2026," the analysts stated.

分析师说：“在2025年的EPS估计中，我们比共识高出约30％，在2026年提前约61％。”

The firm also noted the Trump administration's pro-crypto stance, including plans to make the U.S. the global hub for digital assets.

该公司还指出，特朗普政府的亲克莱普托立场，包括使美国成为全球数字资产中心的计划。

Policies such as a stablecoin bill and digital asset market structure legislation are expected to be passed by year-end 2024, which bodes well for Coinbase.

预计诸如Stablecoin法案和数字资产市场结构立法之类的政策预计将在2024年底之前通过，这对Coinbase来说是很好的。

Bernstein expects these regulatory changes to drive a return of offshore crypto volumes to U.S. markets, lifting Coinbase's revenues and offsetting competitive pressures from fintech and brokerage entrants.

伯恩斯坦（Bernstein）预计，这些监管变化将推动离岸加密货币销售给美国市场的回报，从而提高了Coinbase的收入并抵消了Fintech和经纪人参与者的竞争压力。

Beyond trading, Bernstein praised Coinbase's growing non-trading revenue streams such as staking, stablecoin issuance and institutional custody services, which provide a buffer against the cyclicality of crypto trading volumes.

除贸易外，伯恩斯坦（Bernstein）赞扬了Coinbase不断增长的非交易收入来源，例如Staking，Stablecoin发行和机构监护服务，这些服务提供了反对加密交易量的周期性的缓冲。

The firm's report forecasts non-trading revenues to grow at a 31% CAGR between 2024 and 2026.

该公司的报告预测，在2024年至2026年期间，非交易收入将以31％的复合年增长率增长。

Despite looming competition from firms like Robinhood and traditional brokerages, Bernstein maintains that Coinbase's "compliance-first approach and impeccable safety track record" offer a durable advantage.

尽管诸如Robinhood和传统经纪公司等公司的竞争迫在眉睫，但伯恩斯坦坚持认为，Coinbase的“合规性 - 优点和无可挑剔的安全记录”提供了持久的优势。

"We believe COIN trades cheap at current levels relative to its EPS growth," the firm concluded, noting Coinbase's price-to-earnings growth (PEG) ratio is materially lower than peers.

该公司得出结论：“我们认为，相对于其EPS增长，硬币的交易价格便宜，”该公司指出，Coinbase的市盈率增长（PEG）的比率大大低于同行。

Bernstein's valuation assumes a 21x price-to-earnings multiple based on 2026 earnings, which it says is in line with fintech and broker-dealer peers.

伯恩斯坦的估值基于2026年的收入，假定21倍的市盈率，它说这与金融科技和经纪交易商同行一致。

Coinbase stock has declined roughly 24% over the past year but has rallied in tandem with improving sentiment around digital assets amid institutional adoption and regulatory tailwinds.

在过去的一年中，Coinbase股票的下降约为24％，但由于机构采用和监管逆风而与数字资产的情绪提高了同时。

"The regulatory dark cloud that hovered over Coinbase has lifted, and this provides a fresh runway for COIN's next leg of growth," the analysts stated.

分析师说：“悬停在二线群上的监管乌云已经抬起，这为硬币下一个生长而言提供了新的跑道。”