Coinbase硬币和Robinhood Hood是同时讨论的两个名称

鉴于唐纳德·特朗普总统的加密偏爱，这两种股票都引起了人们的关注。比特币的移动，最大的加密货币

Coinbase (NASDAQ:COIN) and Robinhood (NASDAQ:HOOD) are two names that are discussed simultaneously when it comes to topics related to cryptocurrency. Both these stocks have been performing well of late, especially after President Donald Trump's favoritism toward crypto was evident. Any movement in Bitcoin, the largest cryptocurrency, will impact these stocks.

Coinbase（Nasdaq：Coin）和Robinhood（Nasdaq：Hood）是两个名称，这些名字在与加密货币有关的主题时同时讨论。这两种股票最近都表现出色，尤其是在唐纳德·特朗普总统对加密货币的偏爱之后。比特币（最大的加密货币）的任何运动都会影响这些股票。

The easing of regulatory control to accelerate crypto adoption, including institutional, raises optimism. Also, integrating artificial intelligence (AI) and blockchain technology to enhance security and efficiency is appreciable. However, cyber threats remain a challenge.

缓解采用加密货币（包括制度）的监管控制放松，这使人们变得乐观。同样，将人工智能（AI）和区块链技术集成以提高安全性和效率。但是，网络威胁仍然是一个挑战。

But as an investment option, which stock is more attractive? Let’s closely look at the fundamentals of these stocks.

但是作为投资选择，哪种股票更具吸引力？让我们仔细研究这些股票的基本面。

Factors to Consider for COIN

要考虑硬币的因素

America's largest registered crypto exchange is set to benefit from higher crypto asset volatility and prices. Trump’s pro-crypto inclination and focus on regulatory clarity will further benefit Coinbase. The company generated 83% of its total revenues in the United States, which is envisioned as a crypto hub. Total revenues more than doubled in 2024, which also marked two straight years of positive adjusted EBITDA.Transaction revenues, primarily driven by trading volume, should continue to improve. In 2024, trading volume more than doubled year over year, reflecting an increase in both the total market and market share in the United States. Transaction revenues more than doubled year over year in 2024.In an effort to enhance crypto utility, Coinbase invests in infrastructure and foundational platforms like Base — Layer 2 solution. Base is the low-cost Layer 2 solution that helps blockchains scale. Initiatives to enhance the utility of crypto via Base and Stablecoins are encouraging.Coinbase is a fundamentally strong company. It ended 2024 with $9.3 billion in USD resources, which is defined as cash & cash equivalents and USDC, up $3.8 billion year over year.Debt has been decreasing over the past several quarters while total debt capital ratio has been improving. Also, its higher times interest earned implies that the company can comfortably service its debt.Management expects Coinbase to be the platform for companies that are trying to integrate cryptocurrency.However, escalating expenses due to higher transaction expenses and other operating expenses tend to weigh on margins.Crypto asset price risk could adversely impact operating results. A decline in the market price of Bitcoin, Ethereum and other crypto assets could have an adverse effect on earnings, the carrying value of crypto assets and future cash flows. This may also affect liquidity and the ability to meet ongoing obligations.

美国最大的注册加密交易所将受益于更高的加密资产波动和价格。特朗普的亲克赖普托倾向和专注于监管清晰度将进一步受益于共同基础。该公司在美国产生了其总收入的83％，该公司被设想为加密枢纽。在2024年，总收入增加了一倍以上，这也标志着两年的正调整EBITDA。交易收入主要由交易量驱动，应继续改善。在2024年，交易量逐年翻了一番，反映了美国的总市场份额和市场份额的增加。交易收入在2024年逐年增加一倍以上。为了增强加密货币公用事业，Coinbase投资于基础设施和基础平台（例如Base -2层解决方案）。底座是有助于区块链规模的低成本第2层解决方案。通过基础和Stablecoins增强加密货币效用的举措令人鼓舞。CoinBase是一家坚强的公司。它以2024年的结尾，有93亿美元的美元资源（定义为现金和现金同等价值和美元），一年增长了38亿美元。DEBT在过去几个季度中一直在下降，而总债务资本比率一直在提高。此外，其较高的利息所获得的意味着该公司可以舒适地偿还其债务。管理预计Coinbase将成为试图整合加密货币的公司的平台。但是，由于较高的交易费用和其他运营费用往往会对利润率进行权衡而升级支出。比特币，以太坊和其他加密资产的市场价格下跌可能会对收益，加密资产的账面价值和未来现金流量产生不利影响。这也可能影响流动性和履行正在进行的义务的能力。

Factors to Consider for HOOD

引擎盖要考虑的因素

After starting as a brokerage firm that mainly trades in digital assets, Robinhood is evolving into a more mature and diversified entity, striving to widen its market and reach.

从主要从事数字资产进行交易的经纪公司开始之后，Robinhood正在发展成为一个更加成熟和多元化的实体，努力扩大其市场和覆盖范围。

While transaction-based revenues are expected to benefit from the company’s efforts to become a leader in the active trader market, increased retail participation and secular tailwinds, such as a higher mobile banking population and an improvement in net interest revenues, should also drive the top line.

虽然预计基于交易的收入将从公司成为活跃交易者市场的领导者的努力中受益，但零售参与的增加和世俗的后风（例如，移动银行人口较高，净额收入的提高）也应推动最高线。

Rapid product innovations through vertical integration will likely expand its client base, enabling greater operating leverage and paving the way for sustained profitability.

通过垂直集成的快速产品创新可能会扩大其客户群，从而为持续的盈利能力铺平了更多的运营杠杆作用。

By controlling costs, the company has been successfully improving its margin.

通过控制成本，该公司已成功提高其利润率。

However, Robinhood operates in a highly regulated industry and is subject to the scrutiny of numerous authorities. Exposure to regulatory risks, resulting in hefty fines and restrictions, may affect its profitability.

但是，Robinhood在高度受监管的行业中运作，并受到众多当局的审查。暴露于监管风险，导致罚款和限制，可能会影响其盈利能力。

Moreover, Robinhood has been incurring significant SBC expenses relative to its net revenues. Although the company aims to improve its compensation arrangement, significant SBC expenses will continue to dilute shareholders’ value in the near term.

此外，相对于其净收入，罗宾希德一直在产生巨大的SBC支出。尽管该公司旨在改善其薪酬安排，但SBC的大量费用将在短期内继续稀释股东的价值。

Estimates for COIN and HOOD

硬币和引擎盖的估计

The Zacks Consensus Estimate for COIN’s 2025 revenue implies a year-over-year increase but the same for EPS implies a 3.7% decline. EPS estimates have however moved northward over the past seven days.

Zacks对Coin 2025年收入的共识估计意味着同比增长，但EPS相同的收入意味着下降了3.7％。然而，在过去的七天中，每股收益已经向北移动。

On the contrary, the Zacks Consensus Estimate for HOOD’s 2025 revenues and EPS implies a year-over-year increase of 25.4% and 34.9%, respectively. EPS estimates, however, moved southward over the past seven days.

相反，Zacks对Hood 2025年收入和EPS的共识估计分别意味着同比增长25.4％和34.9％。但是，EPS估计在过去的七天中向南移动。