随着加密货币采用趋势升温，Coinbase (COIN) 股价在 2024 年上涨 42.8%

根据标准普尔全球市场情报提供的数据，加密货币公司 Coinbase Global (COIN -0.47%) 的股价在 2024 年上涨了 42.8%。

Coinbase (NASDAQ:COIN) stock soared 42.8% in 2024, easily outpacing the broader market. The cryptocurrency space came roaring back to life throughout the year. And given that Coinbase is a leading cryptocurrency infrastructure company, it's not surprising to see it enjoy big gains.

Coinbase（纳斯达克股票代码：COIN）股价在 2024 年飙升 42.8%，轻松超过大盘。加密货币领域在这一年中重新焕发了生机。鉴于 Coinbase 是一家领先的加密货币基础设施公司，看到它获得巨大收益也就不足为奇了。

Several factors contributed to Coinbase's strong performance in 2024.

多种因素促成了 Coinbase 在 2024 年的强劲表现。

The obvious catalyst were the big gains from Bitcoin (CRYPTO:BTC), the largest cryptocurrency in the world. Bitcoin's price increased by 119% last year. And whenever this happens, it fuels massive interest for the space generally, which is a tailwind for Coinbase.

明显的催化剂是世界上最大的加密货币比特币（CRYPTO：BTC）的巨大收益。比特币的价格去年上涨了 119%。每当这种情况发生时，都会引发对该领域的巨大兴趣，这对 Coinbase 来说是一个顺风车。

But the less obvious tailwind for Coinbase was the adoption trend for USD Coin (CRYPTO:USDC). It's a stablecoin, and its price consequently shouldn't change. By contrast, its market capitalization does go up, and it highlights adoption trends.

但对 Coinbase 来说不太明显的推动因素是美元硬币（CRYPTO：USDC）的采用趋势。它是一种稳定币，因此其价格不应改变。相比之下，它的市值确实有所上升，并且凸显了采用趋势。

USD Coin started 2024 with a roughly $25 billion market cap and ended with a market cap closer to $44 billion, according to CoinMarketCap. That 76% increase is consequential, as I'll explain.

根据 CoinMarketCap 的数据，美元币 2024 年年初的市值约为 250 亿美元，结束时市值接近 440 亿美元。正如我将解释的那样，76% 的增长是必然的。

Moreover, with the U.S. election cycle, many politicians aligned themselves with a pro-crypto message, including President-elect Donald Trump. This further bolsters confidence in long-term cryptocurrency adoption, to the likely benefit of Coinbase.

此外，随着美国大选周期的到来，许多政客都支持加密货币，其中包括当选总统唐纳德·特朗普。这进一步增强了人们对长期采用加密货币的信心，这可能会给 Coinbase 带来好处。

Multiple things are driving growth for Coinbase

多种因素正在推动 Coinbase 的增长

Coinbase has only reported financial results for the first three quarters of 2024 so far. But revenue for those three quarters was 99% higher than the same three quarters of 2023. And if that's not exciting enough, the company already has nearly $1.3 billion in net income for the year.

截至目前，Coinbase 仅公布了 2024 年前三季度的财务业绩。但这三个季度的收入比 2023 年同三个季度高出 99%。如果这还不够令人兴奋的话，该公司今年的净利润已经接近 13 亿美元。

Granted, much of this is the result of gains on its crypto investments. But the business is profitable as well.

诚然，这很大程度上是其加密货币投资收益的结果。但这项业务也是有利可图的。

Gains are coming from multiple areas. For starters, trading volume for retail investors is soaring -- in the third quarter, it was up over 200% year over year.

收益来自多个领域。首先，散户投资者的交易量正在飙升——第三季度同比增长超过 200%。

Revenue from enterprises was also up -- Coinbase is viewed as a trustworthy crypto partner for these customers with particular needs. For one example, as of Q3, there were 20 approved exchange-traded funds (ETFs) for crypto. Coinbase was the custodian for 17 of them.

来自企业的收入也有所增加——Coinbase 被视为这些有特殊需求的客户值得信赖的加密货币合作伙伴。例如，截至第三季度，已有 20 只获得批准的加密货币交易所交易基金 (ETF)。 Coinbase 是其中 17 个的托管人。

Finally, USD Coin's controlling company, Circle, holds cash reserves so that users can quickly redeem stablecoins if they so choose. But it earns interest on these deposits. For its part, Coinbase also partly owns the project. Therefore, as the cash balance for USD Coin goes up (which is what its market cap shows), Coinbase earns more money for its share of the project.

最后，USD Coin 的控股公司 Circle 持有现金储备，以便用户可以根据需要快速兑换稳定币。但它可以从这些存款中赚取利息。就 Coinbase 而言，它也拥有该项目的部分所有权。因此，随着 USD Coin 的现金余额增加（这就是其市值所显示的），Coinbase 可以从其项目份额中赚取更多的钱。

Could Coinbase stock keep rising?

Coinbase 股价还能继续上涨吗？

The cryptocurrency space notoriously has ups and downs. It's undeniable in an uptrend right now. And if this crypto bull market is as long as past ones, then 2025 could be another good year for crypto and crypto stocks such as Coinbase.

众所周知，加密货币领域有起有落。不可否认，目前处于上升趋势。如果这次加密货币牛市和过去的牛市一样长，那么 2025 年对于加密货币和 Coinbase 等加密货币股票来说可能又是一个好年头。

I'm cautiously optimistic about Coinbase's prospects in the coming year. But I'm also watching whether U.S. politicians bring greater clarity to the space in the coming year as promised.

我对 Coinbase 来年的前景持谨慎乐观态度。但我也在关注美国政界人士是否会像承诺的那样在来年更加明确这一领域。

In closing, there could be noteworthy regulatory changes in 2025 that are material for Coinbase's business long term.

最后，2025 年可能会出现值得注意的监管变化，这对 Coinbase 的长期业务至关重要。