JMP 表示 Coinbase 的多元化战略拥有充足的增长潜力

在衍生品和质押等辅助业务的推动下，Coinbase 第一季度的交易量激增。 JMP 证券维持看涨前景，理由是该交易所在代币化、支付和 Web3 开发方面的作用不断扩大。该公司强调了传统金融公司与 Coinbase 合作的潜力，推动数字资产领域的进一步增长和创新。

Coinbase's Ancillary Businesses Offer Ample Growth Prospects, JMP Securities Asserts

JMP 证券断言 Coinbase 的辅助业务提供充足的增长前景

Coinbase Global Inc. (COIN), a leading cryptocurrency exchange, is poised to capitalize on significant growth opportunities beyond its core trading operations, according to JMP Securities. In a comprehensive research report published Thursday, the brokerage firm highlighted the burgeoning potential of Coinbase's ancillary businesses, complementing its robust trading volumes.

JMP 证券表示，领先的加密货币交易所 Coinbase Global Inc. (COIN) 准备利用其核心交易业务之外的重大增长机会。在周四发布的一份综合研究报告中，该经纪公司强调了 Coinbase 辅助业务的新兴潜力，与其强劲的交易量相辅相成。

Robust Trading Momentum and Emerging Derivatives Platform

强劲的交易动力和新兴的衍生品平台

JMP Securities noted that Coinbase's daily spot trading volume surged in the first quarter, averaging approximately $3.3 billion, representing a more than twofold increase compared to the fourth quarter of 2021. This robust activity underscores the growing adoption of cryptocurrencies and the exchange's market share gains. Additionally, the firm's newly launched derivatives platform is rapidly gaining traction, indicating Coinbase's expansion into more sophisticated financial instruments.

JMP Securities 指出，Coinbase 第一季度的每日现货交易量激增，平均约为 33 亿美元，与 2021 年第四季度相比增长了两倍多。这种强劲的活动凸显了加密货币的日益普及以及该交易所市场份额的增长。此外，该公司新推出的衍生品平台正在迅速获得关注，这表明 Coinbase 正在向更复杂的金融工具扩张。

Expanding Blockchain Use Cases and Ecosystem Participation

扩大区块链用例和生态系统参与

Beyond its core trading business, JMP Securities sees substantial growth opportunities for Coinbase in the broader blockchain ecosystem. The report identifies the tokenization of real-world assets, payments through partnerships with stablecoin issuers, Web3 development, decentralized applications (dapps), and staking as key areas where Coinbase can leverage its platform and expertise.

除了核心交易业务之外，JMP 证券还看到了 Coinbase 在更广泛的区块链生态系统中的巨大增长机会。该报告指出，现实世界资产的代币化、通过与稳定币发行人合作进行的支付、Web3 开发、去中心化应用程序 (dapp) 以及质押是 Coinbase 可以利用其平台和专业知识的关键领域。

By collaborating with traditional finance (TradFi) firms seeking to engage with digital assets, Coinbase can participate in the sector's future growth and innovation without directly competing with established players, the report suggests.

报告显示，通过与寻求数字资产业务的传统金融 (TradFi) 公司合作，Coinbase 可以参与该行业的未来增长和创新，而无需与老牌企业直接竞争。

ETF Adoption and Market Potential

ETF 的采用和市场潜力

JMP Securities continues to view the potential adoption of a spot bitcoin exchange-traded fund (ETF) as a significant catalyst for the cryptocurrency market. However, the brokerage acknowledges that ETF inflows may not be linear, with potential transitory selling related to the Grayscale Bitcoin Trust (GBTC).

JMP 证券继续将现货比特币交易所交易基金 (ETF) 的采用视为加密货币市场的重要催化剂。然而，该券商承认 ETF 流入可能不是线性的，可能会出现与灰度比特币信托 (GBTC) 相关的暂时性抛售。

Despite these near-term headwinds, JMP Securities remains optimistic about the long-term growth prospects for Coinbase. The report estimates that approximately $25 trillion of capital associated with traditional wealth management has yet to enter the cryptocurrency market, presenting a vast opportunity for Coinbase to capture market share.

尽管存在这些近期阻力，JMP 证券仍对 Coinbase 的长期增长前景持乐观态度。该报告估计，大约 25 万亿美元与传统财富管理相关的资本尚未进入加密货币市场，这为 Coinbase 夺取市场份额提供了巨大的机会。

Market Outperform Rating and Price Target

跑赢大盘评级和目标价

Based on these growth drivers, JMP Securities maintains a Market Outperform rating on Coinbase shares, with a price target of $300. The stock closed at $262 on Thursday, reflecting a potential upside of approximately 15%.

基于这些增长动力，JMP Securities 维持 Coinbase 股票跑赢大市的评级，目标价为 300 美元。该股周四收于 262 美元，潜在上涨幅度约为 15%。

Conclusion

结论

Coinbase's expanding ecosystem of ancillary businesses, combined with its strong trading volumes and potential ETF tailwinds, positions the company for continued growth and value creation in the rapidly evolving cryptocurrency market. JMP Securities' bullish outlook underscores the company's ability to capitalize on the broader adoption of blockchain technology and digital assets.

Coinbase 不断扩大的辅助业务生态系统，加上其强劲的交易量和潜在的 ETF 推动力，使该公司能够在快速发展的加密货币市场中实现持续增长和价值创造。 JMP 证券的乐观前景凸显了该公司利用区块链技术和数字资产更广泛采用的能力。