Coinbase Global（Coin）已跌倒 - 与美国股票和加密货币一起下降

在过去的一个月中，Coinbase大大跌倒了 - 与美国股票和加密货币一起下降。近50％的暴跌可能会使这种加密货币交换看起来像是诱人的股票购买

Coinbase (NASDAQ:COIN) stock has tumbled in a big way over the past month, dropping alongside US stocks and crypto.

Coinbase（NASDAQ：COIN）的股票在过去一个月中大大跌倒，与美国股票和加密货币一起下降。

While that nearly 50% plunge might make this crypto exchange look like a tempting stock buy, don’t assume it’s a bargain just yet. Some stock slips mark a real buying opportunity, but for the rest, it’s just a lower price tag.

虽然近50％的人可能会使这种加密货币交换看起来像是一种诱人的股票购买，但不要以为这是一种讨价还价。有些股票滑倒标志着真正的购买机会，但在其余的情况下，这只是一个较低的价格标签。

I’ve run through this company’s numbers and built a model you can use to test various scenarios. So let’s dive in.

我已经贯穿了该公司的数字并建立了一个模型，您可以用来测试各种方案。因此，让我们潜入。

What exactly does Coinbase do?

Coinbase到底做什么？

Coinbase Global (NASDAQ:COIN) is one of the leading cryptocurrency exchanges in the world – and it’s the biggest publicly traded one. Back when there were very few crypto plays on the actual stock market (meaning, before there were bitcoin spot ETFs), Coinbase was one of the darlings. Institutional investors were generally barred from putting the money they managed into cryptocurrencies, but Coinbase gave them a mainstream way to profit from crypto’s action. And the better bitcoin did, the better Coinbase did.

Coinbase Global（NASDAQ：COIN）是世界上领先的加密货币交流之一 - 它是最大的公开交易。早在实际股票市场上的加密货币（意味着在有比特币现场ETF之前）时，Coinbase就是宠儿之一。机构投资者通常被禁止将他们管理的钱投入加密货币，但Coinbase为他们提供了一种从加密货币行动中获利的主流方式。更好的比特币做到了，更好的共插案做到了。

Coinbase’s platform makes it easy for people and institutions to engage with crypto assets – by trading, staking, safekeeping, spending, or transferring them around the globe. And its services are widely used: researchers estimate that two-thirds of Americans who have owned crypto have used Coinbase at some point. And that familiarity has helped it increase its share of both US “spot” and “derivatives” crypto trading, with over 240 different digital assets available to trade on the platform.

Coinbase的平台使人们和机构可以轻松地与加密资产互动 - 通过交易，积分，安全保管，支出或将其转移到全球范围内。它的服务被广泛使用：研究人员估计，拥有加密货币的美国人中有三分之二在某个时候使用了Coinbase。这种熟悉程度有助于它增加了美国“现货”和“衍生品”加密交易的份额，超过240种不同的数字资产可以在平台上进行交易。

Now, there have been a few rather gonzo operations in this industry (to say the least), but Coinbase has mostly not aligned itself with those. Let’s be clear, the firm has had its run-ins with regulators, but it’s also managed to (mostly) build a reputation for both security and legal compliance – and that’s helped it expand into over 100 countries. In the process, the company has developed a “competitive moat” that’s been keeping other potential rivals at a distance, allowing it to continue to profit from crypto’s growth story and even grow its market share.

现在，这个行业已经进行了一些相当相当的奇闻趣事业务（至少可以说），但是Coinbase主要与这些业务并不与之保持一致。我们清楚地说，该公司已经与监管机构有所帮助，但它也设法（主要）以安全和法律合规性建立声誉 - 这有助于它扩展到100多个国家 /地区。在此过程中，该公司开发了一种“竞争护城河”，该护城河一直将其他潜在的竞争对手保持距离，从而使其能够继续从加密货币的增长故事中获利，甚至增长其市场份额。

At the end of last year, Coinbase’s platform held over $400 billion in digital assets – more than double what it had a year earlier. And most of that was in this market’s oldest, biggest asset: bitcoin. The firm is now the world’s biggest custodian of the OG crypto, holding roughly 12% of all the world’s mined bitcoin.

去年年底，Coinbase的平台持有超过4000亿美元的数字资产，这是一年前的两倍以上。其中大部分都是这个市场最古老的最大资产：比特币。该公司现在是世界上最大的OG Crypto托管人，占全球全球开采比特币的12％。

The best Stocks and Shares ISA providers have gone head-to-headBrits, you need to know your way around a Stocks and Shares ISA.

最好的股票和股票ISA提供商已经开始面对头脑，您需要知道围绕股票和股票ISA的方式。

You can use the accounts to invest in a variety of assets at varying risk levels – and most importantly, you won’t pay UK taxon any interest or gains.

您可以使用这些帐户以不同的风险水平投资各种资产 - 最重要的是，您不会向英国分类单元支付任何利息或收益。

That means your money can work harder: by keeping more cash in your account rather than the taxman’s, you’ll benefit from more compounding power, putting you closer to your goals.

这意味着您的资金可以更加努力地工作：通过将更多的现金保留在您的帐户而不是税务员的现金中，您将从更复杂的能力中受益，使您更接近目标。

But with so many providers out there, you’ll be hard-pressed to find clarity about which one offers the best value, investment choices, and service for you.

但是，由于那里有这么多的提供商，您将很难清楚地发现哪个提供了最佳价值，投资选择和服务。

Kepler Trust Intelligence has done the hard work for you, ranking the top ISA providers for 2025 based on performance, fees, and customer satisfaction.

开普勒信任情报（Kepler Trust Intelligence）为您完成了艰苦的工作，根据绩效，费用和客户满意度将2025年的ISA顶级提供商排名。

So to put ISA providers head-to-head, like you might with a new phone or a credit card comparison, you can take a look at Kepler’s ranking of the best ISA providers this year.Okay, so how does Coinbase make money?

因此，要把ISA提供商正对面，就像您可以通过新的手机或信用卡比较一样，您可以查看Kepler今年最好的ISA提供商的排名。

Short answer: crypto fees (mostly). The company more than doubled its revenues last year, raking in $6.3 billion. The bulk of that, some $4 billion, came from crypto transaction fees, with retail investors responsible for 87% of the total and institutional investors driving the rest. Coinbase’s subscriptions and other services (things like stablecoins, staking, lending) pitched in the other $2.3 billion in revenue.

简短答案：加密费（主要是）。该公司去年的收入增加了一倍以上，收入为63亿美元。其中的大部分（约40亿美元）来自加密交易费用，零售投资者负责占剩下剩余的总投资者的87％。 Coinbase的订阅和其他服务（例如Stablecoins，Staging，Lending）的收入为其他23亿美元的收入。

Right now, a lot is driven by activity in the market – and the fees that come from it. But the firm’s more diversified and less market-dependent revenue stream could ultimately help the firm command a higher valuation. (It just might take a while for that to play out.)

目前，在市场上的活动以及从中获得的费用驱动了很多。但是该公司更加多元化和依赖市场的收入来源最终可以帮助该公司的估值更高。 （可能需要一段时间才能发挥作用。）

In the meantime, let’s have a look at Coinbase’s money pipelines.

同时，让我们看看Coinbase的货币管道。

Pipeline #1: Transaction fees.

管道＃1：交易费用。

Volatility tends to be a major driver of volumes. But in 2024, there were a couple of other huge drivers too: the launch of spot bitcoin exchange-traded funds (ETFs) in the first quarter, for one, and an extended rally sparked by the election of a seemingly pro-crypto US president in the fourth quarter, for another.

波动率往往是体积的主要驱动力。但是在2024年，还有其他几个巨大的车手：第一季度推出了现货比特币交易所交易资金（ETF），这是一个延长的集会，该集会在第四季度看似支持的美国总统的选举引发了一个延长的集会。

Coinbase is, frankly, perfectly positioned to gain when everyone flocks

坦率地说，Coinbase在每个人蜂拥而至