Coinbase IPO：投资者坐过山车，加密货币剧烈波动

自 2021 年 IPO 以来，Coinbase 的股价一直波动较大，较开盘价和收盘价大幅下跌。截至目前，最初 1,000 美元的投资价值约为 572.39 美元，下降了 42.76%。与此同时，以标准普尔500指数为代表的大盘表现较好，涨幅和股息收益率贡献为21.40%。比特币和其他加密货币从近期低点回升引发了投资者的乐观情绪，并引发了人们对 Coinbase 等加密货币交易所未来的疑问。

Coinbase IPO: A Rollercoaster Ride for Investors

Coinbase IPO：投资者的过山车之旅

Coinbase's stock has mirrored the volatility of the cryptocurrencies it facilitates for its investors. Embracing the "HODL" (holding on for dear life) mantra has become commonplace among crypto enthusiasts as they navigate the market's sharp descents.

Coinbase 的股票反映了它为投资者提供的加密货币的波动性。当加密货币爱好者应对市场的急剧下跌时，拥抱“HODL”（为亲爱的生命而坚持）的口号已经变得司空见惯。

Upon its initial public offering (IPO) on April 14, 2021, Coinbase was met with thunderous applause. The market exuded euphoria, perceiving it as a milestone in the crypto industry's maturation.

2021 年 4 月 14 日首次公开募股 (IPO) 后，Coinbase 获得了雷鸣般的掌声。市场洋溢着喜悦之情，将其视为加密行业成熟的里程碑。

Today, after three tumultuous years, let's delve into the fate of a $1,000 investment in Coinbase stock (COIN).

今天，在经历了三年的动荡之后，让我们深入探讨一下投资 1,000 美元的 Coinbase 股票 (COIN) 的命运。

Opening Splendor and Subsequent Descent

开启的辉煌和随后的沉沦

Coinbase entered the IPO with a reference price of $250. However, the stock surged significantly on its opening day, reaching a high of $429.54 before settling at $328.28.

Coinbase以250美元的参考价进入IPO。然而，该股开盘当天大幅飙升，最高达到 429.54 美元，随后收于 328.28 美元。

Fast forward to the present, COIN trades at $218.08, a 42.76% plunge from its opening price and a 33.57% decline from its closing price on day one.

快进到现在，COIN 的交易价格为 218.08 美元，较开盘价下跌 42.76%，较第一天收盘价下跌 33.57%。

Your $1,000 Investment Today

您今天的 1,000 美元投资

If you had invested $1,000 in COIN stock at the opening bell, you would now hold 2.62 shares. These shares, as of this writing, are worth $572.39.

如果您在开盘时投资了 1,000 美元 COIN 股票，那么您现在将持有 2.62 股。截至撰写本文时，这些股票价值 572.39 美元。

S&P 500 Comparison

标准普尔 500 指数比较

Let's compare Coinbase's performance to the broader stock market, represented by the S&P 500 index fund (SPY).

让我们将 Coinbase 的表现与以标准普尔 500 指数基金 (SPY) 为代表的更广泛的股票市场进行比较。

SPY closed on April 14, 2021, at $411.45. Today, it trades at $499.52, reflecting a gain of 21.40% over approximately three years, translating to an average annual growth rate of around 7.1%.

SPY 于 2021 年 4 月 14 日收盘于 411.45 美元。如今，其交易价格为 499.52 美元，大约三年内上涨了 21.40%，相当于年均增长率约为 7.1%。

Dividend Difference

股息差

Adding to the pain for Coinbase investors, SPY pays a dividend. Its yield has ranged between 1.24% and 1.64%, bringing the total average annual return for SPY to around 8.5% during the three years since Coinbase's IPO.

SPY 支付股息，这让 Coinbase 投资者更加痛苦。其收益率介于 1.24% 至 1.64% 之间，使 Coinbase IPO 以来三年内 SPY 的年平均总回报率达到 8.5% 左右。

Crypto Winter's Thaw

加密冬天的解冻

After a brutal 2021 and 2022, cryptocurrencies have experienced a resurgence. During Coinbase's IPO, Bitcoin reached a daily high of $64,863. By November 2022, it had plummeted to $15,788.

在经历了残酷的 2021 年和 2022 年之后，加密货币经历了复苏。在 Coinbase 首次公开募股期间，比特币触及每日高点 64,863 美元。到 2022 年 11 月，它已暴跌至 15,788 美元。

However, in the 18 months since then, Bitcoin and other cryptocurrencies have not only recovered, but have thrived. Today, Bitcoin trades around $65,235, with other major coins such as Ether mirroring its surge.

然而，在此后的 18 个月里，比特币和其他加密货币不仅复苏，而且蓬勃发展。如今，比特币的交易价格约为 65,235 美元，以太坊等其他主要代币的价格也随之飙升。

Regulatory Uncertainty

监管的不确定性

With the SEC's approval of cryptocurrency ETFs, many investors believe the regulatory landscape has improved. However, the future trajectory of cryptocurrencies and exchanges like Coinbase remains uncertain.

随着美国证券交易委员会批准加密货币 ETF，许多投资者认为监管环境已经改善。然而，加密货币和 Coinbase 等交易所的未来发展轨迹仍不确定。

In conclusion, a $1,000 investment in Coinbase stock at its IPO would be worth $572.39 today, representing a significant loss compared to the S&P 500's performance and including the absence of dividends. The crypto market's volatility and regulatory uncertainties continue to cast a shadow over Coinbase's future prospects.

总之，在 Coinbase 首次公开募股时投资 1,000 美元，今天的价值为 572.39 美元，与标准普尔 500 指数的表现（包括没有股息）相比，这是一个巨大的损失。加密市场的波动性和监管的不确定性继续给 Coinbase 的未来前景蒙上阴影。