Coinbase 的多方面增长：超越交易，拥抱 Web3 和区块链创新

Coinbase 是一家领先的加密货币交易所，继续其多方面的增长战略。分析师 Devin Ryan 维持市场跑赢大市评级，目标价为 300 美元，不仅指出了交易所业务的增长潜力，还指出了该公司在区块链创新方面的重要作用。

Coinbase's Diversified Growth Strategy: Beyond Trading, Embracing Blockchain Innovations

Coinbase多元化增长战略：超越交易，拥抱区块链创新

Analyst's Perspective

分析师的观点

JMP analyst Devin Ryan, who has closely followed Coinbase Global, Inc. (NASDAQ: COIN) since its inception, maintains a Market Outperform rating with a price target of $300 on the company's stock. Ryan recognizes Coinbase's potential to transcend its role as a cryptocurrency exchange and become a key player in the broader blockchain ecosystem.

JMP 分析师 Devin Ryan 自 Coinbase Global, Inc.（纳斯达克股票代码：COIN）成立以来一直密切关注该公司，维持该公司股票跑赢大盘的评级，目标价为 300 美元。 Ryan 认识到 Coinbase 有潜力超越其作为加密货币交易所的角色，成为更广泛的区块链生态系统中的关键参与者。

Exchange Business Growth

交易所业务增长

Coinbase's core trading business continues to exhibit robust growth. In the first quarter of 2024, spot-trading volumes surged by approximately 106% compared to the fourth quarter of 2023 and 108% compared to the first quarter of 2023. Additionally, the company's derivatives platform has witnessed a remarkable rise in daily volumes, reaching $689 million in the current quarter, a significant increase from $178 million in the previous quarter.

Coinbase 的核心交易业务继续呈现强劲增长。 2024年第一季度，现货交易量较2023年第四季度激增约106%，较2023年第一季度激增108%。此外，该公司的衍生品平台日交易量显着上升，达到本季度为 6.89 亿美元，较上一季度的 1.78 亿美元大幅增长。

Blockchain Innovations

区块链创新

Beyond its core exchange operations, Ryan highlights Coinbase's pivotal role in fostering blockchain use cases. The company's Layer 2 blockchain, Base, has gained traction, attracting a growing number of applications and users. Coinbase also actively participates in tokenization of real assets, payments and remittance development, Web3 advancements, and decentralized applications.

除了核心交易所业务之外，Ryan 还强调了 Coinbase 在培育区块链用例方面的关键作用。该公司的第 2 层区块链 Base 已获得关注，吸引了越来越多的应用程序和用户。 Coinbase 还积极参与实物资产代币化、支付和汇款开发、Web3 进步以及去中心化应用程序。

Partnerships and Expansion

合作伙伴和扩张

Coinbase positions itself not only as a competitor but also as a collaborative partner for non-crypto native entities seeking entry into the crypto space. The company has forged alliances with corporations, merchants, sovereign states, and traditional institutions. Ryan anticipates the adoption of spot Bitcoin ETFs as a major catalyst for the industry, with potential inflows of $220 billion and resulting price appreciation. Coinbase is well-positioned to benefit from this transformative force.

Coinbase 不仅将自己定位为竞争对手，而且还将自己定位为寻求进入加密领域的非加密原生实体的合作伙伴。该公司与企业、商人、主权国家和传统机构结成联盟。 Ryan 预计现货比特币 ETF 的采用将成为该行业的主要催化剂，可能带来 2200 亿美元的资金流入并导致价格升值。 Coinbase 处于有利地位，可以从这种变革力量中受益。

Wealth Management Opportunity

财富管理机会

Ryan observes that the traditional wealth management sector, boasting approximately $25 trillion in capital, has yet to fully embrace the crypto market. This untapped opportunity presents significant future growth potential for Coinbase.

Ryan 观察到，拥有约 25 万亿美元资本的传统财富管理行业尚未完全拥抱加密货币市场。这一尚未开发的机会为 Coinbase 带来了巨大的未来增长潜力。

Analyst Projections and Market Performance

分析师预测和市场表现

Ryan projects Coinbase's first-quarter revenue and EPS to reach $1.23 billion and $0.84, respectively. The company's stock has witnessed a remarkable 233% gain over the past 12 months. Investors can gain exposure to Coinbase through exchange-traded funds such as the First Trust SkyBridge Crypto Industry And Digital Economy ETF (NYSE: CRPT) and the Fidelity Crypto Industry And Digital Payments ETF (NASDAQ: FDIG).

Ryan 预计 Coinbase 第一季度收入和每股收益将分别达到 12.3 亿美元和 0.84 美元。该公司的股票在过去 12 个月里上涨了 233%。投资者可以通过 First Trust SkyBridge 加密行业和数字经济 ETF（纽约证券交易所代码：CRPT）和 Fidelity 加密行业和数字支付 ETF（纳斯达克代码：FDIG）等交易所交易基金获得 Coinbase 的投资。

Conclusion

结论

Coinbase Global, Inc. presents a compelling investment opportunity due to its diversified growth strategy, which extends beyond trading volumes to encompass cutting-edge blockchain innovations and strategic partnerships. As the blockchain industry continues to mature, Coinbase is poised to capitalize on its unique position as a market leader in both crypto trading and the broader blockchain ecosystem.

Coinbase Global, Inc. 因其多元化增长战略提供了引人注目的投资机会，该战略不仅限于交易量，还涵盖尖端的区块链创新和战略合作伙伴关系。随着区块链行业不断成熟，Coinbase 准备充分利用其作为加密货币交易和更广泛的区块链生态系统市场领导者的独特地位。