随着加密货币兴趣飙升，Coinbase 恢复盈利

美国著名加密货币交易所 Coinbase 于 2 月 15 日宣布实现 2021 年以来的首次盈利。这一重大转变是由交易量增加推动的，这反映出人们对加密货币重新产生了兴趣。 2023 年第四季度的业绩显示，利润为 2.734 亿美元，超过了上一年 5.57 亿美元的亏损。交易量的激增与现货比特币交易所交易基金 (ETF) 的乐观情绪一致，导致 Coinbase 股价上涨 69%。

Coinbase Posts First Profit Since 2021 as Crypto Interest Revives

随着加密货币兴趣复苏，Coinbase 实现 2021 年以来首次盈利

NEW YORK (February 15, 2024) - Coinbase Global, Inc. (COIN), the leading U.S.-based cryptocurrency exchange, reported its first quarterly profit since the third quarter of 2021, bolstered by a resurgence in trading activity driven by renewed interest in cryptoassets.

纽约（2024 年 2 月 15 日）——美国领先的加密货币交易所 Coinbase Global, Inc. (COIN) 公布了自 2021 年第三季度以来的首次季度利润，这得益于人们对加密货币重新产生兴趣而推动的交易活动复苏。加密资产。

The company announced a fourth-quarter 2023 net income of $273.4 million, or $1.04 per share, a significant improvement from the $557 million loss, or $2.46 per share, recorded in the same period the previous year.

该公司宣布 2023 年第四季度净利润为 2.734 亿美元，即每股 1.04 美元，较上年同期的亏损 5.57 亿美元，即每股 2.46 美元有了显着改善。

Strong Trading Volume Propels Profitability

强劲的交易量推动盈利能力

The turnaround is attributed to a surge in trading volume, fueled by investor optimism surrounding the launch of spot Bitcoin exchange-traded funds (ETFs) in mid-January. This enthusiasm lifted Bitcoin and other token prices, leading to increased transaction fees for Coinbase.

这一转变归因于交易量激增，而投资者对 1 月中旬推出现货比特币交易所交易基金 (ETF) 的乐观情绪推动了交易量的激增。这种热情提振了比特币和其他代币的价格，导致 Coinbase 的交易费用增加。

Market Catalysts Drive Crypto Prices Higher

市场催化剂推动加密货币价格走高

Cryptocurrency prices have been on an upward trajectory throughout 2023, but the rally accelerated in the fourth quarter as anticipation for Bitcoin ETFs sparked investor interest. Key catalysts driving crypto prices higher include:

2023 年，加密货币价格一直呈上升趋势，但由于对比特币 ETF 的预期激发了投资者的兴趣，第四季度涨势加速。推动加密货币价格上涨的关键催化剂包括：

• Spot Bitcoin ETFs Approval: The SEC's green light for spot Bitcoin ETFs in mid-January triggered a significant rally in Bitcoin prices.
• Upcoming Bitcoin Halving: The halving, scheduled for April 2024, is expected to reduce the number of new Bitcoin mined, potentially impacting its supply-demand dynamics.
• Ethereum Dencun Update: The highly anticipated update to the Ethereum blockchain is expected to enhance its scalability and efficiency.
• Prospects of Spot Ethereum ETFs in the U.S.: The possibility of SEC approval for spot Ethereum ETFs is estimated to have a 50% chance of occurring in May, further boosting investor sentiment.

Coinbase's Positive Outlook

现货比特币 ETF 批准：1 月中旬 SEC 对现货比特币 ETF 的批准引发了比特币价格的大幅上涨。即将到来的比特币减半：计划于 2024 年 4 月进行的减半预计将减少新开采的比特币数量，可能会影响比特币价格。以太坊 Dencun 更新：备受期待的以太坊区块链更新预计将提高其可扩展性和效率。美国现货以太坊 ETF 的前景：SEC 批准现货以太坊 ETF 的可能性估计有5 月发生的可能性为 50%，进一步提振投资者情绪。Coinbase 的积极前景

The positive Q4 results have fueled a 69% surge in Coinbase's share price since their release, reflecting investors' renewed confidence. The company is optimistic about its financial performance in the first quarter of 2024, with projected subscription and services revenue between $410 million and $480 million.

自发布以来，第四季度的积极业绩推动 Coinbase 股价飙升 69%，反映出投资者重燃信心。该公司对其 2024 年第一季度的财务业绩持乐观态度，预计订阅和服务收入在 4.1 亿美元至 4.8 亿美元之间。

Impact of Bitcoin ETFs on Coinbase

比特币 ETF 对 Coinbase 的影响

While the financial impact of Bitcoin ETFs on Coinbase remains unclear, the company's role as custodian for eight out of the ten spot Bitcoin ETFs provides a potential revenue stream. The ETFs have also contributed to the overall revitalization of the crypto space, benefiting Coinbase's trading volumes.

虽然比特币 ETF 对 Coinbase 的财务影响尚不清楚，但该公司作为 10 个现货比特币 ETF 中的 8 个的托管人提供了潜在的收入来源。 ETF 还为加密货币领域的整体振兴做出了贡献，使 Coinbase 的交易量受益。

Technical Analysis

技术分析

Coinbase's share price has experienced a remarkable turnaround since bottoming out at $31.55 in January 2023. It hit a high of $279.71 on Monday, marking an 800% increase in just over fifteen months. The rally closely mirrors Bitcoin's price trajectory, indicating a strong correlation between the two assets.

自 2023 年 1 月触底 31.55 美元以来，Coinbase 的股价经历了显着的转变。周一触及 279.71 美元的高点，在短短 15 个月内上涨了 800%。此次上涨与比特币的价格轨迹密切相关，表明这两种资产之间存在很强的相关性。

As long as crypto prices continue to rise, Coinbase's share price is likely to follow suit. However, technical indicators suggest that the stock may be overbought in the short term. Nevertheless, the overall uptrend remains intact, and higher price levels are expected in the upcoming year.

只要加密货币价格继续上涨，Coinbase 的股价就可能随之上涨。然而，技术指标表明该股短期内可能超买。尽管如此，整体上涨趋势仍然完好，预计来年价格水平将会更高。

Investment Considerations

投资注意事项

For professional investors seeking heightened exposure to Coinbase, Leverage Shares offers +3x Long Coinbase and -3x Short Coinbase ETPs.

对于寻求增加 Coinbase 敞口的专业投资者，Leverage Shares 提供 +3 倍多头 Coinbase 和 -3 倍空头 Coinbase ETP。

Conclusion

结论

Coinbase's strong fourth-quarter performance demonstrates the resilience of the cryptocurrency industry despite regulatory challenges. With the SEC's approval of spot Bitcoin ETFs and the broader optimism surrounding cryptoassets, Coinbase is well-positioned to benefit from the ongoing market momentum.

尽管面临监管挑战，Coinbase 第四季度的强劲表现证明了加密货币行业的韧性。随着 SEC 对现货比特币 ETF 的批准以及围绕加密资产的更广泛乐观情绪，Coinbase 处于有利地位，可以从持续的市场势头中受益。