Coinbase 股价最近陷入区间波动。这就是为什么这种情况可能不会很快改变。

从 2024 年初到 3 月 25 日，该公司的股价上涨了 50% 以上，当时股价触及 283.48 美元的高点。此后，股价下跌 22%，至每股 221 美元。

Coinbase (COIN) shares have been trading sideways of late.

Coinbase (COIN) 股价最近一直横盘整理。

The stock soared more than 50% between the start of 2024 and March 25, when the shares hit a high of $283.48. Since then, the shares have slid 22% to trade around $221 apiece.

从 2024 年初到 3 月 25 日，该股飙升了 50% 以上，当时股价触及 283.48 美元的高点。此后，该股股价下跌 22%，每股交易价格约为 221 美元。

That’s despite the fact that the prices of Bitcoin and other cryptocurrencies have been on a tear. Bitcoin on Tuesday passed $73,000, up more than 18% from June 30.

尽管比特币和其他加密货币的价格一直在上涨。比特币周二突破 73,000 美元，较 6 月 30 日上涨逾 18%。

Most of those gains occurred after the third quarter ended, and some analysts think Coinbase will report that trading on the platform in the quarter was largely stagnant. Oppenheimer analysts Owen Lau and Guru Sidaarth in a research note earlier this month said they estimate trading volume in the third quarter fell 23% from the quarter before.

这些涨幅大部分发生在第三季度结束后，一些分析师认为 Coinbase 将报告称该季度平台上的交易基本停滞。 Oppenheimer 分析师 Owen Lau 和 Guru Sidaarth 在本月早些时候的一份研究报告中表示，他们估计第三季度的交易量比上一季度下降了 23%。

Trading volume on Coinbase will continue to be buffeted by investors’ risk appetites. But company executives for more than a year have said they’re trying to diversify its revenues beyond trading with the goal of turning a profit no matter whether crypto traders are active or absent.

Coinbase 的交易量将继续受到投资者风险偏好的打击。但公司高管一年多来一直表示，他们正在努力实现交易以外的收入多元化，目标是无论加密货币交易者是否活跃，都能实现盈利。

The company’s other revenue streams include staking, where investors utilize Coinbase to post their tokens in exchange for yield, which Coinbase takes a cut of. The company also makes money through its sponsorship of the USDC stablecoin, a kind of crypto pegged to the dollar and backed by reserves. The reserves, which are held in Treasuries and other safe assets, throw off interest, part of which goes to Coinbase.

该公司的其他收入来源包括质押，投资者利用 Coinbase 发布代币以换取收益，Coinbase 从中抽取分成。该公司还通过赞助 USDC 稳定币赚钱，这是一种与美元挂钩并由储备支持的加密货币。这些储备金以国债和其他安全资产的形式持有，会扣除利息，其中一部分流向了 Coinbase。

Between the second quarter of 2023 and 2024, the company’s subscription and services revenue, which includes staking and USDC, rose 79% to $599 million.

2023年第二季度至2024年期间，该公司的订阅和服务收入（包括质押和USDC）增长了79%，达到5.99亿美元。

One of the driving forces in the increase in revenue was rising interest rates, which let Coinbase earn more interest, but now that the Federal Reserve has begun to cut rates, those revenues could start to flatline.

收入增加的驱动力之一是利率上升，这让 Coinbase 赚取更多利息，但现在美联储开始降息，这些收入可能开始持平。

USDC and staking have also drawn the attention of regulators, and the outcome of the November election could have at least some impact on how sustainable they are.

USDC 和质押也引起了监管机构的关注，11 月的选举结果至少可能对其可持续性产生一些影响。

Former President Donald Trump has promised that if elected to the presidency, he will fire Securities and Exchange Commission Chair Gary Gensler and usher in a new era of pro-crypto policies in the U.S. Coinbase is among the crypto companies currently being sued by the SEC for allegedly operating as an unregistered securities exchange. Coinbase denies that it’s broken the law.

前总统唐纳德·特朗普承诺，如果当选总统，他将解雇美国证券交易委员会主席加里·詹斯勒 (Gary Gensler)，并开启美国支持加密货币政策的新时代。 Coinbase 是目前被 SEC 起诉的加密货币公司之一。据称作为未注册的证券交易所运营。 Coinbase 否认自己违反了法律。

Though Vice President Kamala Harris is less likely than Trump to remove Gensler from his post if she is elected president, her campaign has said she’d support giving regulatory clarity to the industry.

尽管副总统卡玛拉·哈里斯在当选总统后将詹斯勒免职的可能性低于特朗普，但她的竞选团队表示，她支持对该行业的监管进行明确。

A more friendly SEC could be a catalyst for Coinbase. The SEC in the past has taken the position that the vast majority of cryptocurrencies are securities, apart from Bitcoin and perhaps Ether, and must register with the agency—a process that crypto firms say is impossible to accomplish in practice. With most courts yet to decide whether the law is on the SEC’s or Coinbase’s side, that puts a huge swath of the firm’s revenue at risk. A new SEC chair could choose to pull back on the lawsuits, or not pursue new ones.

更加友好的 SEC 可能会成为 Coinbase 的催化剂。美国证券交易委员会过去的立场是，除了比特币和以太币之外，绝大多数加密货币都是证券，并且必须在该机构注册——加密公司表示这一过程在实践中不可能完成。由于大多数法院尚未决定法律是站在 SEC 还是 Coinbase 一边，这使得该公司的大量收入面临风险。新任 SEC 主席可以选择撤回诉讼，或者不再提起新诉讼。

While more than a third of Coinbase’s transaction volume comes from Bitcoin trading, so-called alt coins represent an increasingly important area where Coinbase makes money. In the second quarter, crypto assets other than Bitcoin and Ethereum accounted for 42% of the company’s transaction revenue, up from 39% in the second quarter of 2023.

虽然 Coinbase 超过三分之一的交易量来自比特币交易，但所谓的山寨币代表了 Coinbase 赚钱的一个日益重要的领域。第二季度，比特币和以太坊以外的加密资产占公司交易收入的42%，高于2023年第二季度的39%。

The company has also launched derivatives trading for foreign customers, an offering that company executives have said are an important growth area for the future. Last quarter, Coinbase did not break out separately what it had earned from derivatives but said that they had contributed to growth in transaction revenues.

该公司还为外国客户推出了衍生品交易，公司高管表示，这是未来一个重要的增长领域。上个季度，Coinbase 没有单独公布衍生品的收入，但表示衍生品为交易收入的增长做出了贡献。