Coinbase一季度飙升，净利润突破10亿美元

Coinbase 第一季度净利润为 11.8 亿美元，超出分析师预期，较上年亏损大幅增加。在强劲的消费者交易收入、订阅和服务收入的推动下，该公司 16.4 亿美元的收入超出了预期。受益于比特币价格飙升以及新的经 SEC 批准的比特币 ETF 的批准，Coinbase 股价在 2023 年大幅上涨。

Coinbase Soars, Net Income Surpassing $1 Billion in Q1

Coinbase飙升，第一季度净利润突破10亿美元

In a remarkable display of resilience, Coinbase has defied analyst expectations, announcing a stellar first-quarter performance marked by a record net income of $1.18 billion or $4.40 per share. This astonishing figure represents a staggering turnaround from the $78.9 million loss reported in the same period last year. Furthermore, the company's revenue of $1.64 billion surpassed market projections of $1.34 billion, highlighting its robust financial health.

Coinbase 表现出了非凡的韧性，超出了分析师的预期，宣布第一季度业绩出色，净利润达到创纪录的 11.8 亿美元（即每股 4.40 美元）。这一惊人的数字与去年同期 7890 万美元的亏损相比出现了惊人的转变。此外，该公司 16.4 亿美元的收入超过了市场预测的 13.4 亿美元，凸显了其稳健的财务状况。

The driving force behind Coinbase's exceptional earnings was a remarkable $650 million mark-to-market gain on crypto assets. Consumer transaction revenue skyrocketed by over 100% year-over-year, reaching $935 million, while total transaction revenue nearly tripled to $1.07 billion. Subscription and services revenue also contributed significantly, generating $511 million during the quarter.

Coinbase 出色收益背后的推动力是加密资产按市值计算的 6.5 亿美元的惊人收益。消费者交易收入同比飙升超过 100%，达到 9.35 亿美元，而总交易收入几乎增长了两倍，达到 10.7 亿美元。订阅和服务收入也做出了巨大贡献，本季度创造了 5.11 亿美元。

Coinbase's stock price has been on a meteoric rise, surging almost 9% ahead of the earnings announcement and accumulating a 32% gain year-to-date. This upward trajectory aligns with the company's impressive fivefold increase in 2023. The stock typically reacts favorably to surges in Bitcoin prices, which lead to heightened trading volumes and demand for Coinbase's services. The first quarter witnessed Bitcoin hitting a record high above $73,000, and Ethereum undergoing its first major upgrade in over a year. The recent regulatory approval of new U.S. spot Bitcoin exchange-traded funds by the SEC has also ignited substantial net inflows of over $50 billion since the beginning of the year.

Coinbase 的股价一直在飞速上涨，在财报公布前飙升近 9%，今年迄今累计上涨 32%。这一上升轨迹与该公司在 2023 年令人印象深刻的五倍增长相一致。该股票通常会对比特币价格飙升做出有利反应，从而导致交易量增加和对 Coinbase 服务的需求增加。第一季度，比特币创下了 73,000 美元以上的历史新高，以太坊也经历了一年多来的首次重大升级。美国证券交易委员会 (SEC) 最近批准新的美国现货比特币交易所交易基金，也引发了自今年年初以来超过 500 亿美元的大量净流入。

However, Coinbase faces a few hurdles, including a legal dispute with the SEC over accusations of unregistered securities sales. The company also encounters intensifying competition from rivals like Crypto.com, potentially challenging its market share. Notably, Coinbase has experienced increased insider selling in recent months, with executives such as co-founder Fred Ehrsam collectively selling $383 million in shares during the first quarter. This amount represents more than double the sales in the previous quarter and marks the highest level of insider selling since Coinbase's Nasdaq listing in 2021.

然而，Coinbase 面临一些障碍，包括与 SEC 因未经注册的证券销售指控而发生的法律纠纷。该公司还面临来自 Crypto.com 等竞争对手的激烈竞争，可能会挑战其市场份额。值得注意的是，近几个月来，Coinbase 的内幕抛售有所增加，联合创始人 Fred Ehrsam 等高管在第一季度总共出售了 3.83 亿美元的股票。这一金额是上一季度销售额的两倍多，也是自 2021 年 Coinbase 在纳斯达克上市以来的最高水平。

Despite these regulatory challenges and competition, Coinbase's first-quarter performance has exceeded expectations, buoyed by robust transaction revenue and a substantial increase in net income. The company's success is inextricably linked to the performance of cryptocurrencies like Bitcoin and Ethereum, which have experienced significant price fluctuations during the quarter. To maintain its position as a leading marketplace for digital token transactions in the U.S., Coinbase must navigate regulatory uncertainties, increasing competition, and potential market volatility in the future.

尽管存在这些监管挑战和竞争，但在强劲的交易收入和净利润大幅增长的推动下，Coinbase 第一季度的业绩还是超出了预期。该公司的成功与比特币和以太坊等加密货币的表现密不可分，这些货币在本季度经历了大幅价格波动。为了保持其作为美国数字代币交易领先市场的地位，Coinbase 必须应对监管的不确定性、日益激烈的竞争以及未来潜在的市场波动。