加密市场复兴：Marathon Digital 和 Coinbase 引领潮流

2023年，加密货币市场因SEC批准比特币ETF、降息预期以及比特币即将减半等因素而出现反弹。随着市场乐观情绪重新抬头，对比特币和以太坊等顶级加密货币的直接投资仍然是一种选择，但投资 Marathon Digital（领先的比特币矿商）和 Coinbase Global（主要的加密货币交易所）等有前景的加密公司也可以利用行业顺风和潜在的增长。

Cryptocurrency Market Resurgence: Marathon Digital and Coinbase Global Emerge as Frontrunners

加密货币市场复苏：Marathon Digital 和 Coinbase Global 成为领跑者

The cryptocurrency market has undergone a remarkable resurgence in the past year, shedding its bearish sentiments as investors regain confidence amidst favorable regulatory developments, a surge in institutional adoption, and the pending Bitcoin halving. This revitalization has ignited a renewed optimism in the crypto realm, prompting investors to seek opportunities beyond direct cryptocurrency ownership.

加密货币市场在过去一年经历了显着的复苏，随着投资者在有利的监管发展、机构采用激增以及即将到来的比特币减半中重拾信心，摆脱了看跌情绪。这种复兴点燃了加密领域新的乐观情绪，促使投资者寻找直接拥有加密货币之外的机会。

In this context, Marathon Digital and Coinbase Global emerge as compelling investment prospects, poised to capitalize on the burgeoning crypto landscape. As the North American leader in Bitcoin mining and one of the largest global cryptocurrency exchanges, respectively, these companies offer investors exposure to the growth drivers shaping the industry.

在此背景下，Marathon Digital 和 Coinbase Global 成为极具吸引力的投资前景，准备充分利用新兴的加密货币领域。作为北美比特币挖矿领域的领导者和全球最大的加密货币交易所之一，这些公司分别为投资者提供了塑造该行业的增长动力的机会。

1. Marathon Digital: The Bitcoin Mining Powerhouse

1. Marathon Digital：比特币挖矿巨头

Marathon Digital stands apart as North America's largest pure-play Bitcoin miner, commanding a formidable market position with its impressive mining operations. In 2023 alone, the company's Bitcoin production skyrocketed by 210%, amassing a staggering 12,852 Bitcoins. Its robust balance sheet further testifies to its financial strength, boasting a significant $1.6 billion in total Bitcoin and cash holdings.

Marathon Digital 是北美最大的纯比特币矿商，凭借其令人印象深刻的挖矿业务占据了强大的市场地位。仅 2023 年，该公司的比特币产量就飙升了 210%，积累了惊人的 12,852 个比特币。其稳健的资产负债表进一步证明了其财务实力，其比特币和现金持有总额高达 16 亿美元。

Despite temporary setbacks caused by inclement weather conditions, Marathon Digital remains steadfast in its expansion strategy. The company plans to relocate miners to more favorable locations and commission thousands of new units, aiming to expand its operational fleet to an impressive 235,000 miners by year-end. This ambitious plan will likely solidify its dominance over competitors, propelling its production capacity to an extraordinary 29.8 exahashes per second (EH/s).

尽管恶劣天气条件造成了暂时的挫折，Marathon Digital 仍坚定不移地实施其扩张战略。该公司计划将矿机迁移到更有利的地点，并调试数千台新设备，目标是到年底将其运营矿机数量扩大到 235,000 台。这一雄心勃勃的计划可能会巩固其对竞争对手的主导地位，将其生产能力提升至每秒 29.8 EH/s。

Moreover, Marathon Digital's strategic partnerships and acquisitions position it for continued growth. Its joint venture in Abu Dhabi provides a lucrative foothold in the Middle East's burgeoning crypto market, while its periodic sale of Bitcoin allows the company to raise capital for further expansion.

此外，Marathon Digital 的战略合作伙伴关系和收购使其能够持续增长。它在阿布扎比的合资企业在中东蓬勃发展的加密货币市场中提供了利润丰厚的立足点，而定期出售比特币使该公司能够筹集资金以进一步扩张。

Analysts predict a sustained growth trajectory for Marathon Digital, forecasting a 35% compound annual growth rate (CAGR) in revenue from 2023 to 2026. While its adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) may exhibit a slower CAGR of 1% due to increased capital expenditures, its stock remains reasonably valued at a compelling 6 times this year's sales and 13 times its adjusted EBITDA.

分析师预测 Marathon Digital 将保持持续增长轨迹，预计 2023 年至 2026 年收入复合年增长率 (CAGR) 为 35%。虽然其调整后的息税折旧摊销前利润 (EBITDA) 可能会呈现较慢的复合年增长率由于资本支出增加，该公司股票的估值仍然合理，为今年销售额的 6 倍和调整后 EBITDA 的 13 倍。

2. Coinbase Global: The Cryptocurrency Trading Colossus

2. Coinbase Global：加密货币交易巨头

Coinbase Global reigns as one of the world's premier cryptocurrency exchanges, boasting a colossal $101 billion in assets under custody as of 2023. Its selection as custodian for eight of the 11 recently launched Bitcoin spot price ETFs further underscores its industry leadership. Coinbase has emerged unscathed amidst the collapse of many of its peers, demonstrating its operational resilience.

Coinbase Global 是全球首屈一指的加密货币交易所之一，截至 2023 年托管资产规模高达 1010 亿美元。在最近推出的 11 只比特币现货价格 ETF 中，它被选为 8 只的托管人，进一步凸显了其行业领导地位。在许多同行倒闭的过程中，Coinbase 毫发无伤，展现了其运营弹性。

While Coinbase's total trading volume declined by 44% in 2023, it has experienced a notable sequential improvement in the third and fourth quarters, in tandem with the crypto market's recovery. The exchange's increasing reliance on the stablecoin Tether for trading revenue, which accounted for 11% of its volume in 2023, could mitigate its long-term vulnerability to the volatility of Bitcoin, Ethereum, and other crypto assets.

尽管 Coinbase 的总交易量在 2023 年下降了 44%，但随着加密货币市场的复苏，第三季度和第四季度出现了显着的环比改善。该交易所越来越依赖稳定币 Tether 来获取交易收入（2023 年占其交易量的 11%），这可能会减轻其长期受到比特币、以太坊和其他加密资产波动影响的脆弱性。

Analysts project Coinbase's revenue to surge at a 21% CAGR from 2023 to 2026, with its adjusted EBITDA expanding at an even more robust 40% CAGR. These forecasts translate into a stock valuation of 10 times this year's sales and 24 times its adjusted EBITDA.

分析师预计，从 2023 年到 2026 年，Coinbase 的收入将以 21% 的复合年增长率激增，其调整后的 EBITDA 将以更强劲的 40% 复合年增长率增长。这些预测相当于今年销售额的 10 倍和调整后 EBITDA 的 24 倍。

Coinbase's stock may not be considered an outright bargain at present, but it holds significant upside potential as the cryptocurrency market expands. Ark Invest's Cathie Wood, renowned for her bullish stance on Bitcoin and its potential to reach $1.5 million within three years, has repeatedly affirmed her confidence in Coinbase. Her inclusion of the company as a top holding in several of Ark Invest's ETFs bears testament to its compelling long-term prospects.

目前 Coinbase 的股票可能不被认为是完全便宜的，但随着加密货币市场的扩张，它具有巨大的上涨潜力。 Ark Invest 的 Cathie Wood 因看好比特币及其三年内达到 150 万美元的潜力而闻名，她多次重申了对 Coinbase 的信心。她将该公司纳入 Ark Invest 多个 ETF 的顶级持股，证明了其令人信服的长期前景。

For investors who anticipate increasing participation from retail and institutional investors in the cryptocurrency market, acquiring shares of Coinbase provides an opportune way to tap into this burgeoning trend. By following in the footsteps of Ark Invest, investors can position themselves to benefit from the growth of this transformative industry.

对于预计散户和机构投资者越来越多地参与加密货币市场的投资者来说，收购 Coinbase 的股票提供了利用这一新兴趋势的绝佳方式。通过追随方舟投资的脚步，投资者可以从这个变革性行业的增长中受益。