MicroStrategy (MSTR) 与 Coinbase (COIN)：哪种比特币股票更值得购买？

在 2022 年熊市期间市值损失超过 75% 后，比特币 (BTCUSDC) 在过去 22 个月中又重新焕发活力。

Bitcoin (BTCUSD) has staged a remarkable comeback from the bear market of 2022, which saw the cryptocurrency lose over 75% of its market value. Over the last 22 months, BTC prices have surged over 300%, valuing the world’s largest cryptocurrency at a market cap of $1.34 trillion.

比特币 (BTCUSD) 从 2022 年的熊市中实现了惊人的反弹，该加密货币的市值在 2022 年熊市中损失了超过 75%。在过去 22 个月中，BTC 价格飙升超过 300%，全球最大的加密货币市值达到 1.34 万亿美元。

While Bitcoin is up significantly, investors can also gain access to the digital asset by holding shares of crypto-related companies, such as Coinbase (NASDAQ:COIN) and MicroStrategy (NASDAQ:MSTR).

虽然比特币大幅上涨，但投资者还可以通过持有 Coinbase （纳斯达克股票代码：COIN）和 MicroStrategy （纳斯达克股票代码：MSTR）等加密相关公司的股票来获得数字资产。

Coinbase is one of the world’s largest crypto exchanges, while MicroStrategy is the largest institutional holder of Bitcoin. Let’s see which of these Bitcoin stocks is a better buy right now.

Coinbase 是全球最大的加密货币交易所之一，而 MicroStrategy 是最大的比特币机构持有者。让我们看看现在哪些比特币股票更值得购买。

Is MicroStrategy Stock A Good Buy?

MicroStrategy 股票值得买入吗？

Valued at a market cap of $41.8 billion, MicroStrategy (MSTR) shares have returned an emphatic 1,434% in the last five years. MicroStrategy began accumulating Bitcoin on its balance sheet in mid-2020, and now holds 252,220 BTC.

MicroStrategy (MSTR) 的市值为 418 亿美元，过去五年的回报率高达 1,434%。 MicroStrategy 于 2020 年中期开始在其资产负债表上积累比特币，目前持有 252,220 BTC。

While MicroStrategy is an enterprise software company, its aggressive Bitcoin strategy means its stock performance is now tied to the performance of the digital asset.

虽然 MicroStrategy 是一家企业软件公司，但其积极的比特币策略意味着其股票表现现在与数字资产的表现挂钩。

MicroStrategy Executive Chairman Michael Saylor expects BTC prices to surge to $13 million by 2045. At these prices, its current Bitcoin position would be valued at $3.3 trillion. This suggests that MicroStrategy could have the largest cash reserve compared to any other publicly traded company, allowing it to fund innovative projects or allocate capital towards big-ticket acquisitions.

MicroStrategy 执行主席 Michael Saylor 预计 BTC 价格到 2045 年将飙升至 1300 万美元。按照这些价格计算，其当前的比特币头寸价值将达到 3.3 万亿美元。这表明，与任何其他上市公司相比，MicroStrategy 可能拥有最大的现金储备，使其能够为创新项目提供资金或将资金分配给大额收购。

Recently, investment bank Bernstein raised its target price on MSTR stock to $290, indicating an upside potential of over 23% from current levels. Bernstein is bullish on MicroStrategy’s significant BTC investment, worth roughly $16 billion today.

最近，投资银行伯恩斯坦将 MSTR 股票的目标价格上调至 290 美元，表明较当前水平有超过 23% 的上涨潜力。 Bernstein 看好 MicroStrategy 的重大 BTC 投资，目前价值约 160 亿美元。

At an event hosted by Bernstein, Saylor explained that MicroStrategy eventually aims to evolve into a Bitcoin bank and create capital market instruments tied to the cryptocurrency. He explained, “We are in the core business of creating Bitcoin capital market instruments across equity, convertibles, fixed income, and preferred shares.”

在 Bernstein 主办的一次活动中，Saylor 解释说，MicroStrategy 最终的目标是发展成为一家比特币银行，并创建与加密货币相关的资本市场工具。他解释说：“我们的核心业务是创建涵盖股票、可转换债券、固定收益和优先股的比特币资本市场工具。”

Each of the eight analysts covering MSTR stock has a "strong buy” recommendation. Wall Street has an average target price of $223.44 for the tech stock, which is a slight discount to Friday's closing price.

研究 MSTR 股票的八位分析师均给出了“强力买入”建议。华尔街对该科技股的平均目标价为 223.44 美元，较周五收盘价略有折扣。

Is Coinbase Stock Undervalued In October 2024?

2024 年 10 月 Coinbase 股票是否被低估？

Valued at $51.36 billion by market cap, Coinbase (NASDAQ:COIN) has returned close to 164% in the last 12 months and is up almost 500% since the start of 2023. While Coinbase is among the world’s largest crypto exchanges, it is diversifying its revenue base, which should result in lower volatility related to crypto's price swings.

Coinbase（纳斯达克股票代码：COIN）的市值为 513.6 亿美元，过去 12 个月的回报率接近 164%，自 2023 年初以来上涨了近 500%。虽然 Coinbase 是全球最大的加密货币交易所之一，但它正在多元化发展其收入基础，这应该会导致与加密货币价格波动相关的波动性降低。

Previously, Coinbase generated the majority of sales from crypto trading fees and commissions. So, the company would benefit from higher trading volumes and fees during bull runs and experience a drastic fall in sales when sentiment turned bearish. For instance, its sales rose from $1.27 billion in 2020 to $7.87 billion in 2021, before falling to $3.15 billion in 2022.

此前，Coinbase 的大部分销售额来自加密货币交易费用和佣金。因此，该公司将在牛市期间受益于较高的交易量和费用，并在情绪转为看跌时经历销售额的急剧下降。例如，其销售额从 2020 年的 12.7 亿美元增至 2021 年的 78.7 亿美元，然后在 2022 年下降至 31.5 亿美元。

In addition to facilitating cryptocurrency transactions, Coinbase now generates revenue from other products and services, such as staking, interest income, and custodial services. This diversification allows Coinbase to benefit from several aspects of this disruptive market, making it a top investment choice in 2024.

除了促进加密货币交易之外，Coinbase 现在还通过其他产品和服务产生收入，例如质押、利息收入和托管服务。这种多元化使 Coinbase 能够从这个颠覆性市场的多个方面受益，使其成为 2024 年的最佳投资选择。

Today, Coinbase generates 56% of its revenue from transaction fees, down from 90% in 2022. In Q2 of 2024, Coinbase reported transaction revenue of $781 million, up from $327 million, while total subscription and services revenue rose to $599 million, up from $335.4 million.

如今，Coinbase 56% 的收入来自交易费用，低于 2022 年的 90%。2024 年第二季度，Coinbase 报告交易收入为 7.81 亿美元，高于 3.27 亿美元，而总订阅和服务收入升至 5.99 亿美元，同比增长3.354 亿美元起。

Moreover, its asset-light business allowed Coinbase to generate a free cash flow of $1.20 billion in the last 12 months, up from $923 million in 2023.

此外，其轻资产业务使 Coinbase 在过去 12 个月内产生了 12 亿美元的自由现金流，高于 2023 年的 9.23 亿美元。

Priced at 35.6 times forward earnings, COIN stock is not too expensive, especially if Bitcoin prices can touch multiple record highs in the next 12 months.

COIN 股票的预期市盈率为 35.6 倍，并不算太贵，特别是如果比特币价格在未来 12 个月内触及多个历史新高的话。

Out of the 22 analysts covering Coinbase, seven recommend “strong buy,” one recommends “moderate buy,” 13 recommend “hold,” and one recommends “strong sell.” The average target price for COIN stock is $241.70, about 18% above Friday's close.

在研究 Coinbase 的 22 名分析师中，7 名建议“强力买入”，1 名建议“适度买入”，13 名建议“持有”，1 名建议“强力卖出”。 COIN 股票的平均目标价为 241.70 美元，较周五收盘价高出约 18%。

If you are bullish on Bitcoin, it makes sense to gain a small position in both these crypto stocks and benefit from outsized gains over time.

如果您看好比特币，那么在这两种加密货币股票中获得少量头寸并随着时间的推移从巨额收益中受益是有意义的。