晨星 (Morningstar) 发布谨慎的 Coinbase 评估报告，评级股票严重高估，公允价值估计为每股 150 美元

该报告分析了公司的商业模式、利润驱动因素、估值指标和风险，以及可操作的水平和投资见解

Coinbase Global Inc. (COIN), the largest U.S.-based cryptocurrency exchange, has drawn a cautious evaluation from Morningstar, with a fair value estimate of $150 per share and a commentary on the company's strengths and weaknesses in the dynamic cryptocurrency market. Here's a closer look at Morningstar's analysis and key takeaways.

美国最大的加密货币交易所 Coinbase Global Inc. (COIN) 得到了晨星公司的谨慎评估，其公允价值估计为每股 150 美元，并对该公司在动态加密货币市场中的优势和劣势进行了评论。以下是晨星公司的分析和关键要点的详细分析。

Coinbase is a leading cryptocurrency exchange that benefits from rising crypto prices and streamlined costs. However, it faces regulatory risks, such as the SEC lawsuit, and its business is tied to the volatile crypto market.

Coinbase 是一家领先的加密货币交易所，受益于加密货币价格上涨和成本简化。然而，它面临着监管风险，例如 SEC 诉讼，而且其业务与波动的加密货币市场息息相关。

Coinbase is valued at $150 per share by Morningstar, which is significantly lower than its current trading price of $270.65. This translates to a downside of around 44% from the present price.

晨星公司对 Coinbase 的估值为每股 150 美元，远低于其当前 270.65 美元的交易价格。这意味着较目前价格下跌约 44%。

Coinbase lacks an economic moat, highlighting the challenges in establishing a durable competitive edge in the cryptocurrency space.

Coinbase 缺乏经济护城河，凸显了在加密货币领域建立持久竞争优势的挑战。

Transaction fees and interest income from the USDC partnership are identified as the primary profit drivers for Coinbase.

USDC 合作伙伴的交易费用和利息收入被认为是 Coinbase 的主要利润驱动力。

Coinbase is licensed in New York as a virtual currency exchange and has applied for a charter from the Federal Reserve to become a bank holding company. However, the company's status as a cryptocurrency exchange and custodian places it within the jurisdiction of various regulatory bodies, including the Commodities Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC).

Coinbase 在纽约获得虚拟货币交易所许可，并已向美联储申请成为银行控股公司的许可。然而，该公司作为加密货币交易所和托管人的地位使其受到各种监管机构的管辖，包括商品期货交易委员会（CFTC）和证券交易委员会（SEC）。

Coinbase's business strategy revolves around providing a platform for cryptocurrency trading, custody, and brokerage services. The company caters to both retail and institutional traders, aiming to capitalize on the growing adoption and utilization of digital assets.

Coinbase 的业务战略围绕提供加密货币交易、托管和经纪服务平台。该公司为零售和机构交易者提供服务，旨在利用数字资产日益普及和利用的机会。

In a sector often marred by fraud and volatility, Coinbase has cultivated a reputation for operating a secure and regulatory-compliant exchange. This standing has proven instrumental in attracting and retaining customers within a competitive and rapidly evolving market.

在一个经常受到欺诈和波动困扰的行业中，Coinbase 因运营安全且合规的交易所而赢得了声誉。事实证明，这一地位有助于在竞争激烈且快速发展的市场中吸引和留住客户。

However, Coinbase's business model is heavily reliant on cryptocurrency trading fees, which are directly tied to the speculative and cyclical nature of crypto markets. This reliance poses inherent risks, especially considering the volatility and regulatory uncertainty surrounding cryptocurrencies.

然而，Coinbase 的商业模式严重依赖加密货币交易费用，这与加密货币市场的投机性和周期性性质直接相关。这种依赖带来了固有的风险，特别是考虑到加密货币的波动性和监管不确定性。

Coinbase is facing a class-action lawsuit from customers who allege that the company engaged in deceptive practices by promoting and selling unregistered securities through its staking service. The lawsuit was filed in response to a SEC statement that crypto exchanges may face legal action for offering unregistered securities.

Coinbase 正面临来自客户的集体诉讼，这些客户指控该公司通过其质押服务推销和销售未注册的证券，从而从事欺骗行为。该诉讼是针对美国证券交易委员会的一份声明而提起的，该声明称加密货币交易所可能因提供未注册的证券而面临法律诉讼。

Coinbase is also facing a lawsuit from the SEC over allegations that its Lend program violated securities laws. The SEC claims that the program, which allowed customers to earn rewards by lending out their crypto assets, should have been registered as a securities offering.

Coinbase 还面临 SEC 的诉讼，指控其 Lend 计划违反证券法。美国证券交易委员会声称，该计划允许客户通过出借其加密资产来赚取奖励，应该注册为证券发行。

Technical Analysis and Investment Levels for COIN

COIN 的技术分析和投资水平

Coinbase's stock price has been fluctuating within a recent range, with key levels identified by technical analysis. These levels can provide traders with potential areas of support and resistance for short-term price movements.

Coinbase 的股价近期一直在区间内波动，技术分析确定了关键水平。这些水平可以为交易者提供短期价格走势的潜在支撑和阻力区域。

Support Levels: $250, $230 Resistance Levels: $280, $300 Fibonacci Levels Using a recent high of $310 and a low of $200, the following levels apply:

支撑位：250 美元、230 美元 阻力位：280 美元、300 美元 斐波那契水平 使用近期高点 310 美元和低点 200 美元，适用以下水平：

23.6% Retracement: $230 50% Retracement: $255 61.8% Retracement: $275 A breakout above $280 could lead to further upward momentum toward $300, while a breach below $250 may push the stock down to $230.

23.6% 回撤：230 美元 50% 回撤：255 美元 61.8% 回撤：275 美元 突破 280 美元可能会导致进一步上涨至 300 美元，而跌破 250 美元可能会将股价推低至 230 美元。

Valuation Metrics and Competitor Comparison CME Group (CME) has a fair value estimate of $225 and a market cap of $83.78 billion, boasting a wide economic moat.

估值指标和竞争对手比较 芝商所 (CME) 的公允价值估计为 225 美元，市值为 837.8 亿美元，拥有广泛的经济护城河。

Block Inc. (SQ), on the other hand, carries a fair value estimate of $90 and a market cap of $57.12 billion. While Coinbase focuses on cryptocurrencies, both CME Group and Block Inc. operate diversified financial businesses that could offer more stable revenue streams.

另一方面，Block Inc. (SQ) 的公允价值估计为 90 美元，市值为 571.2 亿美元。虽然 Coinbase 专注于加密货币，但 CME 集团和 Block Inc. 都经营多元化的金融业务，可以提供更稳定的收入来源。

Coinbase is compared to other companies in the financial sector by Morningstar. Both CME Group and Block Inc. are assigned lower fair value estimates and higher market caps.

晨星公司将 Coinbase 与金融领域的其他公司进行了比较。 CME Group 和 Block Inc. 的公允价值估值较低，市值较高。

Coinbase benefits from its crypto focus, while competitors like CME Group and Block Inc. have diversified financial businesses.

Coinbase 受益于其对加密货币的关注，而 CME Group 和 Block Inc. 等竞争对手则拥有多元化的金融业务。

Profit Drivers and Financial Performance Analysis As the largest U.S.-based cryptocurrency exchange, Coinbase generates the majority of its revenue from retail trading fees. These fees are directly tied to the volume and prices of cryptocurrencies, which can fluctuate dramatically.

利润驱动因素和财务绩效分析 作为美国最大的加密货币交易所，Coinbase 的大部分收入来自零售交易费用。这些费用与加密货币的数量和价格直接相关，而加密货币的数量和价格可能会大幅波动。

Coinbase's partnership with Circle to launch the USDC stablecoin contributes a significant portion of the company's total interest income. However, with interest rates expected to decline in the future, this revenue stream may also decrease.

Coinbase 与 Circle 合作推出的 USDC 稳定币贡献了公司总利息收入的很大一部分。然而，随着未来利率预计下降，这一收入来源也可能减少。

Coinbase has recently undertaken cost-cutting measures, including layoffs and other expense reductions, which have helped improve the company's overall cost structure and aided in achieving profitability.

Coinbase最近采取了削减成本的措施，包括裁员和其他费用削减，这有助于改善公司的整体成本结构并有助于实现盈利。

Regulatory and Market Risks Impacting Coinbase Coinbase is embroiled in legal battles with the SEC, which has accused the company of offering unregistered securities. This creates significant regulatory uncertainty that could limit

影响 Coinbase 的监管和市场风险 Coinbase 卷入了与 SEC 的法律诉讼，SEC 指控该公司提供未经注册的证券。这造成了巨大的监管不确定性，可能会限制