你應該買硬幣嗎？ Coinbase（Coin）錯過了華爾街在Q1 CY2025的收入預期，但銷售額增長了24.2％，至2.03b美元

區塊鏈基礎設施公司Coinbase（NASDAQ：COIN）在第一季度CY2025中錯過了華爾街的收入預期，但銷售額同比增長24.2％，達到20.3億美元。

Coinbase (NASDAQ:COIN) missed Wall Street’s revenue expectations in Q1 CY2025, but sales rose 24.2% year on year to $2.03 billion. Its non-GAAP profit of $1.94 per share was 0.7% above analysts’ consensus estimates.

Coinbase（NASDAQ：COIN）在第一季度CY2025中錯過了華爾街的收入預期，但銷售額同比增長了24.2％，達到20.3億美元。其非GAAP每股1.94美元的非GAAP利潤比分析師的共識估算高0.7％。

Is now the time to buy COIN? Find out in our full research report (it’s free).

現在是時候買硬幣了嗎？在我們的完整研究報告中找到答案（免費）。

Coinbase (COIN) Q1 CY2025 Highlights:

Coinbase（硬幣）Q1 CY2025亮點：

StockStory’s Take

Stockstory的景象

Coinbase’s first quarter results showcased the continued momentum of its core trading and subscription businesses, driven by factors such as international derivatives expansion and the increasing adoption of stablecoins. A significant development was the strategic acquisition of Deribit, a leading global crypto options exchange, which is crucial for consolidating Coinbase’s position in derivatives and unlocking cross-selling opportunities, particularly within the institutional client segment. CEO Brian Armstrong highlighted the company’s focused efforts to integrate spot, futures, and options trading capabilities, and he pointed to the strong growth in USDC (the U.S. dollar-backed stablecoin) balances as a key driver of recurring revenue for the company.

Coinbase的第一季度業績展示了其核心交易和訂閱業務的持續勢頭，這是由國際衍生品擴展和穩定穩定量增加的因素驅動的。一個重大發展是對全球領先的加密期權交易所Deribit的戰略收購，這對於鞏固Coinbase在衍生產品中的地位和解鎖交叉銷售機會，尤其是在機構客戶領域中至關重要。首席執行官布萊恩·阿姆斯特朗（Brian Armstrong）強調了該公司為整合現貨，期貨和期權交易能力的重點努力，他指出，USDC（美元支持的Stablecoin）的強勁增長是該公司重複收入的主要推動力。

Looking forward, management indicated that macroeconomic uncertainty and volatility in crypto asset prices are likely to influence trading activity and revenue in the near term. CFO Alesia Haas mentioned that lower asset prices observed in the early part of the second quarter could exert pressure on blockchain and subscription revenue. However, the leadership team expressed confidence in the company’s sustainable product roadmap, ongoing international expansion plans, and the durability of its business model. They highlighted the pending regulatory milestones and new product initiatives that are positioning Coinbase for future growth.

展望未來，管理層表明，加密資產價格的宏觀經濟不確定性和波動性可能會影響近期的交易活動和收入。 CFO Alesia Haas提到，在第二季度初期觀察到的較低資產價格可能會對區塊鍊和訂閱收入施加壓力。但是，領導團隊對公司的可持續產品路線圖，正在進行的國際擴張計劃以及其業務模型的持久性表示了信心。他們強調了未決的監管里程碑和新產品計劃，這些計劃為未來的增長定位了共同依據。

Key Insights from Management’s Remarks

管理層講話的關鍵見解

Coinbase’s management credited the strong quarter to several factors, including advances in derivatives trading, increased utilization of stablecoins, and the company’s expansion into international markets. The revenue shortfall compared to Wall Street expectations was largely attributed to a shift in the mix of trading volume and lower-than-anticipated fee rates from institutional clients.

Coinbase的管理層將強大的季度歸功於幾個因素，包括衍生品交易的進步，增加的穩定劑的利用以及公司在國際市場中的擴張。與華爾街的期望相比，收入短缺主要歸因於交易量的混合和高於機構客戶的預期費率的變化。

Drivers of Future Performance

未來表現的驅動力

Coinbase’s management anticipates that macroeconomic volatility and fluctuations in asset prices will have a direct impact on trading volumes and, consequently, revenues. In contrast, regulatory milestones and the launch of new products are critical for driving the company’s long-term growth.

Coinbase的管理層預計，宏觀經濟的波動和資產價格的波動將直接影響交易量，因此收入。相比之下，監管里程碑和新產品的推出對於推動公司的長期增長至關重要。

Top Analyst Questions

頂級分析師問題

Catalysts in Upcoming Quarters

即將到來的季度的催化劑

In the upcoming quarters, the StockStory team will be closely monitoring the progress of Deribit’s integration into Coinbase’s derivatives platform, the level of continued USDC adoption, and the impact of new international regulatory approvals. We will also assess the effect of macroeconomic and asset price volatility on trading and subscription revenues. Additionally, our focus will be on the latest developments in key regulatory initiatives and the pace of new product rollouts, including Coinbase’s foray into business payments and on-chain lending products.

在即將到來的季度中，StockStory團隊將密切監視Deribit集成到Coinbase的衍生產品平台，持續採用的水平以及新國際監管機構批准的影響。我們還將評估宏觀經濟和資產價格波動對交易和訂閱收入的影響。此外，我們的重點將是關鍵監管計劃和新產品推廣的最新發展，包括Coinbase對商業付款和鏈貸款產品的嘗試。

Coinbase currently trades at a forward EV/EBITDA ratio of 16x. Should you double down or take your chips? Find out in our full research report (it’s free).

Coinbase目前以16倍的遠期EV/EBITDA比率進行交易。您應該加倍或拿籌碼嗎？在我們的完整研究報告中找到答案（免費）。

Our Favorite Stocks Right Now

現在我們最喜歡的股票

Donald Trump’s victory in the 2024 U.S. Presidential Election sent major indices to all-time highs, but stocks have retraced as investors debate the health of the U.S. economy and the potential impact of tariffs.

唐納德·特朗普（Donald Trump）在2024年美國總統大選中取得的勝利向歷史最高點傳達了主要指數，但是隨著投資者辯論美國經濟健康狀況和關稅的潛在影響，股票回顧了。

While this leaves much uncertainty heading into 2025, a few companies are poised for outstanding gains over the long term, regardless of the political or macroeconomic climate. To help you capitalize on today’s opportunities, we highlight five of our Top Strong Momentum Stocks this week. This is a curated selection from our broader High Quality stocks category, which has consistently generated a market-beating return of 175% over the last five years.

雖然這留下了幾乎不確定性到2025年的不確定性，但無論政治或宏觀經濟氣候如何，一些公司長期以來都有巨大的收益。為了幫助您利用當今的機會，我們重點介紹了本週頂級強大的勢頭股票。這是我們更廣泛的高質量股票類別的策劃選擇，在過去五年中，它一直產生175％的市場回報。

The stocks that made our list in 2019, at the time of Trump’s impeachment, include now-household names like Nvidia (NASDAQ:NVDA) - which delivered a staggering 2,183% price gain between December 2019 and December 2024 - and lesser-known gems like Sterling Infrastructure (NYSE:SIW), boasting a remarkable 1,096% five-year return. Discover your next multi-bagger with StockStory today.

在特朗普彈each時在2019年列出的股票包括NVIDIA（NASDAQ：NVDA）等現在的居民名稱 - 在2019年12月至2024年12月之間，它的價格增長了2,183％的價格增長，以及較少的傑出的寶石（如Sterling Infonstructure（Nyse：nyse：Siw），五年級），五年級的五年級。今天發現您的下一個多袋子。