Coinbase（Coin）Q1 2025收入：儘管尚無收入目標，但該公司顯示出交易量的實力並擴大了全球足跡

美國著名的加密交易所Coinbase本週發布了其第一季度2025年財務收益。該公司提供了各種各樣的結果，強調了其作為數字資產市場迅速成熟的參與者的角色。

Prominent crypto exchange Coinbase (NASDAQ:COIN) unveiled its Q1 2025 financial earnings this week, showcasing the company's performance in a rapidly maturing digital asset market.

著名的加密交易所Coinbase（NASDAQ：COIN）本周宣布了其Q1 2025財務收入，展示了該公司在迅速成熟的數字資產市場中的業績。

While the company missed total revenue and earnings targets, it unearthed some gems in terms of trading volume increases and an expanding global footprint.

儘管該公司錯過了總收入和收益目標，但它在交易量增加和全球足跡不斷擴大方面發掘了一些寶石。

For the first quarter of 2025, Coinbase registered total revenue of $2.03 billion, which is below the Street’s consensus of $2.2 billion. Transaction revenue, which is a key metric for the company, came in at $1.26 billion and missed the expectation of $1.33 billion. The good news was that subscription and services revenue has been increasing nicely and was up 37% year-over-year and 9% quarter-over-quarter to $698 million, just slightly below the expectation of $702.5 million.

在2025年第一季度，Coinbase的總收入為20.3億美元，低於街道的共識22億美元。交易收入是該公司的關鍵指標，其收入為12.6億美元，並錯過了13.3億美元的期望。好消息是，訂閱和服務收入的增長良好，同比增長了37％，四分之一季度達到6.98億美元，略低於預期的7.025億美元。

EPS adjusted were $0.24, which is a far cry from the target set by analysts of $2.09. The company remains strong, however, with an adjusted EBITDA of $930 million and a net income that certainly made its balance sheet look better at $66 million. Add in an adjusted net income of $527 million, and you clearly see the company standing tall and remaining very profitable despite going through some market dynamics that are swaying it back and forth.

調整後的每股收益為0.24美元，這與分析師$ 2.09的目標相去甚遠。但是，該公司仍然很強大，調整後的EBITDA為9.3億美元，淨收入肯定使其資產負債表看起來更好，為6600萬美元。加上調整後的5.27億美元淨收入，儘管經歷了一些市場動態，但您清楚地看到該公司的高高而仍然是非常有利可圖的。

Trading Volume Strength and Strategic Growth Shape the QuarterEven though it missed revenue expectations, Coinbase showed impressive trading activity strength. The total trading volume came in at around $393 billion this past quarter—just slightly above what they were projecting ($392.7 billion). A phenomenal metric was the 49% increase in USDC balances in Coinbase products since the end of the previous quarter, now totaling $12.3 billion. This figure reflects a demand from our users for stablecoin-based services and suggests that the platform in general, including our lending business, is seeing more adoption of recently launched products using USDC.

交易量強度和戰略增長塑造了28年，儘管它錯過了收入預期，但Coinbase表現出令人印象深刻的交易活動強度。上個季度的總交易量約為3930億美元，略高於他們的預計（3927億美元）。自上季度末以來，Coinbase產品的USDC餘額增長了49％，目前總計為123億美元。該數字反映了我們用戶對基於Stablecoin的服務的需求，並建議該平台（包括我們的貸款業務）正在看到更多使用USDC採用最近推出的產品。

The trust from both retail and institutional users is increasing, as evidenced by our custody asset base growing to $212 billion, up $25 billion from last quarter. We are seeing much-improved regulatory clarity combined with a much-expanded set of service offerings.

零售和機構用戶的信託都在增加，這證明了我們的託管資產基礎增長到2120億美元，比上一季度增長了250億美元。我們看到了眾所周知的監管清晰度以及一組膨脹的服務產品。

In the future, Coinbase projects subscription and service income to be between $600 million and $680 million for the second quarter of 2025. At the same time, the company expects underlying operating expenses (technology and general administration) to range from $700 million to $750 million. Sales and marketing expenses are projected to come in between $215 million and $315 million, but with the sale of actual transactions already projected to be $240 million for the month of April.

將來，Coinbase Project訂閱和服務收入在2025年第二季度為6億至6.8億美元。與此同時，該公司預計基本的運營費用（技術和總管理）將從7億美元到7.5億美元範圍內。銷售和營銷費用預計在2.15億至3.15億美元之間，但實際上已經出售實際交易將為4月份的2.4億美元。

$COIN | Coinbase Q1'5 Earnings Highlights

$硬幣| Coinbase Q1'5收益亮點

🔹 Revenue: $2.03B (Est. $2.2B)

🔹背：$ 2.03B（IS。$ 2.2B）

🔹 Adj. EPS: $0.24 (Est. $2.09)

🔹adj。 EPS：$ 0.24（IS。$ 2.09）

🔹 Transaction Revenue: $1.26B (Est. $1.33B)

🔹收入交易：$ 1.26B（IS。$ 1.33B）

🔹 Subscription & Services Revenue: $698M (Est. $702.5M) , +37% YoY, +9% QoQ

🔹訂閱和服務收入：6.98億美元（EST。7.025億美元）， +37％同比， +9％QOQ

🔹 Trading Volume: $393B (Est. $392.7B) vs. $340.16B

🔹交易量：$ 393B（EST。$ 392.7B）vs. $ 340.16B

During the quarter, Coinbase also seized the opportunity to reinforce its leadership in the derivatives markets. It announced a $2.9 billion acquisition of the crypto options exchange Deribit, structured in both cash and stock. This puts Coinbase in a dominant position in crypto options and futures, broadening its reach into more sophisticated trading products. In their press release, Coinbase emphasized that this acquisition aligns with their mission of “building the most secure and compliant trading venue in the world” and that they are now working on an “orderly integration plan” for Deribit.

在本季度，Coinbase還抓住了加強其在衍生品市場的領導地位的機會。它宣布以現金和股票構建的加密貨幣期權交易所deribit進行了29億美元的收購。這使Coinbase在加密貨幣期權和未來中處於主導地位，將其覆蓋範圍擴大到更複雜的交易產品中。 Coinbase在他們的新聞稿中強調，此次收購與他們的任務“建立世界上最安全，最合規的交易場所”的任務相吻合，並且他們現在正在為Deribit制定“有序集成計劃”。

From a regulatory perspective, the company had a really major legal win when the SEC lawsuit that had been hanging over the company for quite some time was dismissed—”with prejudice,” no less. That was a huge hurdle the company had to face, and now it has investor confidence on board, too. The company registered internationally as well, with both Argentina and India recognizing it as a Virtual Asset Service Provider (VASP). Regulatory operations across the globe continue to expand.

從監管的角度來看，當公司在公司懸掛一段時間以來的SEC訴訟被駁回了一段時間時，該公司取得了重大的法律勝利，“有偏見”。這是公司必鬚麵對的巨大障礙，現在它也具有投資者的信心。該公司也在國際上註冊，阿根廷和印度都將其視為虛擬資產服務提供商（VASP）。全球的監管行動不斷擴大。

Coinbase’s long-term vision is primarily centered around product development. Initiatives in place, like the Base Layer 2 network—a blockchain scaling initiative—saw $4 billion in stablecoin balances this past quarter. The company also shafted new products into the ecosystem, among them, Flashblocks, a solution that utilizes Ethereum to enable finality of transactions in less than a second. At the same time, Coinbase continued its

Coinbase的長期視野主要圍繞產品開發。在過去的一個季度，像Base 2 Loase 2網絡（Base 2 Loase Network（Base 2 Loasity Network）（Base 2 Loasity Network）（一項區塊鏈規模計劃）的倡議在上個季度均有40億美元的餘額。該公司還將新產品納入了生態系統，其中包括Flashblocks，該解決方案利用以太坊在不到一秒鐘的時間內實現了交易的最終性。同時，Coinbase繼續