Coinbase（硬幣）下週的標準普爾500指數提前16％

在過去的五天中，加密穩態促進劑Coinbase Global（Coin）上漲了16％，以慶祝其計劃在下周定於標準普爾500指數上公開上市。

Cryptoeconomy enabler Coinbase Global (NASDAQ:COIN) rallied 16% over the past five days to celebrate its public listing on the S&P 500 index, which is set for next week.

在過去的五天中，加密的啟用助理共同基地全球（NASDAQ：COIN）上漲了16％，以慶祝其在下周定於下周定於標普500指數上的公開上市。

Confident Investing Starts Here:

自信的投資從這裡開始：

Coinbase's addition to the S&P 500 marks a historic milestone as the first cryptocurrency exchange included in the index, symbolizing a step toward mainstream acceptance of crypto. This move is expected to boost institutional interest and attract new capital, especially through passive funds that must buy S&P 500 components, effectively making Coinbase and, by extension, Bitcoin (BTC), a “must-own” investment.

Coinbase在標準普爾500指數中的補充標誌著索引中的第一個加密貨幣交流，標誌著歷史里程碑，這象徵著朝主流接受加密貨幣的一步。預計這一舉動將提高機構利益並吸引新的資本，尤其是通過必須購買標準普爾500指數的被動基金，有效地製造了Coinbase，並擴展了比特幣（BTC），是“必備的”投資。

However, while rosy developments are nice to see for existing shareholders, I remain neutral on the stock due to risks like potential overvaluation, declining earnings, revenue concentration, and increasing competition.

但是，儘管對現有股東的樂觀態度很不錯，但由於潛在高估，收入下降，收入集中和競爭不斷提高的風險，我仍然對股票保持中立。

Fundamental Challenges Persist Despite S&P 500 Boost

儘管標準普爾500提升，但基本挑戰仍然存在

Bernstein analyst Gautam Chhugani, who holds a Buy rating on Coinbase, estimates that its inclusion in the S&P 500 could attract approximately $16 billion in passive and active fund inflows, potentially boosting the stock further. However, with Coinbase's market capitalization having surged by $10 billion, it seems that much of this anticipated inflow may be priced in. The focus now shifts to the company's underlying fundamentals.

對Coinbase的買入評級的Bernstein分析師Gautam Chhugani估計，將其納入標準普爾500指數可能會吸引大約160億美元的被動和主動基金流入流入，並可能進一步提高該股票。但是，隨著Coinbase的市值飆升了100億美元，似乎大部分預期的流入都可能被定價。現在的重點轉移到了公司的基本基本面。

Coinbase earns revenue through transactions, subscriptions, and services, mostly derived from transaction fees such as spreads and retail trading fees. In its Q1 2025 earnings report published earlier this month, Coinbase experienced a 10% decrease in trading volume, resulting in total revenue of $2 billion—a 10% decline quarter-over-quarter—and transaction revenue falling 19% quarter-over-quarter to $1.3 billion.

Coinbase通過交易，訂閱和服務賺取收入，主要源自交易費用，例如點差和零售交易費。在本月初發布的第1季度2025年收益報告中，Coinbase的交易量減少了10％，導致總收入為20億美元（四分之一季度下降了10％），交易收入下降了19％的四分之一四分之一季度至13億美元。

The company attributed this decline to crypto market volatility and ongoing uncertainty. Ultimately, a substantial portion of Coinbase's performance remains closely tied to the health and activity of the cryptocurrency market.

該公司將這種下降歸因於加密市場的波動和持續的不確定性。最終，Coinbase績效的很大一部分與加密貨幣市場的健康和活動密切相關。

Wider Crypto Story Fails to Live Up to the Hype

更廣泛的加密故事無法辜負炒作

The narrative of widespread adoption of cryptocurrency necessarily implicates government involvement. Crypto enthusiasts hoped that President Donald Trump, a vocal supporter of cryptocurrencies, would help legitimize the space. However, despite this hope, meaningful legislation has yet to be realized. Trump's so-called "Strategic Bitcoin Reserve," which does not involve the administration actually purchasing any cryptocurrency, also fell short of expectations.

廣泛採用加密貨幣的敘述必然意味著政府參與。加密愛好者希望加密貨幣的聲音支持者唐納德·特朗普總統將有助於使空間合法化。但是，儘管有希望，但有意義的立法尚未實現。特朗普所謂的“戰略比特幣儲備”（不涉及政府實際上購買任何加密貨幣）也沒有期望。

In fact, Trump appears to have leveraged cryptocurrency primarily for personal gain, as evidenced by recent meme coin promotions and family ventures. Meanwhile, Bitcoin trading remains banned in several countries, including China, Saudi Arabia, and Egypt. Recognizing its heavy reliance on Bitcoin, Coinbase is diversifying by expanding into more stable revenue streams such as custody services, staking, and institutional offerings.

實際上，特朗普似乎主要是為了個人利益而利用加密貨幣，這是Meme Coin促銷和家庭企業所證明的。同時，在包括中國，沙特阿拉伯和埃及在內的多個國家，比特幣貿易仍被禁止。 Coinbase認識到其對比特幣的嚴重依賴，通過擴展到更穩定的收入來源，例如監護服務，積分和機構產品，從而多樣化。

Coinbase faces fierce competition in this uncertain landscape from exchanges like Binance, Kraken, Robinhood (NASDAQ:HOOD), Gate.io, and Gemini. Binance remains the global leader, holding a 38% market share as of April 2025. Each platform has its own strengths and weaknesses, catering to different user bases based on factors like geography and user experience. This makes the crypto exchange space highly competitive, with no single player being dominant enough to eliminate the rest. That said, Coinbase's early entry into the U.S. market and strong regulatory compliance provide it with a notable advantage domestically.

Coinbase在這種不確定的景觀中面臨激烈的競爭，例如Binance，Kraken，Robinhood（Nasdaq：Hood），Gate.io和Gemini。 Binance仍然是全球領導者，截至2025年4月，佔有38％的市場份額。每個平台都有其自己的優勢和劣勢，根據地理和用戶體驗等因素來滿足不同的用戶基礎。這使得加密交流空間具有很高的競爭力，沒有一個球員足夠占主導地位，無法消除其餘的球員。就是說，Coinbase的早期進入美國市場和強大的監管合規性為其提供了顯著的優勢。

Despite experiencing a sequential revenue decline, Coinbase clearly did something right to earn its spot in the S&P 500. Coinbase remains profitable, and critically, has the financial strength to withstand short-term cryptocurrency volatility, as evidenced by a significantly improved debt-to-asset ratio.

儘管經歷了連續的收入下降，但Coinbase顯然做出了一些正確的措施以在標準普爾500指數中贏得其席位。 Coinbase仍然有利可圖，並且在批判性地具有承受短期加密貨幣波動的財務實力，這證明了債務與共和國比率的顯著提高。

What is the Target Price for Coinbase?

Coinbase的目標價格是多少？

On Wall Street, COIN sports a Moderate Buy consensus rating based on 12 Buy, 11 Hold, and zero Sell ratings in the past three months. COIN's average price target of $264.19 represents potential upside of 8% over the next twelve months.

在華爾街上，硬幣具有在過去三個月中基於12個買入，11個持有和零賣等級的中等買入評級。硬幣的平均價格目標為264.19美元，代表未來十二個月的潛在上漲空間。

Earlier this month, analyst Ed Engel of Compass Point upgraded COIN to Hold with a price target of $195. The analyst expressed optimism and caution surrounding the emergence of altcoins. While he noted that altcoins could increase trading activity, he also recognized their structural challenges.

本月早些時候，Compass Point的分析師Ed Engel升級了硬幣，其價格目標為195美元。分析師對山寨幣出現表示樂觀和謹慎。儘管他指出Altcoins可以增加交易活動，但他也認識到他們的結構性挑戰。

Oppenheimer's Owen Lau is more bullish on COIN, slapping an Outperform rating on the stock and a price target of $293. Oppenheimer believes the stock's inclusion has huge implications for Coinbase and the crypto industry as a whole. According to the analyst, getting into the S&P 500 not only increases purchases from index funds but also puts Coinbase under the closer radar of non-index funds that benchmark against the S&P 500.

Oppenheimer的Owen Lau對硬幣的看法更為看好，在股票上拍了勝於股票的評分，目標價為293美元。 Oppenheimer認為該股票的包容性對Coinbase和Crypto行業的整體具有巨大影響。根據分析師的說法，進入標準普爾500指數不僅增加了指數基金的購買，而且還將Coinbase置於基準對標準普爾500號基準的非索引資金的近距離範圍內。

Valuation and Volatility Call for Caution Despite Listing Milestone

儘管列出了里程碑，但謹慎的估值和波動性要求

Coinbase's inclusion in the S&P 500 marks a significant milestone for both the

Coinbase在標準普爾500標準普爾500中的包含是這兩者的重要里程碑