Coinbase Global（NASDAQ：COIN）再次引起了人們的關注

在2025年動蕩的開始之後，第一季度的跌幅近50％，在加密貨幣市場上賣出了廣泛的拋售

Coinbase Global (NASDAQ:COIN) has once again come into the investor spotlight as several analysts adjust their ratings and the company prepares for its first-quarter earnings report.

Coinbase Global（NASDAQ：COIN）再次引起了投資者的關注，因為幾位分析師都會調整其評級，該公司為第一季度的收益報告做準備。

After a turbulent start to 2024, which saw the stock price nearly halve in the first quarter and the broader crypto market experience a broad sell-off, COIN has rebounded over 30% from its April lows and is currently trading near $195.

在2024年的動蕩開始之後，第一季度的股價幾乎減半，而更廣泛的加密貨幣市場經歷了廣泛的拋售，硬幣從4月份的低點起了30％以上的反彈，目前的交易價格接近195美元。

The investment case for Coinbase is currently a polarized one. Several analysts have downgraded the stock ahead of earnings, focusing on weaker trading volumes and the potential for a shortfall in Q1 results. Monness, Crespi, Hardt recently downgraded the rating from Buy to Neutral, removed the price target, and warned of possible downward revisions if earnings fail to meet expectations. Similarly, Compass Point downgraded COIN to Sell due to competitive pressures and near-term revenue uncertainty.

Coinbase的投資案例目前是兩極分化的案例。幾位分析師已在收益之前降低了股票，重點是交易量較弱，並可能導致第一季度的結果不足。 Hardt Monness，Crespi最近將評級從買入降至中性，刪除了目標目標，並警告如果收益不滿意，則可能會下降。同樣，Compass Point由於競爭壓力和近期收入不確定性而降級硬幣將出售。

However, bullish voices remain. Benchmark and Rosenblatt Securities both kept their Buy ratings, with price targets of $252 and $260, respectively, highlighting Coinbase’s strong fundamentals, expanding product suite, and potential for a resurgence in crypto activity later this year. Citi also maintains a Buy rating, albeit with a slightly reduced target of $270, following adjustments to their financial models.

但是，看漲的聲音仍然存在。 Benchmark和Rosenblatt Securities都保持了買入評級，其價格目標分別為252美元和260美元，強調了Coinbase的強大基礎知識，擴大了產品套件以及今年晚些時候在加密貨幣活動中復興的潛力。花旗還維持買入評級，儘管對其財務模型進行了調整，儘管目標略低於目標270美元。

Coinbase’s fortunes are closely tied to the broader crypto market. While the company recently posted impressive 115% revenue growth and has a P/E ratio around 20, its earnings are highly sensitive to Bitcoin and Ethereum price swings, as well as overall trading volumes. The upcoming earnings report is expected to show revenue of about $2.1 billion, up 27% year-over-year, but earnings per share could drop 57% compared to last year, highlighting the volatility inherent in the business.

Coinbase的命運與更廣泛的加密市場緊密相關。雖然該公司最近的收入增長了115％，市盈率令人印象深刻，但其收入對比特幣和以太坊價格波動以及整體交易量高度敏感。預計即將發布的收益報告將顯示約21億美元的收入，同比增長27％，但與去年相比，每股收益可能會下跌57％，這強調了該業務固有的波動性。

Despite this, COIN is trading at a discount to many traditional exchanges on both P/E and EV/EBITDA multiples, and some long-term bulls argue that the current price offers an attractive entry point for investors willing to ride out crypto’s ups and downs. With an ultra-bullish scenario in mind, the stock could see dramatic gains if the crypto market rebounds, with price targets above $500 being mentioned for the next year or two.

儘管如此，硬幣還是在P/E和EV/EBITDA倍數上以許多傳統交易所的折扣交易，而一些長期的公牛則認為，當前的價格為願意乘坐Crypto起伏的投資者提供了一個有吸引力的入口點。考慮到超級肉體的情況，如果加密貨幣市場籃板，該股票的價格目標超過了500美元，即明年或兩年中，該股票的收益可能會引人注目。

Coinbase continues to invest in new products and partnerships, such as its expanded collaboration with PayPal (NASDAQ:PAYL) to promote stablecoin adoption and fee-free trading for PYUSD. The company’s institutional business is also a bright spot, with a growing roster of hedge funds and asset managers using its custody and trading services.

Coinbase繼續投資於新產品和合作夥伴關係，例如與PayPal（NASDAQ：PAYL）的擴大合作，以促進Pyusd的Stablecoin採用和無需收費的交易。該公司的機構業務也是一個亮點，使用其監護權和交易服務的對沖基金和資產經理越來越多。

Finally, regulatory clarity remains a key risk, but Coinbase’s proactive approach and established US licenses provide a competitive moat compared to many global rivals.

最後，監管清晰度仍然是一個關鍵風險，但是Coinbase的主動方法和確定的美國許可證與許多全球競爭對手相比提供了競爭性護城河。

For investors with a high risk tolerance and a long-term outlook, current levels might present an appealing entry point, especially if the crypto market stabilizes and trading volumes recover. However, caution is warranted in the short term as earnings volatility, regulatory headwinds, and competition from decentralized exchanges remain significant risks. Ultimately, whether it’s finally time to invest in Coinbase stock depends on your view of the cycle, your appetite for volatility, and your confidence in Coinbase’s ability to innovate and adapt. While the stock’s recent rebound and discounted valuation are promising, prudent investors might want to wait for clearer signals from the upcoming earnings report before making a major move.

對於具有高風險容忍度和長期前景的投資者來說，當前水平可能具有一個吸引人的入口點，尤其是加密市場穩定和交易量恢復時。但是，在短期內應謹慎行事，因為收入波動，監管逆風和分散交易所的競爭仍然是重大風險。歸根結底，是否最終是時候投資Coinbase股票取決於您對周期的看法，對波動性的興趣以及您對Coinbase創新和適應能力的信心。儘管該股票最近的反彈和打折的估值是有希望的，但審慎的投資者可能希望等待即將到來的收益報告中的更清晰的信號，然後再採取重大行動。