Coinbase 第一季財報：加密貨幣上漲與金融工程

領先的加密貨幣交易所 Coinbase 公佈了 2024 年第一季的強勁業績，大幅超越華爾街預期。該公司每股收益成長 244.83%，營收成長 19.74%。然而，令人印象深刻的成長部分是由一次性會計收益推動的，凸顯了加密行業監管變化的潛在影響。

Coinbase Quarterly Earnings Report: A Tale of Crypto Ups and Downs

Coinbase 季度財報：加密貨幣漲跌的故事

Coinbase Global, Inc., the leading cryptocurrency exchange headquartered in the United States, has released its first quarter 2024 earnings report, showcasing a significant beat on both earnings per share and revenue estimates. However, beneath the headline numbers, a closer examination reveals a nuanced picture involving accounting shifts and ongoing financial engineering.

總部位於美國的領先加密貨幣交易所 Coinbase Global, Inc. 發布了 2024 年第一季財報，每股收益和收入預期均大幅超出預期。然而，在標題數字之下，更仔細的檢查揭示了涉及會計變化和正在進行的金融工程的微妙情況。

Strong Financial Performance

強勁的財務業績

Coinbase reported earnings per share of $4.40, far exceeding Wall Street expectations of $1.28, representing a remarkable 244.83% outperformance. Revenue also surpassed analysts' estimates, albeit by a more modest 19.74%.

Coinbase 公佈的每股收益為 4.40 美元，遠超華爾街預期的 1.28 美元，表現出色 244.83%。收入也超出了分析師的預期，儘管增幅較小，為 19.74%。

"Our platform's performance in the first quarter is a compelling indicator of the growing confidence and interest in digital assets," stated Coinbase Co-founder and CEO Brian Armstrong during the earnings call.

Coinbase 聯合創辦人兼執行長 Brian Armstrong 在財報電話會議上表示：「我們平台第一季的表現是一個令人信服的指標，顯示人們對數位資產的信心和興趣不斷增長。

The company's adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) reached $1 billion, surpassing Coinbase's total EBITDA for the entire year of 2023.

該公司調整後的 EBITDA（息稅折舊攤提前利潤）達到 10 億美元，超過了 Coinbase 2023 年全年的 EBITDA 總額。

Accounting Adjustments and Revenue Boost

會計調整和收入成長

However, Coinbase executives acknowledged that while quarterly results were robust, financial engineering contributed to the outsize revenue growth. Specifically, the company recognized a one-time $737 million gain related to changes in accounting rules. The Financial Accounting Standards Board's (FASB) new guidelines permit crypto firms to record increases in crypto prices as assets on their balance sheets.

然而，Coinbase 高層承認，雖然季度業績強勁，但金融工程推動了營收的大幅成長。具體來說，該公司確認了與會計規則變更相關的一次性收益 7.37 億美元。財務會計準則委員會（FASB）的新準則允許加密貨幣公司將加密貨幣價格的上漲記錄為資產負債表上的資產。

Focus on Payments Innovation

聚焦支付創新

Armstrong emphasized that Coinbase is prioritizing revenue growth through various initiatives: enhancing the core trading experience, expanding the role of stablecoins, capturing market share in the derivatives space, and pursuing international growth.

阿姆斯壯強調，Coinbase 正在透過各種措施優先考慮收入成長：增強核心交易體驗、擴大穩定幣的作用、佔領衍生性商品領域的市場份額以及追求國際成長。

Notably, Coinbase's USDC stablecoin market cap surged over 30% year-to-date, outpacing major competitors. "We observe heightened engagement from customers who maintain USDC balances on our platform," Armstrong said.

值得注意的是，Coinbase 的 USDC 穩定幣市值今年迄今飆升了 30% 以上，超過了主要競爭對手。阿姆斯壯表示：“我們觀察到在我們平台上維護 USDC 餘額的客戶的參與度有所提高。”

Emilie Choi, President and Chief Operating Officer of Coinbase, added that "[the Bitcoin] ETFs have spurred a flywheel of customer engagement across our Coinbase Prime product suite, with 40% of institutional clients engaging with three or more products in Q1."

Coinbase 總裁兼營運長 Emilie Choi 補充道：“[比特幣] ETF 刺激了我們 Coinbase Prime 產品套件的客戶參與度，第一季有 40% 的機構客戶參與了三種或更多產品。”

Payments as a Key Opportunity

支付是一個關鍵機會

Coinbase executives expressed enthusiasm for the potential of payments as a key growth area. "We're actively driving utility in the crypto space," Armstrong explained. "We're accomplishing this through Base, our innovative Layer 2 solution, and by developing an improved payments experience on crypto rails."

Coinbase 高層對支付作為關鍵成長領域的潛力表示了熱情。 「我們正在積極推動加密領域的實用性，」阿姆斯壯解釋道。 “我們透過 Base（我們的創新第 2 層解決方案）以及在加密軌道上開發改進的支付體驗來實現這一目標。”

Armstrong highlighted that payment fees, both crypto-driven and non-crypto, represent a significant burden on consumers and businesses. "It astounds me that every time a credit card is swiped, the merchant incurs a 2% fee," he said. "It's essentially exchanging data, much like sending a cost-free WhatsApp message. Why does this practice continue to exist as a 2% tax on every transaction?"

阿姆斯壯強調，加密貨幣驅動和非加密貨幣的支付費用對消費者和企業來說都是沉重的負擔。 「令我震驚的是，每次刷信用卡，商家都會收取 2% 的費用，」他說。 「它本質上是交換數據，就像發送免費的 WhatsApp 訊息一樣。為什麼這種做法繼續存在，對每筆交易徵收 2% 的稅？”

"We've witnessed with other technologies that reducing friction stimulates increased activity," Armstrong added. "Consequently, it could stimulate economic growth and various other benefits, simply by lowering the fees that people incur."

「我們已經見證了其他技術減少摩擦會刺激活動增加，」阿姆斯壯補充道。 “因此，只需降低人們所承擔的費用，就可以刺激經濟成長和各種其他好處。”

Despite these aspirations, Coinbase has no plans to venture into banking or insurance at this time, focusing instead on its core cryptocurrency offerings.

儘管有這些願望，Coinbase 目前還沒有計劃涉足銀行或保險業，而是專注於其核心加密貨幣產品。

"We're also integrating USDC on Base across Coinbase products, enabling almost free and instant global payments in a USD-denominated asset," Armstrong said. "This is a highly significant development, as we now have a clear path to modernizing the global financial system by slashing the billions in payment fees incurred by consumers and businesses each year."

阿姆斯壯表示：“我們還將 USDC on Base 整合到 Coinbase 產品中，以美元計價的資產實現幾乎免費、即時的全球支付。” “這是一個非常重要的進展，因為我們現在有了一條明確的道路，可以通過削減消費者和企業每年產生的數十億美元的支付費用來實現全球金融體系的現代化。”

Conclusion

結論

Coinbase's first-quarter 2024 earnings report presents a complex picture. While the company posted strong financial results, accounting adjustments played a role in inflating revenue growth. Nevertheless, Coinbase remains committed to driving innovation in the payments space, leveraging cryptocurrencies to reduce friction and drive down transaction costs.

Coinbase 的 2024 年第一季財報呈現出一幅複雜的景象。儘管該公司公佈了強勁的財務業績，但會計調整在推高收入成長方面發揮了作用。儘管如此，Coinbase 仍致力於推動支付領域的創新，利用加密貨幣減少摩擦並降低交易成本。