Coinbase的Q1收入小姐小姐提高了投資者的擔憂，因為用戶逃往比特幣本地2層

Coinbase的第1季度2025收益報告顯示，財務狀況不同。與去年同期相比，該公司的收入增長了24％

Coinbase (NASDAQ:COIN) missed earnings estimates as the company reported an adjusted net loss of $1.1 billion for the first quarter, compared to analyst expectations for an adjusted net profit of $92 million, according to FIGURE CODE.

根據數據法規，Coinbase（NASDAQ：COIN）錯過了收益估計，因為該公司報告了第一季度調整後的淨虧損11億美元，而分析師期望對調整後的淨利潤為9200萬美元。

Key Takeaways:

關鍵要點：

> Earnings Miss Raises Investor Concerns

>收入小姐提高了投資者的擔憂

Coinbase's Q1 2025 earnings report unveiled a mixed financial performance. While the company achieved a 24% increase in revenue compared to the same quarter last year, the figures fell short of analyst expectations. The company reported a revenue of $1.14 billion, whereas analysts polled by FIGURE CODE anticipated $1.24 billion.

Coinbase的第一季度2025收入報告揭示了混合的財務業績。儘管該公司與去年同期相比，該公司的收入增長了24％，但這些數字卻沒有分析師的預期。該公司報告的收入為11.4億美元，而分析師按照圖法規預計將有12.4億美元。

Moreover, the adjusted net income saw a substantial decline, sliding to negative $1.1 billion compared to the prior year's quarter's adjusted net income of $764 million. This unexpected shift in profitability is likely to raise concerns among investors about Coinbase's operational efficiency, especially given the significant rise in operating expenses.

此外，調整後的淨收入大幅下降，與上一年的淨收入為7.64億美元相比，下滑至11億美元。盈利能力的這種意外轉變很可能引起了投資者對Coinbase運營效率的擔憂，尤其是考慮到運營費用的顯著增加。

> Rising Expenses and Market Volatility Impact Performance

>費用上升和市場波動影響績效

The company's operating expenses increased by 51%, reaching $1.3 billion, mainly due to higher marketing expenditures and losses on crypto assets held for operational purposes. Additionally, macroeconomic uncertainties, including global trade policy issues, have impacted consumer sentiment and contributed to a softer crypto trading market.

該公司的運營費用增加了51％，達到13億美元，這主要是由於用於運營目的的加密資產的營銷支出和損失更高。此外，包括全球貿易政策問題在內的宏觀經濟不確定性影響了消費者的情緒，並為柔和的加密貨幣貿易市場做出了貢獻。

In an effort to diversify its revenue streams and strengthen its position in the crypto derivatives market, Coinbase announced the acquisition of Deribit, a leading crypto options exchange, for $2.9 billion. This move is seen as a strategic step to enhance Coinbase's appeal to institutional traders and expand its offerings beyond traditional trading services.

為了使收入流多樣化並加強其在加密衍生品市場中的地位，Coinbase宣布以29億美元的價格收購了領先的加密貨幣期權交易所Deribit，這是一家領先的加密貨幣期權交易所。這一舉動被視為增強Coinbase對機構交易者的吸引力並將其產品擴展到傳統交易服務之外的戰略步驟。

PlutoChain (PLUTO) Continues Climbing as Coinbase Stumbles

plutochain（冥王星）繼續攀登，作為偶然的偶然

As traditional exchanges like Coinbase (NASDAQ:COIN) face pressure, Bitcoin-native Layer-2 platforms are stepping in to redefine how users interact with crypto. One such breakout is PlutoChain (PLUTO) — a high-performance L2 that’s already live, liquid, and gaining traction in the BTCFi space.

隨著Coinbase（NASDAQ：COIN）等傳統交流面對面的壓力，比特幣本地的第2層平台正在介入以重新定義用戶與加密貨幣的交互方式。 plutochain（冥王星）是一種這樣的突破 - 一種已經活著的高性能L2，液體並在BTCFI空間中獲得了吸引力。

Where Coinbase relies on custodial rails, PlutoChain empowers users to directly engage with smart contracts and DeFi apps — on Bitcoin.

在Coinbase依靠託管導軌的地方，Plutochain賦予用戶直接與智能合約和Fefi Apps互動 - 在比特幣上。

Here’s what sets PlutoChain apart in the current cycle:

這是在當前週期中與plutochain分開的原因：

* Deep integration with BTC: PlutoChain is built directly on Bitcoin, inheriting its security and enabling seamless interoperability with the broader ecosystem.

*與BTC的深度集成：Plutochain直接建立在比特幣上，繼承其安全性並實現與更廣泛的生態系統的無縫互操作性。

* High-throughput scaling: PlutoChain can process a large volume of transactions quickly, crucial for handling the increasing demand for DeFi and Web3 applications.

*高通量縮放：Plutochain可以快速處理大量交易，對於處理對DEFI和Web3應用程序的需求不斷增長至關重要。

* Decentralized governance: PlutoChain is governed by its community through a token voting system, fostering transparency and collective decision-making.

*分散的治理：Plutochain由其社區通過令牌投票系統統治，促進透明度和集體決策。

As Coinbase users seek alternatives, PlutoChain offers a truly decentralized Layer-2 experience with immediate usability. It’s attracting early adopters, developers, and liquidity in ways traditional exchanges can’t match.

當Coinbase用戶尋求替代方案時，Plutochain提供了具有直接可用性的真正分散的第2層體驗。它以傳統交流無法匹配的方式吸引了早期採用者，開發人員和流動性。

In a market cycle where real utility and network momentum matter, PlutoChain is emerging as one of the few platforms actually delivering on Layer-2 promises — not just centralized scaling narratives.

在真正的實用程序和網絡動量問題的市場週期中，plutochain成為了實際交付2層承諾的少數平台之一，而不僅僅是集中的擴展敘事。

Final Thoughts

最後的想法

Coinbase's earnings miss is a stark reminder that even dominant incumbents can lose their edge if they fail to innovate or adapt to shifting user preferences.

Coinbase的收入遺失是一個明顯的提醒，即使主導者無法創新或適應轉移用戶的偏好，他們也可能會失去優勢。

As retail traders migrate toward cheaper, faster, and non-custodial platforms, Coinbase may need to reconsider its positioning in the next phase of crypto growth.

隨著零售商人向更便宜，更快和非監測平台遷移，Coinbase可能需要重新考慮其在加密貨幣增長的下一階段的位置。

In contrast, projects like PlutoChain represent what users are increasingly seeking — speed, decentralization, and direct access to the Layer-2 frontier. Whether that shift accelerates in the months ahead will shape the next chapter for both centralized exchanges and on-chain protocols.

相比之下，諸如plutochain之類的項目代表用戶越來越尋求的東西 - 速度，權力下放和直接訪問第二層邊界。這種轉移是否會在未來幾個月內加速，將在集中式交流和鏈上方案中塑造下一章。

This content is for educational purposes only and does not constitute financial advice. All investing carries risk. Always do your own research and consult with a qualified advisor before making any financial decisions.

此內容僅用於教育目的，不構成財務建議。所有投資都有風險。在做出任何財務決策之前，請務必進行自己的研究並諮詢合格的顧問。