Coinbase Q1： - 領先的加密交易所Coinbase已發布了第1季度2025年季度報告。

領先的加密交易所Coinbase已發布了IT季度的2025年第一季度報告。總收入為200億美元，該交易所的同比增長了24％。

Leading cryptocurrency exchange Coinbase (NASDAQ:COIN) has reported its first-quarter earnings, missing Wall Street's estimates. As a result, its stock slid by 4% in after-hours trading.

領先的加密貨幣交易所Coinbase（NASDAQ：COIN）報告了其第一季度的收入，缺少華爾街的估計。結果，其股票在下班後交易中下跌了4％。

The exchange reported a total revenue of $2.00 Billion for the quarter, which marks a 24% increase year on year. However, on a quarter-on-quarter metric, the revenue has gone down by whopping 10%.

該交易所報告該季度的總收入為200億美元，標誌著同比增長24％。但是，在四分之一季度的度量標準下，收入下降了10％。

Its revenue from transactions also went down by 19% Q/Q standing at $1.3 billion.

其交易的收入也下降了19％的Q/Q，至13億美元。

Overall, the revenue missed the Wall street estimates of $2.1 billion. The subsequent disappointment was reflected in its NASDAQ-lksted Stock (COIN) witnessing the decline of around 4%.

總體而言，收入錯過了華爾街的估計為21億美元。隨後的失望反映在其納斯達克 - 洛克斯特股票（Coin）中，目睹了大約4％的下降。

In last Quarter (Q4 2024), Coinbase did beat analysts’ revenue expectations by 22%. It reported revenues of $2.27 billion, up by 38% year on year.

在上個季度（第4季度2024年）中，Coinbase的確擊敗了分析師的收入預期22％。它報告的收入為22.7億美元，同比增長38％。

Why Q1 Revenue Missed Analysts’ Expectations

為什麼Q1收入錯過了分析師的期望

Wall Street analysts projected Coinbase’s Q1 2025 revenue to be approximately $2.1 billion. They were anticipating a 28% year-over-year increase.

華爾街分析師預計，Coinbase的第二季度2025收入約為21億美元。他們預計同比增長28％。

This estimate was driven by expectations of $1.39 billion in transaction revenue and $702 million in subscription and services revenue.

這一估計是由期望13.9億美元的交易收入和7.02億美元的訂閱和服務收入所驅動的。

According to Coinbase Q1 report, the company has declared macroeconomic uncertainty as the reason for the decrease.

根據Coinbase Q1報告，該公司宣布宏觀經濟不確定性是減少的原因。

This includes shift in U.S. trade policy and geopolitical tensions led by US President Donald Trump. These tensions particularly the US Trump Tariffs came as a drag on market volatility and lessen consumer appetite for crypto trading.

這包括美國總統唐納德·特朗普（Donald Trump）領導的美國貿易政策和地緣政治緊張局勢的轉變。這些緊張局勢尤其是美國特朗普的關稅是為了阻止市場波動，並減少了消費者對加密交易的需求。

This is indeed true. Bitcoin surged to a fresh all‑time high in January, but the gains proved short‑lived as crypto prices slid along with broader market. By the end of Q1, the total cryptocurrency market cap had fallen 19% from its year‑end level, landing at $2.7 trillion.

這確實是真的。比特幣在一月份升至全新的全新高度，但事實證明，由於加密價格與更廣泛的市場一起滑行。到第一季度結束時，加密貨幣市值從年終水平下降了19％，降落為2.7萬億美元。

Against this backdrop, Coinbase’s Q1 transaction revenue came in at $1.3 billion – a 19% drop quarter‑over‑quarter.

在此背景下，Coinbase的第一季度交易收入為13億美元，季度下降了19％。

Total spot trading volume fell 10% to $393.1 billion, though this still outpaced the global spot market’s 13% volume contraction over the same period.

總現貨交易量下降了10％，至3.931億美元，儘管這仍然超過了同一時期全球現貨市場的13％批量收縮。

Interestingly, its stablecoin revenue was up by 9% Q/Q, reflecting the increased revenue from its partner and stablecoin issuer Circle USDc.

有趣的是，其穩定收入增加了9％Q/Q，這反映了其合作夥伴和Stablecoin發行人Circle USDC的收入增加。

Also Read: Crypto Market in Q1

另請閱讀：第1季度的加密市場

What’s Next for the Giant

巨人的下一步

In Q2 2025, Coinbase expects the macro uncertainty, including around global trade policy, continuing to impacts consumer sentiment.

在2025年第2季度，Coinbase預計宏觀不確定性，包括圍繞全球貿易政策，繼續影響消費者的情緒。

This may contribute to softer crypto trading markets and lower asset prices as it enters the second quarter.

這可能會導致較軟的加密貨幣交易市場和較低的資產價格進入第二季度。

For Q2 2025, Coinbase forecasts subscription and services revenue of $600–$680 million and $215–$315 million in sales and marketing including ~$15M in stock-based compensation.

對於第二季度2025年，Coinbase預測訂閱和服務收入為600億美元，銷售和營銷215-3.15億美元，包括約1500萬美元的基於股票的薪酬。

According to Ryan Rasmussen, Head of Research at Bitwise Invest, “Coinbase is a Sleeping Giant.” He highlights its dominance as the custodian to the U.S. crypto ETF market with the most successful L2 network, Base.

根據Bitwise Invest研究主管Ryan Rasmussen的說法，“ Coinbase是一個沉睡的巨人。”他強調了它作為美國加密ETF市場的託管人的主導地位，該市場最成功的L2網絡Base。

Its web3 funding venture which supports early-stage crypto investments – Coinbase Ventures – is also making good progress.

它支持早期加密投資（Coinbase Ventures）的Web3資金合資企業也取得了良好的進步。

Check the Shareholder Letter

檢查股東信

Coinbase is a sleeping giant…

Coinbase是一個沉睡的巨人…

– Custodian to the U.S. crypto ETF market– Most successful L2 (Base)– Profit-sharing with Circle (USDC)– Fast-growing subscriptions business (Coinbase One)– Scaling staking at institutional level – Acquired Deribit to dominate crypto… https://t.

- 美國加密ETF市場的託管人 - 最成功的L2（基礎） - 與Circle（USDC）的利潤共享 - 快速增長的訂閱業務（Coinbase One） - 在機構層面上擴展Stricking-tarkity stricting state stricting striping striction sater striction-opertibit to deribit占主導地位的加密貨幣…https：https：https：// t。

— Ryan Rasmussen (@RasterlyRock) May 9, 2025

- 瑞安·拉斯穆森（Ryan Rasmussen）（@rasterlyrock），2025年5月9日

The recent acquisition of Deribit to dominate crypto derivatives further exemplifies its dominant status.

最近獲得占主導地位的加密衍生品的衍生物進一步體現了其主導地位。

In Q1, it drove $803.6 billion in global derivatives trading volume as it continue to grow its market share with the recent acquisition.

在第1季度，隨著最近收購，它繼續增加其市場份額，從而驅動了8036億美元的全球衍生品交易量。

Also Read: Coinbase Acquires Deribit

另請閱讀：Coinbase獲取deribit