Coinbase分享Tumble：收入小姐Sparks投資者煩惱

Coinbase的第二季度2025年結果表明，一個混合的包：創淨收入的創淨收入掩蓋了收入遺失和交易量下降，使股票蓬勃發展。加密巨頭的下一步是什麼？

Coinbase, a titan in the crypto exchange world, recently released its Q2 2025 results, and the market's reaction was… let's just say, not a standing ovation. While the company boasted a record net income, a revenue miss and a slump in trading volumes sent Coinbase shares into a bit of a nosedive. Here's the lowdown on what's happening with Coinbase and why investors are feeling a little uneasy.

Coinbase是加密貨幣交易所界的泰坦（Titan），最近發布了其第二季度的2025年結果，市場的反應是……我們只是說，不是一個站立的鼓掌。儘管該公司擁有創紀錄的淨收入，但收入遺失和交易量的低迷使Coinbase股份造成了一些鼻子。這是Coinbase發生的事情以及投資者感到有些不安的原因。

The Numbers Don't Lie: A Revenue Reality Check

數字不撒謊：收入現實檢查

Coinbase reported a net income of $1.43 billion, a massive leap from the previous year. However, the total revenue came in at $1.5 billion, shy of the $1.6 billion analysts were expecting. Transaction-related revenue, the bread and butter of Coinbase's business, also fell short, hitting $649.9 million against an estimated $710 million. Ouch!

Coinbase報告的淨收入為14.3億美元，比上一年巨大的飛躍。但是，總收入為15億美元，這是分析師預期的16億美元。與交易相關的收入，Coinbase業務的麵包和黃油也不足，達到了6.499億美元，而估計為7.1億美元。哎喲!

Adding to the pressure, trading volumes plummeted by 40% compared to the first quarter, landing at $237 billion. This slowdown in trading activity is a major concern, as it directly impacts Coinbase's revenue stream. The decline could be attributed to Washington's shift in focus to tariff negotiations instead of regulatory clarity.

與第一季度相比，交易量增加了40％，銷售量下降了40％，降落為2370億美元。交易活動的這種放緩是一個主要問題，因為它直接影響了Coinbase的收入來源。下降可能歸因於華盛頓將重點轉移到關稅談判而不是法規清晰度上。

Stablecoins to the Rescue (Sort Of)

搶救（一種）

Not all the news was grim. Stablecoins emerged as a bright spot, generating $332.5 million in revenue, a 38% increase year-over-year. This growth was fueled partly by Circle's IPO and Coinbase's revenue-sharing agreement with the firm. Subscription and service revenue also saw a 9% increase. But, even these gains weren't enough to offset the disappointment in core trading activity.

並非所有的消息都是嚴峻的。 Stablecoins成為一個亮點，產生了3.325億美元的收入，同比增長38％。 Circle的IPO和Coinbase與該公司的收入共享協議的一部分推動了這種增長。訂閱和服務收入也增加了9％。但是，即使這些收益也不足以抵消核心交易活動的失望。

XRP vs. Ethereum: A Retail Trading Tale

XRP與以太坊：零售貿易故事

Interestingly, XRP briefly outpaced Ethereum in terms of consumer transaction revenue on Coinbase during Q1 and Q2. This surge in XRP trading was initially sparked by legal clarity surrounding Ripple's case. However, Ethereum is regaining ground on the back of institutional flows and renewed ecosystem interest.

有趣的是，XRP在第1季度和第二季度的Coinbase上的消費者交易收入方面短暫地超過了以太坊。 XRP交易的這種激增最初是由圍繞Ripple案的法律清晰度引起的。但是，以太坊正在基於機構流的背面和新的生態系統興趣。

Looking Ahead: New Frontiers and Lingering Questions

展望未來：新的邊境和揮之不去的問題

Coinbase isn't sitting still. The company plans to expand into tokenized real-world assets, derivatives, prediction markets, and early-stage token sales. Recent moves, like launching U.S. perpetual futures and acquiring Deribit, are aimed at strengthening its global options market presence.

Coinbase並沒有靜止。該公司計劃擴展到代幣化的現實資產，衍生品，預測市場和早期令牌銷售。最近的舉動，例如推出美國永久未來和收購Deribit，旨在加強其全球期權市場的影響力。

Despite these efforts, questions linger about the sustainability of Coinbase's growth, especially with ongoing regulatory uncertainty and declining trading volumes. Investors are reassessing the company's short-term prospects, and the recent stock dip reflects this cautious sentiment.

儘管做出了這些努力，但問題仍然存在有關Coinbase增長的可持續性的問題，尤其是在監管不確定性和交易量下降的情況下。投資者正在重新評估公司的短期前景，最近的股票下跌反映了這種謹慎的情緒。

My Two Satoshis: Coinbase's Balancing Act

我的兩個Satoshis：Coinbase的平衡行為

Coinbase finds itself at a crossroads. While its strategic investments and diversification efforts are promising, the company needs to address the core issue of declining trading volumes. Regulatory clarity is key, but Coinbase must also find ways to attract and retain users in an increasingly competitive market. Furthermore, keeping an eye on the XRP/ETH retail trading dynamic could provide valuable insights into user behavior and market trends.

Coinbase發現自己處於十字路口。儘管其戰略投資和多元化工作有希望，但該公司需要解決交易量下降的核心問題。監管清晰度是關鍵，但是Coinbase還必須找到吸引和留住用戶在競爭日益激烈的市場中的方法。此外，密切關注XRP/ETH零售交易動態，可以為用戶行為和市場趨勢提供寶貴的見解。

Coinbase's stock fell to $345.06, down 8.66% from the session close of $377.76. Year-to-date, the stock remains up more than 50% against the S&P 500, but the recent decline signals a shift in investor sentiment following the earnings report.

Coinbase的股票下跌至345.06美元，比會議結束時下跌8.66％，為377.76美元。年初至今，股票與標準普爾500指數相比，該股票上漲了50％以上，但最近的下降標誌著收益報告後投資者情緒的轉變。

So, what's the takeaway? Coinbase is navigating choppy waters, but it's not sinking. The company has a strong foundation, a clear vision for the future, and the resources to adapt. Will it succeed in overcoming these challenges? Only time will tell. But for now, it's a bumpy ride for Coinbase shareholders.

那麼，收穫是什麼？ Coinbase正在駕駛波濤洶湧的水域，但並沒有下沉。該公司具有堅實的基礎，對未來的明確願景以及適應的資源。它會成功克服這些挑戰嗎？只有時間會證明。但是目前，這對Coinbase股東來說是一個坎bump的旅程。

Alright, crypto fam, that's the scoop on Coinbase's recent earnings rollercoaster. Buckle up, because the world of crypto is never boring! And remember, always do your own research before diving into any investment. Later!

好吧，加密貨幣FAM，這就是Coinbase最近的收益過山車的獨家新聞。係好，因為加密世界永遠不會無聊！請記住，在進行任何投資之前，請始終進行自己的研究。之後！