共同庫存：高估還是被低估？紐約人

Coinbase Stock的瘋狂旅程讓每個人都在談論。在加密熱潮中被高估了，還是故事還有更多內容？讓我們潛入紐約的風格。

Alright, let's talk Coinbase. The stock's been more volatile than a subway car during rush hour, and everyone's got an opinion. Is it overvalued? Are we in a crypto bubble 2.0? Let's break it down, quick and dirty.

好吧，讓我們談談Coinbase。在高峰時段，該股票比地鐵汽車更波動，每個人都有意見。被高估了嗎？我們是加密泡沫2.0嗎？讓我們將其分解，快速而骯髒。

The Bull Case: Coinbase is King

公牛案：Coinbase是國王

First off, Coinbase is a major player. They're not just some fly-by-night crypto exchange. TIME Magazine put them on their 100 Most Influential Companies list for 2025, recognizing their role in normalizing Web3. They even got a MiCA license in Luxembourg, meaning they can operate all over the EU. Plus, they're expanding into tokenized stocks – trying to be a one-stop shop for all your investment needs.

首先，Coinbase是主要參與者。它們不僅是夜晚的加密交易所。 Time Magazine將它們列入2025年最有影響力的公司榜單，並認識到它們在標準化Web3中的作用。他們甚至在盧森堡獲得了雲母許可證，這意味著他們可以在整個歐盟進行運營。另外，他們正在擴展到令牌化股票 - 試圖成為您所有投資需求的一站式商店。

Brian Armstrong, Coinbase's CEO, loves to brag about their institutional strength. Turns out, most big Bitcoin firms use Coinbase Prime. And get this: Coinbase custody holds 81% of the crypto in US-based ETFs. That's a lot of cheddar.

Coinbase的首席執行官Brian Armstrong喜歡吹噓自己的機構實力。事實證明，大多數大型比特幣公司都使用Coinbase Prime。並得到這個：Coinbase監護權占美國ETF中的81％的加密貨幣。切達大家很多。

And the stock? It's been on a tear. Up 42% year-to-date, making it the best-performing stock in the S&P 500 for June. The GENIUS stablecoin bill passing the Senate didn't hurt either, giving investors some much-needed regulatory clarity.

還有股票？它一直在流淚。從年前上漲42％，使其成為6月份500指數中表現最好的股票。 Genius Stablecoin法案通過參議院也沒有傷害，這給投資者提供了一些急需的監管清晰度。

The Bear Case: Overvalued, Plain and Simple

熊盒：高估，簡單明了

But hold on a minute. Not everyone's buying the hype. Cathie Wood's Ark Invest, known for its crypto enthusiasm, has been selling off Coinbase shares like they're going out of style. They dumped over $52 million worth in just two days. Ouch.

但是請一分鐘。並非每個人都在購買炒作。 Cathie Wood的ARK Invest以其加密熱情而聞名，他們一直在出售Coinbase股票，就像他們過時一樣。他們在短短兩天內就傾銷了超過5200萬美元的價值。哎喲。

Why? Well, 10x Research says their models show Coinbase is overvalued, despite the recent surge. They might have a point. All that good news – the regulations, the new products – it's already baked into the stock price.

為什麼？好吧，10倍研究表明，他們的模型表明，儘管最近激增，但Coinbase仍被高估。他們可能有一點。所有這些好消息 - 法規，新產品 - 已經融入了股票價格。

My Two Cents: Proceed with Caution

我的兩分錢：謹慎

Look, Coinbase is important. They're shaping the crypto conversation in Washington, and they're expanding globally. But the stock's valuation? That's another story. It feels a little frothy right now.

看，共同基礎很重要。他們正在塑造華盛頓的加密對話，並且在全球範圍內擴展。但是股票的估值？那是另一個故事。現在感覺有點泡沫。

Think of it this way: you're paying a premium for the future potential of crypto, and that's always a gamble. Regulatory clarity is great, but it also means more competition. New products are exciting, but they need to actually make money.

這樣想：您要為加密的未來潛力支付溢價，這總是一場賭博。監管清晰度很大，但這也意味著更多的競爭。新產品令人興奮，但實際上需要賺錢。

And the recent news of Guotai Junan International getting a Hong Kong virtual asset license highlights the global nature of this market. While Coinbase dominates in the US, the crypto world is way bigger than just one company.

吉塔·朱納國際（Guotai Junan International）獲得了香港虛擬資產許可證的最新消息凸顯了該市場的全球性質。儘管Coinbase在美國占據主導地位，但加密貨幣世界比一家公司更大。

The Bottom Line

底線

So, is Coinbase stock overvalued? Maybe. Is it a bad company? Not at all. Just be careful. Do your homework, don't get caught up in the hype, and remember, what goes up must come down. Unless, of course, it keeps going up. Then, you can send me a thank-you note from your yacht. Just kidding... mostly.

那麼，Coinbase股票是否高估了？或許。這是一家糟糕的公司嗎？一點也不。只要小心。做作業，不要吞噬炒作，請記住，上升的事情一定要下降。當然，除非它不斷上升。然後，您可以向我發給您的遊艇筆記。只是在開玩笑...主要是。