哪種以加密為重點的金融科技是更好的購買：Coinbase Coin或Block Inc. XYZ？

以加密貨幣為中心的金融科技在放鬆監管控制的背景下取得了動力，以加速採用加密貨幣（包括機構），並整合人工智能（AI）和區塊鏈技術。

In the rapidly evolving landscape of fintech, several companies are making waves with their innovative approaches to integrating crypto, artificial intelligence (AI), and blockchain technology. Among these, Coinbase (NASDAQ:COIN) and Block (NYSE:XYZ) have emerged as key players in shaping the digital financial system.

在金融科技迅速發展的景觀中，幾家公司以創新的方法來浪潮，以整合加密，人工智能（AI）和區塊鏈技術。其中，Coinbase（NASDAQ：COIN）和BLOCK（NYSE：XYZ）已成為塑造數字金融系統的關鍵參與者。

As major banks, including Goldman Sachs (NYSE:GS), are exploring their own stablecoin initiatives, and cyber threats continue to pose a challenge, the question arises: Which of these two fintech giants—Coinbase or Block—presents a more attractive investment opportunity?

正如包括高盛（NYSE：GS）在內的主要銀行正在探索自己的穩定計劃，而網絡威脅繼續構成挑戰：這兩個金融科技巨頭中的哪一個（Coinbase或Block）（Coinbase或Block）（總理）是一個更具吸引力的投資機會？

To make an informed decision, let's delve into the fundamentals of both stocks closely.

為了做出明智的決定，讓我們仔細研究這兩種股票的基本面。

Coinbase: A Deep Dive

Coinbase：深入潛水

America's largest registered cryptocurrency exchange is well-positioned to capitalize on heightened crypto market volatility and rising asset prices. Coinbase is also poised to benefit from President Trump's pro-crypto outlook and emphasis on regulatory clarity. With 83% of its total revenues generated in the United States—a market increasingly viewed as a future crypto hub—the company is strategically aligned for domestic expansion.

美國最大的註冊加密貨幣交易所的位置良好，可以利用加密市場的增長和資產價格上漲。 Coinbase還有望從特朗普總統的親克賴普託的前景中受益，並強調監管性清晰度。在美國產生的總收入的83％（一個越來越多的市場被視為未來的加密樞紐），該公司在戰略上是為了進行國內擴張的一致性。

In 2024, Coinbase's total revenues more than doubled, marking its second straight year of positive adjusted EBITDA. Transaction revenues—primarily driven by trading volume—also more than doubled year over year, reflecting both overall market growth and an increase in Coinbase's U.S. market share.

在2024年，Coinbase的總收入增加了一倍以上，標誌著其正調整後的EBITDA連續第二年。交易收入（主要是由交易量驅動的）也同比增加了一倍以上，這反映了整體市場增長和Coinbase美國市場份額的增長。

To expand crypto's practical use, Coinbase is investing in key infrastructure, including Base—a low-cost Layer 2 scaling solution. These initiatives, along with its focus on stablecoins, underscore the company's efforts to advance real-world utility for digital assets.

為了擴大加密貨幣的實際用途，Coinbase正在投資關鍵基礎架構，包括基礎 - 低成本2級縮放解決方案。這些舉措以及對穩定幣的關注，強調了該公司為推進數字資產的現實世界實用程序所做的努力。

Management envisions Coinbase to be the platform for companies that are trying to integrate cryptocurrency.

管理層設想Coinbase將成為試圖集成加密貨幣的公司的平台。

From a financial standpoint, Coinbase remains fundamentally sound. The company ended 2024 with $9.3 billion in USD resources—consisting of cash, cash equivalents, and USDC—up $3.8 billion from the prior year. Its debt burden has decreased in recent quarters, and improvements in both its debt-to-capital ratio and times interest earned suggest a strong ability to manage and service debt.

從財務角度來看，Coinbase從根本上仍然是合理的。該公司以2024年的資源（現金，現金同等和美元）的價格為93億美元結束，比上一年相比38億美元。其債務負擔在最近的幾個季度下降，其債務與資本比率和所獲得的時代利息的改善表明，管理和服務債務的能力很強。

Nonetheless, rising costs—including higher transaction and operating expenses—continue to pressure margins. Moreover, the company is vulnerable to fluctuations in crypto asset prices. A significant drop in the value of Bitcoin, Ethereum, or other digital currencies could affect earnings, reduce the carrying value of its crypto holdings, and limit future cash flows. Such developments could impair liquidity and the company's ability to meet ongoing obligations.

儘管如此，成本上漲（包括更高的交易和運營費用）涉及壓力利潤率。此外，該公司容易受到加密資產價格的波動。比特幣，以太坊或其他數字貨幣的價值顯著下降可能會影響收入，降低其加密貨幣持有的賬面價值並限制未來的現金流量。這種發展可能會損害流動性和公司履行持續義務的能力。

Coinbase stock has lost 16% since the beginning of the year.

自今年年初以來，Coinbase股票損失了16％。

Coinbase stock chart by InvestingPro

InvestingPro的Coinbase股票圖表

Factors to Consider for Block

考慮塊的因素

Block, formerly known as Square, differentiates itself by offering a comprehensive commerce ecosystem enabling sellers to combine software, hardware, and payments services from several vendors. Block's entry into the bitcoin market with the CashApp product bodes well for the company.

Block（以前稱為Square）通過提供全面的商業生態系統來區分自己，使賣家可以將軟件，硬件和付款服務與多家供應商相結合。 CashApp產品對公司的體現非常適合Block進入比特幣市場。

Block continues to hit major milestones—receiving FDIC approval to use Square Financial Services in March of this year and the launch of Cash App Afterpay in late February of this year. It also expects to invest in high return on equity growth initiatives across Cash App and Square.

Block繼續達到主要里程碑，即FDIC批准在今年3月使用Square Financial Services，並於今年2月下旬推出Cash App Afterpay。它還預計將投資於現金應用和廣場上的高回報股權增長計劃。

The company continues to leverage its diverse revenue sources—Cash App, Square, and Afterpay—which also position it for global expansion. It remains committed to driving accelerated growth in both Cash App and Square, and with a supportive macroeconomic environment, anticipates steady increases in gross profit each quarter.

該公司繼續利用其多樣化的收入來源（Cash App，Square和Afterpay），這也將其定位為全球擴張。它仍然致力於推動現金應用程序和廣場的加速增長，並且在支持性的宏觀經濟環境中，預計每個季度的毛利潤將不斷增加。

Block is actively investing in expanding its partner network and scaling its distribution channels. Its ability to integrate Bitcoin into consumer financial services stands out as a strategic advantage.

Block正在積極投資擴展其合作夥伴網絡並擴展其分銷渠道。它將比特幣整合到消費金融服務中的能力是一種戰略優勢。

Despite these strengths, Block stock faces pressure due to rising competition within the fintech industry. Economic uncertainty stemming from President Donald Trump's tariffs on major trading partners such as China, Canada, and Mexico poses a potential drag on performance in the near term. Meanwhile, rivals like PayPal (NASDAQ:PYPL) and Shopify (NYSE:SHOP) continue to challenge Block's market share.

儘管有這些優勢，但由於金融科技行業的競爭不斷上升，塊股票面臨壓力。唐納德·特朗普（Donald Trump）總統對中國，加拿大和墨西哥等主要貿易夥伴的關稅引起的經濟不確定性在短期內可能會引起績效。同時，PayPal（NASDAQ：PYPL）和Shopify（NYSE：SHOP）等競爭對手繼續挑戰Block的市場份額。

Furthermore, declining consumer spending in the food, beverage, and discretionary retail segments presents additional headwinds for the company.

此外，消費者在食品，飲料和酌處零售領域的支出下降，給公司帶來了其他逆風。

Estimates for COIN and XYZ

硬幣和XYZ的估計值

The Zacks Consensus Estimate for COIN's 2025 revenues implies a 4.5% year-over-year increase but the same for EPS implies a 68.3% decline. EPS estimates have moved southward over the past 30 days.

Zacks對Coin 2025年收入的共識估計意味著同比增長4.5％，但EPS的收入相同，意味著下降了68.3％。在過去的30天中，EPS估計已向南移動。

On the contrary, the Zacks Consensus Estimate for XYZ's 2025 revenues implies a year-over-year increase of 3.5% while the same for EPS implies a year-over-year decrease of 19.3%. EPS estimates have moved southward over the past 30 days.

相反，Zacks共識估計值為XYZ的2025年收入意味著同比增長3.5％，而對於EPS的同比增長意味著同比同比增長19.3％。在過去的30天中，EPS估計已向南移動。

Are COIN and XYZ Shares Expensive?

硬幣和XYZ共享昂貴嗎？

Coinbase is trading at a forward earnings multiple of 48.12, below its median of 59.94 in a year. XYZ's forward earnings multiple

Coinbase的交易價格為48.12的遠期收益倍數，低於其一年的中位數為59.94。 XYZ的遠期收益多重