關於為什麼以太幣 ETF 可能對 Coinbase 超級看漲的 3 個鮮為人知的事實

對 Coinbase Global（納斯達克股票代碼：COIN）來說，今年是不平凡的一年。美國證券交易委員會 (SEC) 表示，加密貨幣已重返牛市

Coinbase (NASDAQ:COIN) stock has soared more than 275% in the last year. For context, the S&P 500 index has risen about 10% over the same period. Several factors have contributed to Coinbase's outperformance, including rising cryptocurrency prices, the approval of spot Bitcoin exchange-traded funds (ETFs), and Coinbase's first profitable quarter in more than two years.

Coinbase（納斯達克股票代碼：COIN）的股價去年飆升了 275% 以上。就背景而言，標準普爾 500 指數在同一時期上漲了約 10%。有幾個因素促成了 Coinbase 的優異表現，包括加密貨幣價格上漲、現貨比特幣交易所交易基金 (ETF) 的批准以及 Coinbase 兩年多來首次實現盈利。

Now, rumors are swirling that the Securities and Exchange Commission (SEC) will soon approve a spot Ethereum ETF. Coinbase is set to be the custodian for some of these ETFs, and its approval will create a domino effect of benefits for the company as interest in Ethereum grows.

現在，有傳言稱美國證券交易委員會（SEC）將很快批准以太坊 ETF 現貨。 Coinbase 將成為其中一些 ETF 的託管人，隨著人們對以太坊興趣的增長，其批准將為公司帶來多米諾骨牌效應。

Here are three little-known facts about why the Ethereum ETF approval will give Coinbase a major boost.

以下三個鮮為人知的事實說明了為什麼以太坊 ETF 的批准將為 Coinbase 帶來重大推動。

1. It will increase volume on the platformMany believed that the approval of spot Bitcoin ETFs would hurt Coinbase. After all, investors can now gain exposure to the cryptocurrency through an ETF trading on the stock market, so why would they use Coinbase?

1. 它將增加平台上的交易量許多人認為現貨比特幣 ETF 的批准將損害 Coinbase。畢竟，投資者現在可以透過股票市場上的 ETF 交易獲得加密貨幣的投資，那麼他們為什麼要使用 Coinbase 呢？

While the concerns were valid at the time, we can now see that the approval of the ETFs generated massive trading volumes on Coinbase. The exchange saw volume on its platform increase by 300%.

雖然當時的擔憂是正確的，但我們現在可以看到 ETF 的批准在 Coinbase 上產生了大量交易量。該交易所平台上的交易量增加了 300%。

Now, here's the kicker: Ethereum is the second-most-traded cryptocurrency on Coinbase. And since the exchange generates revenue from trading fees, if a similar outcome arises after the approval of an Ethereum ETF, then Coinbase will be raking in some serious profits. The more trading that happens, the more money it will make.

現在，問題來了：以太幣是 Coinbase 上交易量第二大的加密貨幣。由於交易所透過交易費獲得收入，如果以太坊 ETF 獲得批准後出現類似的結果，那麼 Coinbase 將獲得可觀的利潤。交易越多，賺的錢就越多。

2. Staking should get a boostOne of Coinbase's most popular products is its staking service. When buying Ethereum on its platform, the company allows users to easily stake it and earn passive income with just a few button clicks. For providing this service, it takes a 25% cut of the staking rewards it pays to users.

2. 質押應該得到提升 Coinbase 最受歡迎的產品之一是其質押服務。當在其平台上購買以太坊時，該公司允許用戶輕鬆抵押它，只需點擊幾下按鈕即可賺取被動收入。為了提供這項服務，它需要從支付給用戶的質押獎勵中抽取 25%。

Should Ethereum's price follow a similar trajectory to that of Bitcoin after it got its spot ETF approval, then that 25% cut will grow significantly. Imagine the difference this will have when considering that Coinbase manages billions of dollars of staked Ethereum.

如果以太坊的價格在獲得現貨 ETF 批准後遵循與比特幣類似的軌跡，那麼 25% 的降幅將大幅增加。想像一下，考慮到 Coinbase 管理著數十億美元的質押以太坊，這會帶來什麼不同。

We can see the impact that rising Ethereum prices could have on Coinbase's bottom line just by looking at last quarter's earnings report. From the fourth quarter of льника to the first quarter of 2024, Coinbase saw a 59% increase in its Blockchain Rewards (staking) revenue as Ethereum's price jumped 60%.

只要查看上季的財報，我們就可以看到以太幣價格上漲可能對 Coinbase 的利潤產生的影響。從去年第四季到 2024 年第一季度，隨著以太坊價格上漲 60%，Coinbase 的區塊鏈獎勵（質押）收入增加了 59%。

While this is only one quarter, the increase in staking revenue corresponds nearly directly to the increase in Ethereum's value. If the crypto's value jumps 50% as Bitcoin's did in the three months after it received spot ETF approval, Coinbase's Blockchain Reward segment should see a similar increase or a jump of roughly $75 million.

雖然這只是四分之一，但質押收入的成長幾乎直接對應於以太坊價值的成長。如果加密貨幣的價值像比特幣一樣在獲得現貨 ETF 批准後的三個月內上漲 50%，那麼 Coinbase 的區塊鏈獎勵部分應該會看到類似的增長或上漲約 7,500 萬美元。

3. The first company built on EthereumThe last benefit that an approval of spot Ethereum ETFs will have for Coinbase is slightly abstract, but it might be the most lucrative. The company has two main products that are uniquely Ethereum-based: Base and USDC (CRYPTO:USDC).

3.第一家建立在以太坊上的公司批准現貨以太坊 ETF 將為 Coinbase 帶來的最後一個好處有點抽象，但它可能是最有利可圖的。該公司有兩種基於以太坊的主要產品：Base 和 USDC（CRYPTO：USDC）。

Launched In August 2023, Base is Coinbase's very own blockchain. The technical matters of this are a conversation for another day, but what is important is that Base is compatible with Ethereum, and for every transaction that occurs on Base, the company gets a cut.

Base 於 2023 年 8 月推出，是 Coinbase 自己的區塊鏈。這個技術問題是另一天的討論，但重要的是 Base 與以太坊相容，對於 Base 上發生的每筆交易，該公司都會獲得分成。

Since the beginning of March, Base produced nearly $35 million in profits as users flocked to the blockchain in the wake of Ethereum's Dencun upgrade, which lowered fees on Layer 2 blockchains like Base.

自 3 月初以來，隨著以太坊 Dencun 升級降低了 Base 等第 2 層區塊鏈的費用，用戶紛紛湧向該區塊鏈，Base 創造了近 3,500 萬美元的利潤。

If activity stays on its current trajectory, Base could produce somewhere around $200 million on an annual basis. That's not bad when considering that Coinbase posted net income of $95 million in all 2023.

如果活動維持在目前的軌道上，Base 年產值可達 2 億美元左右。考慮到 Coinbase 2023 年全年淨利潤為 9,500 萬美元，這還不錯。

Then there is USDC. Coinbase leverages this stablecoin in several ways to generate revenue, including interest income from reserves; transaction and conversion fees; custody services; and through its partnership with Circle, the creator of the stablecoin. In the first quarter of 2024, Coinbase raked in roughly $197 million in revenue from USDC.

然後是 USDC。 Coinbase 透過多種方式利用這種穩定幣來產生收入，包括來自儲備金的利息收入；交易費和轉換費；託管服務；並透過與穩定幣創造者 Circle 的合作。 2024 年第一季度，Coinbase 從 USDC 獲得了約 1.97 億美元的收入。

Since USDC and Base are both built on Ethereum, an ETF approval could produce serious benefits. There is no easy way to quantify it, but if the Bitcoin ETF approval sparked increased activity on Bitcoin, then it is plausible to assume an ETF approval for Ethereum will lead to a surge of interest and activity for that crypto, inevitably trickling over into Coinbase's Ethereum-based services.

由於 USDC 和 Base 都是基於以太坊構建的，因此 ETF 的批准可能會帶來巨大的好處。沒有簡單的方法來量化它，但如果比特幣ETF 的批准引發了比特幣的活動增加，那麼可以合理地假設以太坊ETF 的批准將導致對該加密貨幣的興趣和活動激增，不可避免地會流入Coinbase 的基於以太坊的服務。