該股票徘徊在其峰值以下。但是，隨著動量閃爍和大膽的下注，前進的道路真的可以帶領硬幣股票達到400美元的股票嗎？

關於Coinbase股票

Coinbase (COIN) stock has slipped more than 40% from its 52-week high of $349.75 last December, hit as Bitcoin rallied and then President-elect Donald Trump made pro-crypto signals.

Coinbase（Coin）股票從去年12月的349.75美元的52周高點下跌了40％以上，隨著比特幣集會的襲擊，當選總統唐納德·特朗普（Donald Trump）發行了親克萊托普（Pro-Crypto）信號。

But it is still up 2.7% over the past year, highlighting its resilience despite market jitters, regulatory headwinds, and the sting of being left out of the S&P 500 Index (SPX) that cooled investor enthusiasm. Over the past month, shares jumped a further 18% on renewed trading activity, a spike in Bitcoin prices, and optimism around its Deribit acquisition.

但是，在過去的一年中，它仍然增長了2.7％，儘管市場煩惱，監管逆風以及被放棄的標準普爾500指數（SPX）的刺激，但它突出了其韌性，這使投資者熱情降低了。在過去的一個月中，股票在更新的交易活動，比特幣價格上漲以及圍繞其降解收購的樂觀態度上增加了18％。

Coinbase Missed Q1 Top- and Bottom-Line Projections

Coinbase錯過了Q1上線和底線預測

The world’s second-largest cryptocurrency exchange pulled in $2.03 billion in revenue during the first quarter, up 24% year over year and fueled by stronger transaction activity and rising demand for services like Coinbase One. Both its revenue and EPS of $0.24 missed estimates, while adjusted net income fell 23.3% annually to $1.94 per share.

全球第二大加密貨幣交易所在第一季度獲得了20.3億美元的收入，同比增長了24％，並助長了更強大的交易活動和對Coinbase One（例如Coinbase One）的需求不斷增長。其收入和每股收益均為0.24美元的估計，而調整後的淨收入每年下降23.3％，至每股1.94美元。

Transaction revenue alone surged 18.2% to $1.3 billion, lifted by both consumer and institutional activity. Consumer trading volume jumped 39% from the year prior to $78 billion, though it dipped 17% from Q4. Institutional trading volume rose 23% annually to $315 billion but fell 8.7% sequentially.

交易收入僅飆升了18.2％，至13億美元，由消費者和機構活動取消。消費者交易量比一年級的780億美元增長了39％，儘管它比第4季度下降了17％。機構交易量每年增長23％，至3150億美元，但依次下降了8.7％。

Meanwhile, subscription and services revenue soared 36.3% to $698.1 million, largely thanks to strong stablecoin growth and the Coinbase One platform. April alone saw $240 million in transaction revenue, an encouraging start to Q2.

同時，訂閱和服務收入飆升了36.3％，至6.981億美元，這在很大程度上要歸功於Stablecoin的強勁增長和Coinbase One平台。僅4月就看到了2.4億美元的交易收入，這是第2季度的令人鼓舞的開始。

Management highlighted Coinbase’s $2.9 billion acquisition of Deribit, a global leader in crypto options, as a pivotal move to expand its derivatives presence and enhance cross-selling opportunities with institutional clients. CEO Brian Armstrong underscored the goal of unifying spot, futures, and options trading, while noting its rising USD Coin (USDCUSD) balances as a stable revenue stream. The deal is expected to be accretive to adjusted EBITDA and boost profitability by enabling seamless institutional trading across products.

管理層強調，Coinbase的29億美元收購了加密貨幣選擇的全球領導者Deribit，這是擴大其衍生產品的重要性，並增強了與機構客戶的交叉銷售機會。首席執行官布萊恩·阿姆斯特朗（Brian Armstrong）強調了統一現場，期貨和期權交易的目標，同時指出其不斷增長的美元硬幣（USDCUSD）餘額是穩定的收入來源。預計該交易將通過跨產品實現無縫的機構交易來增強調整的EBITDA並提高盈利能力。

Looking ahead, Coinbase flagged macro uncertainty and crypto price volatility as near-term headwinds. CFO Alesia Haas warned of early Q2 pressure on blockchain rewards and subscription revenue. Still, leadership remains bullish, citing a strong roadmap, global expansion, and regulatory clarity as tailwinds for long-term growth.

展望未來，Coinbase將宏觀不確定性和加密貨幣價格波動標記為近期逆風。首席財務官Alesia Haas警告了第2季度早期對區塊鏈獎勵和訂閱收入的壓力。儘管如此，領導力仍然是看好的，理由是強大的路線圖，全球擴張和監管清晰度是長期增長的後風。

Coinbase expects subscription and services revenue to land between $600 million and $680 million in Q2.

Coinbase預計訂閱和服務收入將在第二季度的6億至6.8億美元之間。

According to the projections of analysts tracking Coinbase, the company’s EPS is expected to be around $6.75 in 2025, showing a decrease of 11.2% year-over-year. However, the following year, the company’s EPS is projected to experience a significant increase of 10.5% annually, reaching $7.46 in 2026.

根據分析師跟踪Coinbase的預測，該公司的EPS預計在2025年為6.75美元，顯示同比增長11.2％。但是，次年，該公司的EPS預計每年將顯著增加10.5％，在2026年達到7.46美元。

What Do Analysts Expect for Coinbase Stock?

分析師對Coinbase股票有什麼期望？

After Coinbase reported Q1 earnings that missed expectations and disclosed its Deribit acquisition, it was met with a mixed verdict from Wall Street analysts.

在Coinbase報告了第1季度的收入後，遺漏了期望並披露了其降解的收購後，它得到了華爾街分析師的判決。

While some analysts, like Benjamin Buddish from Barclays, were optimistic and raised the target price to $202, maintaining an “Equal Weight” rating on the stock, others, such as JPMorgan, had a more cautious outlook. JPMorgan trimmed its target to $215 and kept a “Neutral” rating on COIN.

雖然一些分析師（例如來自巴克萊的本傑明·貝迪什（Benjamin Buddish））持樂觀態度，並將目標價提高到202美元，並保持了對股票的“同等權重”評級，但其他分析師（例如摩根大通）的看法更加謹慎。摩根大通將其目標調整為215美元，並在硬幣上保留了“中性”評級。

On the other hand, Keefe, Bruyette & Woods was bullish enough to raise its target to $205, and it also maintained a “Market Perform” rating on COIN. Both JPMorgan and KBW lowered Coinbase’s Q2 and full-year revenue projections due to lower-than-expected activity in the last quarter and signs of slowing momentum. They also slashed the company’s institutional revenue and fee rate projections for Q2.

另一方面，Keefe，Bruyette＆Woods看漲足以將其目標提高到205美元，並且還維持在硬幣上的“市場表現”評級。摩根大通（JPMorgan）和KBW都降低了Coinbase的第二季度和全年收入預測，這是由於上一季度的活動低於預期的，並且勢頭放緩。他們還削減了該公司的機構收入和第2季度的收費預測。

However, among the covered analysts, Joseph Vafi from Canaccord remained the most bullish, maintaining a “Buy” rating and a $400 price target, which is the highest on Wall Street, suggesting growth potential of nearly 100%. The analyst highlighted Coinbase’s white-label “infrastructure-as-a-service” model as a future growth engine.

但是，在覆蓋分析師中，Canaccord的約瑟夫·瓦菲仍然是最看漲的，維持“買入”評級和400美元的目標目標，這是華爾街最高的，這表明增長的潛力近100％。這位分析師強調了Coinbase的白色標籤“基礎架構與服務”模型作為未來的增長引擎。

Despite highlighting near-term pressures, many analysts agreed that Coinbase is still the gold standard in the crypto market. Overall, the stock had a “Moderate Buy” consensus rating, according to the analysis of 26 covered analysts on TipRanks. Among those analysts, nine recommended a Strong Buy, one suggested a Moderate Buy, and 14 advised Hold, while the remaining two had a Sell rating.

儘管強調了近期壓力，但許多分析師都同意，Coinbase仍然是加密市場的黃金標準。總體而言，根據對Tipranks的26位涵蓋分析師的分析，該股票的共識評級為“中等買入”。在這些分析師中，九位建議進行強勁的買入，其中一個建議進行中等買入，14個建議持有，而其餘兩個則具有賣出評級。

The mean price target was $257.56, which indicates an upside potential of

平均價格目標為257.56美元，這表明