每週期權意外收穫：領先的加密交易所提供 +34％的利潤潛力

比特幣投資者回到有史以來高潮的旅程並不是一件容易的事。但是，自4月初觸底以來，全球最大的加密貨幣一直流淚。

For Immediate Release

立即發布

Chicago, IL – May 19, 2025 – Today, we're highlighting Coinbase COIN as part of our Weekly Option Windfall.

伊利諾伊州芝加哥 - 2025年5月19日 - 今天，我們將重點介紹Coinbase Coin，這是我們每週期權意外收穫的一部分。

The journey for Bitcoin investors back to all-time highs hasn't been an easy one. But the world's largest cryptocurrency by market capitalization has been on a tear since bottoming out in early April. Bitcoin continues to hover near the $100,000-level and looks poised to retest the highs from last year.

比特幣投資者回到有史以來高潮的旅程並不是一件容易的事。但是，自4月初觸底以來，全球最大的加密貨幣一直流淚。比特幣繼續徘徊在100,000美元的級別附近，看起來有望重新測試去年的高點。

Outside of owning crypto outright, several stocks are making waves in conjunction with Bitcoin's ascent.

除了直接擁有加密貨幣之外，有幾隻股票與比特幣的上升一起引起了波浪。

Coinbase, the largest U.S. cryptocurrency exchange, has been a big beneficiary of the latest move. The company offers the primary financial account in the crypto economy, including a brokerage platform with a pool of liquidity for both institutions and retail investors. In addition, Coinbase offers a suite of products granting access to build on-chain for developers.

Coinbase是美國最大的加密貨幣交易所，一直是最新舉動的重要受益者。該公司在加密經濟中提供主要金融帳戶，包括一個經紀平台，為機構和散戶投資者提供了流動性。此外，Coinbase還提供了一套產品，可授予開發人員構建鏈的訪問權限。

Earlier this month, Coinbase acquired Dubai-based Deribit, a major cryptocurrency exchange for $2.9 billion. It marked the largest deal in the crypto industry to date. The acquisition will boost Coinbase's position as an international leader in crypto derivatives.

本月初，Coinbase收購了總部位於迪拜的Deribit，這是一種主要的加密貨幣交易所，售價為29億美元。它標誌著加密貨幣行業迄今為止最大的交易。此次收購將提高Coinbase作為加密衍生品國際領導者的地位。

COIN, currently a Zacks Rank #3 (Hold), has exceeded the earnings mark in each of the past 9 quarters. Last week, Coinbase reported first-quarter earnings $1.94 per share, beating the Zacks Consensus Estimate by 4.9%. The company has delivered a trailing four-quarter average earnings surprise of 32.7%.

硬幣（目前是Zacks排名3（持有））在過去9個季度中的每個季度中都超過了收益痕跡。上週，Coinbase報告說，第一季度的收入為每股1.94美元，擊敗了Zacks共識估算值4.9％。該公司的平均收入驚喜為32.7％。

A leading crypto exchange, Coinbase boasts several tailwinds including investments in infrastructure and expanded partnerships such as Stripe. Coinbase will officially be added to the S&P 500 later this month.

Coinbase是一位領先的加密交易所，擁有多種逆風，包括基礎設施的投資和擴展的伙伴關係，例如Stripe。 Coinbase將在本月晚些時候正式添加到標準普爾500指數中。

While there are many ways to take advantage of a bullish move in COIN shares, options provide us with flexibility, enabling us to tailor our strategy to the current market environment.

儘管有很多方法可以利用硬幣股份的看漲行動，但期權為我們提供了靈活性，使我們能夠為當前的市場環境量身定制戰略。

Our analysis of the market and COIN's earnings report output leads us to believe that an options trading strategy is optimal. In this strategy, we'll be focusing on option spreads.

我們對市場和硬幣收益報告的分析使我們相信期權交易策略是最佳的。在此策略中，我們將重點關注期權點差。

Option spreads are extremely effective in this type of environment. Call option debit spreads are implemented by purchasing a call option and selling a related call option with a higher strike price. These types of trades are limited risk trades because the short option is 'covered' by the option purchase.

期權價差在此類環境中非常有效。通過購買呼叫選項並以更高的打擊價格出售相關的呼叫選項來實現呼叫期權借記差價。這些類型的交易是有限的風險交易，因為您可以購買期權“涵蓋”短期選擇。

When done correctly, trading options provides huge profit opportunities with limited risk, making options one of the most versatile investment vehicles.

正確完成後，交易選項可為風險有限，提供巨大的利潤機會，使選項成為用途最廣泛的投資工具之一。

Option Essentials

選項必需品

Before we analyze today's trade, let's review some option fundamentals as a refresher. There is no need to worry about complex mathematical formulas or equations. Over the years I've found that the more complicated a strategy is, the less likely it is to work over the long run.

在分析當今的交易之前，讓我們回顧一些選項基礎知識，以復習。無需擔心複雜的數學公式或方程。多年來，我發現策略越複雜，從長遠來看，工作的可能性就越小。

Options are standardized contracts that give the buyer the right – but not the obligation – to buy or sell the underlying stock at a fixed price, which is known as the strike price. A call option gives the buyer the right to buy a particular security, while a put option gives the buyer the right to sell the same. The investor who purchases an option, whether a put or call, is the option buyer, while the investor who sells a put or call is the seller or writer.

期權是標準化合同，賦予買方以固定價格購買或出售基礎股票的權利（但不是義務），稱為罷工價格。呼叫選項使買方有權購買特定的安全性，而看跌期權則賦予買方出售相同的權利。購買期權的投資者，無論是看跌期權還是呼叫，都是期權購買者，而出售看跌或致電的投資者是賣方或作家。

These contracts are valid for a specific period of time which ends on expiration day. There are weekly options, monthly options, and even LEAPS options which are longer-term options that have an expiration date of greater than one year.

這些合同在在到期日結束的特定時間段內有效。有每週的選擇，每月選項，甚至是飛躍選項，這些選項是長期期權，其到期日期超過一年。

Options consist of time value and intrinsic value. In-the-money options consist of both components; at-the-money and out-of-the-money options consist only of time value. At options expiration, options lose all time value.

選項包含時間價值和內在值。貨幣選項由兩個組件組成；當時的和無價的選項僅由時間價值組成。在期權到期時，選項會丟失所有時間值。

Below we're going to explore a call option spread strategy.

在下面，我們將探索呼叫選項的傳播策略。

The Power of Option Spreads

期權的力量傳播

Coinbase currently meets our criteria for initiating a bullish call option spread position.

Coinbase目前符合我們啟動看漲呼叫選項差的位置的標準。

The table below displays the risk/reward profile for this trade. COIN is trading at $266.58/share at the time of this writing. This trade involves purchasing the June 220-strike call at 51.9 points, and selling the June 240-strike call at 37 points for a total cost of 14.9 points. As option contracts represent 100 shares of the underlying security, this would represent a total cost of $1,490 per spread.

下表顯示了此交易的風險/獎勵狀況。在撰寫本文時，硬幣的交易價格為266.58美元/股。該交易涉及以51.9點的價格購買6月220日的電話，並以37分的6月240次打電話以14.9點的價格出售。由於期權合約代表100股基礎證券，因此每次價差的總成本為1,490美元。