你应该买硬币吗？ Coinbase（Coin）错过了华尔街在Q1 CY2025的收入预期，但销售额增长了24.2％，至2.03b美元

区块链基础设施公司Coinbase（NASDAQ：COIN）在第一季度CY2025中错过了华尔街的收入预期，但销售额同比增长24.2％，达到20.3亿美元。

Coinbase (NASDAQ:COIN) missed Wall Street’s revenue expectations in Q1 CY2025, but sales rose 24.2% year on year to $2.03 billion. Its non-GAAP profit of $1.94 per share was 0.7% above analysts’ consensus estimates.

Coinbase（NASDAQ：COIN）在第一季度CY2025中错过了华尔街的收入预期，但销售额同比增长了24.2％，达到20.3亿美元。其非GAAP每股1.94美元的非GAAP利润比分析师的共识估算高0.7％。

Is now the time to buy COIN? Find out in our full research report (it’s free).

现在是时候买硬币了吗？在我们的完整研究报告中找到答案（免费）。

Coinbase (COIN) Q1 CY2025 Highlights:

Coinbase（硬币）Q1 CY2025亮点：

StockStory’s Take

Stockstory的景象

Coinbase’s first quarter results showcased the continued momentum of its core trading and subscription businesses, driven by factors such as international derivatives expansion and the increasing adoption of stablecoins. A significant development was the strategic acquisition of Deribit, a leading global crypto options exchange, which is crucial for consolidating Coinbase’s position in derivatives and unlocking cross-selling opportunities, particularly within the institutional client segment. CEO Brian Armstrong highlighted the company’s focused efforts to integrate spot, futures, and options trading capabilities, and he pointed to the strong growth in USDC (the U.S. dollar-backed stablecoin) balances as a key driver of recurring revenue for the company.

Coinbase的第一季度业绩展示了其核心交易和订阅业务的持续势头，这是由国际衍生品扩展和稳定稳定量增加的因素驱动的。一个重大的发展是对全球领先的加密期权交易所Deribit的战略收购，这对于巩固了Coinbase在衍生产品中的地位和解锁交叉销售机会，尤其是在机构客户领域中至关重要。首席执行官布莱恩·阿姆斯特朗（Brian Armstrong）强调了该公司为整合现货，期货和期权交易能力的重点努力，他指出，USDC（美元支持的Stablecoin）的强劲增长是该公司重复收入的主要推动力。

Looking forward, management indicated that macroeconomic uncertainty and volatility in crypto asset prices are likely to influence trading activity and revenue in the near term. CFO Alesia Haas mentioned that lower asset prices observed in the early part of the second quarter could exert pressure on blockchain and subscription revenue. However, the leadership team expressed confidence in the company’s sustainable product roadmap, ongoing international expansion plans, and the durability of its business model. They highlighted the pending regulatory milestones and new product initiatives that are positioning Coinbase for future growth.

展望未来，管理层表明，加密资产价格的宏观经济不确定性和波动性可能会影响近期的交易活动和收入。 CFO Alesia Haas提到，在第二季度初期观察到的较低资产价格可能会对区块链和订阅收入施加压力。但是，领导团队对公司的可持续产品路线图，正在进行的国际扩张计划以及其业务模型的持久性表示了信心。他们强调了未决的监管里程碑和新产品计划，这些计划为未来的增长定位了共同依据。

Key Insights from Management’s Remarks

管理层讲话的关键见解

Coinbase’s management credited the strong quarter to several factors, including advances in derivatives trading, increased utilization of stablecoins, and the company’s expansion into international markets. The revenue shortfall compared to Wall Street expectations was largely attributed to a shift in the mix of trading volume and lower-than-anticipated fee rates from institutional clients.

Coinbase的管理层将强大的季度归功于几个因素，包括衍生品交易的进步，增加的稳定剂的利用以及公司在国际市场中的扩张。与华尔街的期望相比，收入短缺主要归因于交易量的混合和高于机构客户的预期费率的变化。

Drivers of Future Performance

未来表现的驱动力

Coinbase’s management anticipates that macroeconomic volatility and fluctuations in asset prices will have a direct impact on trading volumes and, consequently, revenues. In contrast, regulatory milestones and the launch of new products are critical for driving the company’s long-term growth.

Coinbase的管理层预计，宏观经济的波动和资产价格的波动将直接影响交易量，因此收入。相比之下，监管里程碑和新产品的推出对于推动公司的长期增长至关重要。

Top Analyst Questions

顶级分析师问题

Catalysts in Upcoming Quarters

即将到来的季度的催化剂

In the upcoming quarters, the StockStory team will be closely monitoring the progress of Deribit’s integration into Coinbase’s derivatives platform, the level of continued USDC adoption, and the impact of new international regulatory approvals. We will also assess the effect of macroeconomic and asset price volatility on trading and subscription revenues. Additionally, our focus will be on the latest developments in key regulatory initiatives and the pace of new product rollouts, including Coinbase’s foray into business payments and on-chain lending products.

在即将到来的季度中，StockStory团队将密切监视Deribit集成到Coinbase的衍生产品平台，持续采用的水平以及新国际监管机构批准的影响。我们还将评估宏观经济和资产价格波动对交易和订阅收入的影响。此外，我们的重点将是关键监管计划和新产品推广的最新发展，包括Coinbase对商业付款和链贷款产品的尝试。

Coinbase currently trades at a forward EV/EBITDA ratio of 16x. Should you double down or take your chips? Find out in our full research report (it’s free).

Coinbase目前以16倍的远期EV/EBITDA比率进行交易。您应该加倍或拿筹码吗？在我们的完整研究报告中找到答案（免费）。

Our Favorite Stocks Right Now

现在我们最喜欢的股票

Donald Trump’s victory in the 2024 U.S. Presidential Election sent major indices to all-time highs, but stocks have retraced as investors debate the health of the U.S. economy and the potential impact of tariffs.

唐纳德·特朗普（Donald Trump）在2024年美国总统大选中取得的胜利向历史最高点传达了主要指数，但是随着投资者辩论美国经济健康状况和关税的潜在影响，股票回顾了。

While this leaves much uncertainty heading into 2025, a few companies are poised for outstanding gains over the long term, regardless of the political or macroeconomic climate. To help you capitalize on today’s opportunities, we highlight five of our Top Strong Momentum Stocks this week. This is a curated selection from our broader High Quality stocks category, which has consistently generated a market-beating return of 175% over the last five years.

虽然这留下了几乎不确定性到2025年的不确定性，但无论政治或宏观经济气候如何，一些公司长期以来都有巨大的收益。为了帮助您利用当今的机会，我们重点介绍了本周顶级强大的势头股票。这是我们更广泛的高质量股票类别的策划选择，在过去五年中，它一直产生175％的市场回报。

The stocks that made our list in 2019, at the time of Trump’s impeachment, include now-household names like Nvidia (NASDAQ:NVDA) - which delivered a staggering 2,183% price gain between December 2019 and December 2024 - and lesser-known gems like Sterling Infrastructure (NYSE:SIW), boasting a remarkable 1,096% five-year return. Discover your next multi-bagger with StockStory today.

在特朗普弹each时在2019年列出的股票包括NVIDIA（NASDAQ：NVDA）等现在的居民名称 - 在2019年12月至2024年12月之间，它的价格增长了2,183％的价格增长，以及较少的杰出的宝石（如Sterling Infonstructure（Nyse：nyse：Siw），五年级），五年级的五年级。今天发现您的下一个多袋子。