Coinbase（Coin）IPO闪回：集会过度扩展还是刚开始？

Coinbase的股票反弹提高到IPO水平，引发了有关其可持续性的辩论，在监管胜利，ETF流入和市场波动中。硬币准备下一章了吗？

Coinbase (COIN) IPO Flashback: Is the Rally Overextended or Just Getting Started?

Coinbase（Coin）IPO闪回：集会过度扩展还是刚开始？

Coinbase (COIN) is making headlines again, folks! The stock has staged an impressive comeback, hitting its 2021 IPO level. But is this just a fleeting moment of glory, or is there more to this crypto comeback story?

伙计们，Coinbase（硬币）再次成为头条新闻！该股票上演了令人印象深刻的卷土重来，达到了2021 IPO水平。但是，这只是一个短暂的荣耀时刻，还是这个加密复出的故事还有更多？

What's Fueling the COIN Rally?

是什么促进了硬币集会？

Several factors are contributing to Coinbase's resurgence:

有几个因素导致了Coinbase的复兴：

• Trading-Fee Windfalls: Crypto trading volumes are back, boosting Coinbase's revenues. The rise in revenue was over 130% in Q4 2024. Transaction fees, the bread and butter of Coinbase, are getting a supercharge.
• Regulatory Clarity: With legislative progress like the GENIUS Act and CLARITY Act, the regulatory landscape is becoming clearer. Coinbase's proactive approach and MiCA license in the EU solidify its position as a compliance leader.
• Institutional Adoption and ETF Inflows: The launch of spot Bitcoin ETFs is channeling new capital into the crypto market, with Coinbase playing a key role as custodian and trading venue.
• Improved Balance Sheet and New Products: Coinbase is diversifying with staking, derivatives, and partnerships like the one with American Express, expanding its revenue streams.

Is COIN Overextended?

硬币过度扩张吗？

Not everyone's convinced this rally is sustainable. Some analysts warn that the stock is driven by sentiment rather than solid fundamentals. Trading volumes have dipped since April, and Q1 2025 revenue fell year-over-year. Plus, macro factors like interest rates and potential SEC regulations could throw a wrench in the works.

并非每个人都相信这次集会是可持续的。一些分析师警告说，股票是由情感而不是坚实的基本面驱动的。自4月以来，交易量下降了，第二季度2025年收入同比下降。另外，诸如利率和潜在的SEC法规之类的宏观因素可能会为此造成扳手。

How COIN Stacks Up

硬币如何堆叠

Coinbase remains the top crypto exchange in the U.S. by volume, thanks to its regulatory-first approach and solid brand reputation. While competitors may offer lower fees and more coins, Coinbase's regulatory moat and position as the go-to for U.S. institutions give it a unique edge.

由于其监管优先的方法和稳固的品牌声誉，Coinbase仍然是美国最高的加密交易所。尽管竞争对手可能会提供较低的费用和更多的硬币，但Coinbase的监管护城河和作为美国机构首选的地位使其具有独特的优势。

Analyst Views

分析师的观点

Wall Street is split. Bernstein recently boosted its target to $510, citing market share and legislative tailwinds. Others, like Compass Point, are wary about sustainability and growth in non-trading income. Year-end 2025 estimates vary widely, from $438 to $627.

华尔街分裂了。伯恩斯坦（Bernstein）最近以市场份额和立法方风力将其目标提高到510美元。其他人，例如Compass Point，对非交易收入的可持续性和增长保持警惕。年底2025年估计数量从438美元到627美元不等。

ARK Invest's Take on Crypto's Future

方舟投资对加密货币的未来的看法

Cathie Wood of ARK Invest is bullish on the crypto space. Her team praised Circle’s successful IPO, noting it could inspire more crypto-native firms to go public, highlighting the sector's role in global finance. ARK Invest holds significant shares of Circle, reinforcing their belief in the crypto market's potential.

Ark Invest的Cathie Wood在加密货币领域是看好的。她的团队称赞Circle成功的IPO，并指出，这可能会激发更多的加密本地公司公开，并强调该行业在全球金融中的作用。 ARK Invest持有Circle的重要股份，增强了他们对加密市场潜力的信念。

The Road Ahead

前面的道路

Coinbase's return to its IPO level is a significant milestone. Whether it can maintain this momentum depends on trading volume, regulatory victories, and its ability to diversify beyond its core exchange business.

Coinbase重返IPO水平是一个重要的里程碑。它是否可以维持这种势头取决于交易量，监管胜利以及其超越核心交换业务的能力。

COIN is back in the spotlight, and the debate about its future is just heating up. So, buckle up, crypto enthusiasts – it's going to be an interesting ride!

硬币又重新成为了人们的焦点，关于其未来的辩论正在升温。因此，加油，加密爱好者 - 这将是一个有趣的旅程！