Coinbase（Coin）Q1 2025收入：尽管尚无收入目标，但该公司显示出交易量的实力并扩大了全球足迹

美国著名的加密交易所Coinbase本周发布了其第一季度2025年财务收益。该公司提供了各种各样的结果，强调了其作为数字资产市场迅速成熟的参与者的角色。

Prominent crypto exchange Coinbase (NASDAQ:COIN) unveiled its Q1 2025 financial earnings this week, showcasing the company's performance in a rapidly maturing digital asset market.

著名的加密交易所Coinbase（NASDAQ：COIN）本周宣布了其Q1 2025财务收入，展示了该公司在迅速成熟的数字资产市场中的业绩。

While the company missed total revenue and earnings targets, it unearthed some gems in terms of trading volume increases and an expanding global footprint.

尽管该公司错过了总收入和收益目标，但它在交易量增加和全球足迹不断扩大方面发掘了一些宝石。

For the first quarter of 2025, Coinbase registered total revenue of $2.03 billion, which is below the Street’s consensus of $2.2 billion. Transaction revenue, which is a key metric for the company, came in at $1.26 billion and missed the expectation of $1.33 billion. The good news was that subscription and services revenue has been increasing nicely and was up 37% year-over-year and 9% quarter-over-quarter to $698 million, just slightly below the expectation of $702.5 million.

在2025年第一季度，Coinbase的总收入为20.3亿美元，低于街道的共识22亿美元。交易收入是该公司的关键指标，其收入为12.6亿美元，并错过了13.3亿美元的期望。好消息是，订阅和服务收入的增长良好，同比增长了37％，四分之一季度达到6.98亿美元，略低于预期的7.025亿美元。

EPS adjusted were $0.24, which is a far cry from the target set by analysts of $2.09. The company remains strong, however, with an adjusted EBITDA of $930 million and a net income that certainly made its balance sheet look better at $66 million. Add in an adjusted net income of $527 million, and you clearly see the company standing tall and remaining very profitable despite going through some market dynamics that are swaying it back and forth.

调整后的每股收益为0.24美元，这与分析师$ 2.09的目标相去甚远。但是，该公司仍然很强大，调整后的EBITDA为9.3亿美元，净收入肯定使其资产负债表看起来更好，为6600万美元。加上调整后的5.27亿美元净收入，尽管经历了一些市场动态，但您清楚地看到该公司的高高而仍然是非常有利可图的。

Trading Volume Strength and Strategic Growth Shape the QuarterEven though it missed revenue expectations, Coinbase showed impressive trading activity strength. The total trading volume came in at around $393 billion this past quarter—just slightly above what they were projecting ($392.7 billion). A phenomenal metric was the 49% increase in USDC balances in Coinbase products since the end of the previous quarter, now totaling $12.3 billion. This figure reflects a demand from our users for stablecoin-based services and suggests that the platform in general, including our lending business, is seeing more adoption of recently launched products using USDC.

交易量强度和战略增长塑造了28年，尽管它错过了收入预期，但Coinbase表现出令人印象深刻的交易活动强度。上个季度的总交易量约为3930亿美元，略高于他们的预计（3927亿美元）。自上季度末以来，Coinbase产品的USDC余额增长了49％，目前总计为123亿美元。该数字反映了我们用户对基于Stablecoin的服务的需求，并建议该平台（包括我们的贷款业务）正在看到更多使用USDC采用最近推出的产品。

The trust from both retail and institutional users is increasing, as evidenced by our custody asset base growing to $212 billion, up $25 billion from last quarter. We are seeing much-improved regulatory clarity combined with a much-expanded set of service offerings.

零售和机构用户的信托都在增加，这证明了我们的托管资产基础增长到2120亿美元，比上一季度增长了250亿美元。我们看到了众所周知的监管清晰度以及一组膨胀的服务产品。

In the future, Coinbase projects subscription and service income to be between $600 million and $680 million for the second quarter of 2025. At the same time, the company expects underlying operating expenses (technology and general administration) to range from $700 million to $750 million. Sales and marketing expenses are projected to come in between $215 million and $315 million, but with the sale of actual transactions already projected to be $240 million for the month of April.

将来，Coinbase Project订阅和服务收入在2025年第二季度为6亿至6.8亿美元。与此同时，该公司预计基本的运营费用（技术和总管理）将从7亿美元到7.5亿美元范围内。销售和营销费用预计在2.15亿至3.15亿美元之间，但实际上已经出售实际交易将为4月份的2.4亿美元。

$COIN | Coinbase Q1'5 Earnings Highlights

$硬币| Coinbase Q1'5收益亮点

🔹 Revenue: $2.03B (Est. $2.2B)

🔹背：$ 2.03B（IS。$ 2.2B）

🔹 Adj. EPS: $0.24 (Est. $2.09)

🔹adj。 EPS：$ 0.24（IS。$ 2.09）

🔹 Transaction Revenue: $1.26B (Est. $1.33B)

🔹收入交易：$ 1.26B（IS。$ 1.33B）

🔹 Subscription & Services Revenue: $698M (Est. $702.5M) , +37% YoY, +9% QoQ

🔹订阅和服务收入：6.98亿美元（EST。7.025亿美元）， +37％同比， +9％QOQ

🔹 Trading Volume: $393B (Est. $392.7B) vs. $340.16B

🔹交易量：$ 393B（EST。$ 392.7B）vs. $ 340.16B

During the quarter, Coinbase also seized the opportunity to reinforce its leadership in the derivatives markets. It announced a $2.9 billion acquisition of the crypto options exchange Deribit, structured in both cash and stock. This puts Coinbase in a dominant position in crypto options and futures, broadening its reach into more sophisticated trading products. In their press release, Coinbase emphasized that this acquisition aligns with their mission of “building the most secure and compliant trading venue in the world” and that they are now working on an “orderly integration plan” for Deribit.

在本季度，Coinbase还抓住了加强其在衍生品市场的领导地位的机会。它宣布以现金和股票构建的加密货币期权交易所deribit进行了29亿美元的收购。这使Coinbase在加密货币期权和未来中处于主导地位，将其覆盖范围扩大到更复杂的交易产品中。 Coinbase在他们的新闻稿中强调，此次收购与他们的任务“建立世界上最安全，最合规的交易场所”的任务相吻合，并且他们现在正在为Deribit制定“有序集成计划”。

From a regulatory perspective, the company had a really major legal win when the SEC lawsuit that had been hanging over the company for quite some time was dismissed—”with prejudice,” no less. That was a huge hurdle the company had to face, and now it has investor confidence on board, too. The company registered internationally as well, with both Argentina and India recognizing it as a Virtual Asset Service Provider (VASP). Regulatory operations across the globe continue to expand.

从监管的角度来看，当公司在公司悬挂一段时间以来的SEC诉讼被驳回了一段时间时，该公司取得了重大的法律胜利，“有偏见”。这是公司必须面对的巨大障碍，现在它也具有投资者的信心。该公司也在国际上注册，阿根廷和印度都将其视为虚拟资产服务提供商（VASP）。全球的监管行动不断扩大。

Coinbase’s long-term vision is primarily centered around product development. Initiatives in place, like the Base Layer 2 network—a blockchain scaling initiative—saw $4 billion in stablecoin balances this past quarter. The company also shafted new products into the ecosystem, among them, Flashblocks, a solution that utilizes Ethereum to enable finality of transactions in less than a second. At the same time, Coinbase continued its

Coinbase的长期视野主要围绕产品开发。在过去的一个季度，像Base 2 Loase 2网络（Base 2 Loase Network（Base 2 Loasity Network）（Base 2 Loasity Network）（一项区块链规模计划）的倡议在上个季度均有40亿美元的余额。该公司还将新产品纳入了生态系统，其中包括Flashblocks，该解决方案利用以太坊在不到一秒钟的时间内实现了交易的最终性。同时，Coinbase继续