Coinbase（硬币）下周的标准普尔500指数提前16％

在过去的五天中，加密稳态促进剂Coinbase Global（Coin）上涨了16％，以庆祝其计划在下周定于标准普尔500指数上公开上市。

Cryptoeconomy enabler Coinbase Global (NASDAQ:COIN) rallied 16% over the past five days to celebrate its public listing on the S&P 500 index, which is set for next week.

在过去的五天中，加密的启用助理共同基地全球（NASDAQ：COIN）上涨了16％，以庆祝其在下周定于下周定于标普500指数上的公开上市。

Confident Investing Starts Here:

自信的投资从这里开始：

Coinbase's addition to the S&P 500 marks a historic milestone as the first cryptocurrency exchange included in the index, symbolizing a step toward mainstream acceptance of crypto. This move is expected to boost institutional interest and attract new capital, especially through passive funds that must buy S&P 500 components, effectively making Coinbase and, by extension, Bitcoin (BTC), a “must-own” investment.

Coinbase在标准普尔500指数中的补充标志着索引中的第一个加密货币交流，标志着历史里程碑，这象征着朝主流接受加密货币的一步。预计这一举动将提高机构利益并吸引新的资本，尤其是通过必须购买标准普尔500指数的被动基金，有效地制造了Coinbase，并扩展了比特币（BTC），是“必备的”投资。

However, while rosy developments are nice to see for existing shareholders, I remain neutral on the stock due to risks like potential overvaluation, declining earnings, revenue concentration, and increasing competition.

但是，尽管对现有股东的乐观态度很不错，但由于潜在高估，收入下降，收入集中和竞争不断提高的风险，我仍然对股票保持中立。

Fundamental Challenges Persist Despite S&P 500 Boost

尽管标准普尔500提升，但基本挑战仍然存在

Bernstein analyst Gautam Chhugani, who holds a Buy rating on Coinbase, estimates that its inclusion in the S&P 500 could attract approximately $16 billion in passive and active fund inflows, potentially boosting the stock further. However, with Coinbase's market capitalization having surged by $10 billion, it seems that much of this anticipated inflow may be priced in. The focus now shifts to the company's underlying fundamentals.

对Coinbase的买入评级的Bernstein分析师Gautam Chhugani估计，将其纳入标准普尔500指数可能会吸引大约160亿美元的被动和主动基金流入流入，并可能进一步提高该股票。但是，随着Coinbase的市值飙升了100亿美元，似乎大部分预期的流入都可能被定价。现在的重点转移到了公司的基本基本面。

Coinbase earns revenue through transactions, subscriptions, and services, mostly derived from transaction fees such as spreads and retail trading fees. In its Q1 2025 earnings report published earlier this month, Coinbase experienced a 10% decrease in trading volume, resulting in total revenue of $2 billion—a 10% decline quarter-over-quarter—and transaction revenue falling 19% quarter-over-quarter to $1.3 billion.

Coinbase通过交易，订阅和服务赚取收入，主要源自交易费用，例如点差和零售交易费。在本月初发布的第1季度2025年收益报告中，Coinbase的交易量减少了10％，导致总收入为20亿美元（四分之一季度下降了10％），交易收入下降了19％的四分之一四分之一季度至13亿美元。

The company attributed this decline to crypto market volatility and ongoing uncertainty. Ultimately, a substantial portion of Coinbase's performance remains closely tied to the health and activity of the cryptocurrency market.

该公司将这种下降归因于加密市场的波动和持续的不确定性。最终，Coinbase绩效的很大一部分与加密货币市场的健康和活动密切相关。

Wider Crypto Story Fails to Live Up to the Hype

更广泛的加密故事无法辜负炒作

The narrative of widespread adoption of cryptocurrency necessarily implicates government involvement. Crypto enthusiasts hoped that President Donald Trump, a vocal supporter of cryptocurrencies, would help legitimize the space. However, despite this hope, meaningful legislation has yet to be realized. Trump's so-called "Strategic Bitcoin Reserve," which does not involve the administration actually purchasing any cryptocurrency, also fell short of expectations.

广泛采用加密货币的叙述必然意味着政府参与。加密爱好者希望加密货币的声音支持者唐纳德·特朗普总统将有助于使空间合法化。但是，尽管有希望，但有意义的立法尚未实现。特朗普所谓的“战略比特币储备”（不涉及政府实际上购买任何加密货币）也没有期望。

In fact, Trump appears to have leveraged cryptocurrency primarily for personal gain, as evidenced by recent meme coin promotions and family ventures. Meanwhile, Bitcoin trading remains banned in several countries, including China, Saudi Arabia, and Egypt. Recognizing its heavy reliance on Bitcoin, Coinbase is diversifying by expanding into more stable revenue streams such as custody services, staking, and institutional offerings.

实际上，特朗普似乎主要是为了个人利益而利用加密货币，这是Meme Coin促销和家庭企业所证明的。同时，在包括中国，沙特阿拉伯和埃及在内的多个国家，比特币贸易仍被禁止。 Coinbase认识到其对比特币的严重依赖，通过扩展到更稳定的收入来源，例如监护服务，积分和机构产品，从而多样化。

Coinbase faces fierce competition in this uncertain landscape from exchanges like Binance, Kraken, Robinhood (NASDAQ:HOOD), Gate.io, and Gemini. Binance remains the global leader, holding a 38% market share as of April 2025. Each platform has its own strengths and weaknesses, catering to different user bases based on factors like geography and user experience. This makes the crypto exchange space highly competitive, with no single player being dominant enough to eliminate the rest. That said, Coinbase's early entry into the U.S. market and strong regulatory compliance provide it with a notable advantage domestically.

Coinbase在这种不确定的景观中面临激烈的竞争，例如Binance，Kraken，Robinhood（Nasdaq：Hood），Gate.io和Gemini。 Binance仍然是全球领导者，截至2025年4月，占有38％的市场份额。每个平台都有其自己的优势和劣势，根据地理和用户体验等因素来满足不同的用户基础。这使得加密交流空间具有很高的竞争力，没有一个球员足够占主导地位，无法消除其余的球员。就是说，Coinbase的早期进入美国市场和强大的监管合规性为其提供了显着的优势。

Despite experiencing a sequential revenue decline, Coinbase clearly did something right to earn its spot in the S&P 500. Coinbase remains profitable, and critically, has the financial strength to withstand short-term cryptocurrency volatility, as evidenced by a significantly improved debt-to-asset ratio.

尽管经历了连续的收入下降，但Coinbase显然做出了一些正确的措施以在标准普尔500指数中赢得其席位。Coinbase仍然有利可图，并且在批判性地具有承受短期加密货币波动的财务实力，这证明了债务与共和国比率的显着提高。

What is the Target Price for Coinbase?

Coinbase的目标价格是多少？

On Wall Street, COIN sports a Moderate Buy consensus rating based on 12 Buy, 11 Hold, and zero Sell ratings in the past three months. COIN's average price target of $264.19 represents potential upside of 8% over the next twelve months.

在华尔街上，硬币具有在过去三个月中基于12个买入，11个持有和零卖等级的中等买入评级。硬币的平均价格目标为264.19美元，代表未来十二个月的潜在上涨空间。

Earlier this month, analyst Ed Engel of Compass Point upgraded COIN to Hold with a price target of $195. The analyst expressed optimism and caution surrounding the emergence of altcoins. While he noted that altcoins could increase trading activity, he also recognized their structural challenges.

本月早些时候，Compass Point的分析师Ed Engel升级了硬币，其价格目标为195美元。分析师对山寨币出现表示乐观和谨慎。尽管他指出Altcoins可以增加交易活动，但他也认识到他们的结构性挑战。

Oppenheimer's Owen Lau is more bullish on COIN, slapping an Outperform rating on the stock and a price target of $293. Oppenheimer believes the stock's inclusion has huge implications for Coinbase and the crypto industry as a whole. According to the analyst, getting into the S&P 500 not only increases purchases from index funds but also puts Coinbase under the closer radar of non-index funds that benchmark against the S&P 500.

Oppenheimer的Owen Lau对硬币的看法更为看好，在股票上拍了胜于股票的评分，目标价为293美元。 Oppenheimer认为该股票的包容性对Coinbase和Crypto行业的整体具有巨大影响。根据分析师的说法，进入标准普尔500指数不仅增加了指数基金的购买，而且还将Coinbase置于基准对标准普尔500号基准的非索引资金的近距离范围内。

Valuation and Volatility Call for Caution Despite Listing Milestone

尽管列出了里程碑，但谨慎的估值和波动性要求

Coinbase's inclusion in the S&P 500 marks a significant milestone for both the

Coinbase在标准普尔500标准普尔500中的包含是这两者的重要里程碑