Coinbase（Coin）股票在公司阐明SEC的询问与停产的用户金属有关之后，股票跃升9.3％

区块链基础设施公司Coinbase（NASDAQ：COIN）的股票在下午会议上跃升了9.3％，此前该公司澄清说，SEC的询问与停产的用户量表有关，上次报告了两年半以上。

Shares of blockchain infrastructure company Coinbase (NASDAQ:COIN) jumped 9.3% in the afternoon session after the company clarified that the SEC's inquiry was related to a discontinued user-metric last reported more than two and a half years ago.

区块链基础设施公司Coinbase（NASDAQ：COIN）的股票在下午会议上跃升了9.3％，此前该公司澄清说，SEC的询问与停产的用户量表有关，上次报告了两年半以上。

This follows a report by Bloomberg, which stated that the SEC is investigating whether Coinbase had improperly collected and used user data to calculate and disclose a metric called "monthly transacting users." The report also mentioned that the probe could be linked to a prior administration inquiry.

这是彭博社的一份报告，该报告指出，SEC正在研究Coinbase是否已收集不当并使用用户数据来计算和披露称为“每月交易用户”的度量。该报告还提到该探测器可以与事先的政府调查有关。

Coinbase's Chief Legal Officer, Paul Grewal, confirmed in a blog post that the inquiry had been reported previously and that the metric was discontinued in the first quarter of 2021. He added that the company had made full and complete disclosures about the metric in its periodic and current reports filed with the SEC.

Coinbase的首席法律官Paul Grewal在博客文章中证实，该询问之前已有报道，该指标在2021年第一季度中止了。他补充说，该公司已在其定期和现有向SEC提交的定期报告中对该指标进行了充分而完整的披露。

"This is a hold-over investigation from the prior administration about a metric we stopped reporting two and a half years ago, which was fully disclosed to the public," Grewal said. "The SEC inquiry is limited in scope and relates to a metric we used to report on the number of users who transacted on the Coinbase platform at least once in a given month, which we disclosed in a section of our earnings releases titled 'Key User Metrics.'"

格雷瓦尔说：“这是先前政府的一项关于我们停止报告两年半前报告的指标的持有调查，该指标已被完全披露给公众。” “ SEC查询的范围有限，并且与我们用来报告在Coinbase平台上至少在给定月份进行交易的用户数量有关的指标，我们在我们的收益发布的一部分中披露了标题为“主要用户指标”的部分。”

Some analysts stayed positive despite the negative news, particularly in light of a cybersecurity breach disclosed the previous day. Oppenheimer analyst Owen Lau reaffirmed a Buy rating, saying the stock's negative reaction to the news was an opportunity for investors to accumulate more shares.

尽管有负面消息，但一些分析师仍然保持积极状态，尤其是鉴于前一天的网络安全漏洞揭示了。 Oppenheimer分析师Owen Lau重申了买入评级，称该股票对新闻的负面反应是投资者积累更多股份的机会。

"We remain optimistic on COIN’s long-term potential in the rapidly growing digital asset ecosystem and believe the company will continue to play a key role in shaping the future of finance," Lau stated.

劳说：“我们对硬币在快速增长的数字资产生态系统中的长期潜力保持乐观，并认为该公司将继续在塑造金融的未来方面发挥关键作用。”

While he thought the expected remediation cost of $180-$400M was high, he believed COIN intended to send a message that customers' funds were safe, and they would take full responsibility.

尽管他认为预期的补救成本为180-4亿美元，但他认为硬币旨在发送一条消息，说客户的资金是安全的，他们将承担全部责任。

Is now the time to buy Coinbase? Get access to our full analysis report here, it’s free.

现在是时候购买Coinbase了吗？在此处获取我们的完整分析报告，它是免费的。

What The Market Is Telling Us

市场告诉我们什么

Coinbase's shares are extremely volatile, and they've already had 66 price changes of 5% or more over the past year. In this context, today's move suggests that the market considers this news to be meaningful but not something that would fundamentally alter its perception of the business.

Coinbase的股票非常波动，在过去的一年中，它们的价格变化为5％或更多。在这种情况下，今天的举动表明，市场认为这一消息是有意义的，但不是从根本上改变其对业务的看法的东西。

The previous big move we wrote about was 1 day ago when the stock dropped 5% on the news that the company announced receiving emails from hackers who claimed to have breached user accounts, gained access to customer data, discovered internal documents, and took notes tied to help desk tools and account management systems.

我们写的前一步是1天前，当时该公司宣布收到来自黑客的电子邮件，这些股票声称违反了用户帐户，访问了客户数据，发现了内部文档，并记下了与帮助办公桌工具和帐户管理系统有关的笔记。

Coinbase maintained that it would not pay the $20M ransom demanded by the attackers and instead offered a $20M reward for information leading to their arrest and conviction. It also clarified that the breach affected less than 1% of Monthly Transacting Users (reported at 9.7M as of 1Q25).

Coinbase坚持认为，这不会支付袭击者要求的2000万美元赎金，而是为导致其逮捕和定罪的信息提供了2000万美元的奖励。它还澄清说，违规行为不到每月交易用户不到1％（截至225年第1季度为970万）。

In a regulatory filing, Coinbase estimated the total cost of the incident, including efforts to address the breach and reimburse affected customers, could range from $180 million to $400 million.

在监管文件中，Coinbase估计事件的总成本，包括解决违规行为和报销受影响客户的努力，范围从1.8亿美元到4亿美元不等。

The stock's reaction suggested that the market was worried about the material short-term financial headwind the incident could create. However, the limited scope (affecting less than 1% of Monthly Transacting Users) of the incident and the containment measures could dampen some of these concerns.

该股票的反应表明，市场担心事件可能会产生的短期财务逆风。但是，事件的有限范围（影响每月交易用户的1％）和遏制措施可能会削弱其中一些问题。

Coinbase is up 3.8% since the beginning of the year, but at $267.09 per share, it is still trading 22.3% below its 52-week high of $343.62 from December 2024. Investors who bought $1,000 worth of Coinbase’s shares at the IPO in April 2021 would now be looking at an investment worth $813.60.

自今年年初以来，Coinbase上涨了3.8％，但每股267.09美元，它的交易仍低于2024年12月的52周高点343.62美元。投资者在2021年4月在IPO上购买了价值1,000美元的Coinbase股票，现在将寻找价值813.60美元的投资者。

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