Coinbase：定向比特币押注

随着加密货币市场情绪最近显着改善，Coinbase Global, Inc.（纳斯达克股票代码：COIN）受益于交易和服务收入的增长。

Coinbase Global, Inc. (NASDAQ:COIN) stock is up 60% year-to-date, outperforming the broader markets and key cryptocurrency holdings like Bitcoin. The outperformance is largely on the back of a strong recovery in transaction and service revenues, which had come under pressure last year as crypto prices fell sharply.

Coinbase Global, Inc.（纳斯达克股票代码：COIN）的股价今年迄今已上涨 60%，跑赢大盘和比特币等关键加密货币。表现出色主要得益于交易和服务收入的强劲复苏，去年由于加密货币价格大幅下跌，交易和服务收入面临压力。

Now, with retail traders still key to the platform’s growth and considering the material improvements in Coinbase’s fundamentals, several analysts are bullish on the stock, with some even suggesting that COIN stock could double from current levels.

现在，由于零售交易员仍然是该平台增长的关键，并且考虑到 Coinbase 基本面的实质性改善，一些分析师看好该股，一些分析师甚至暗示 COIN 股票可能会从当前水平翻倍。

Here's a closer look at the key factors driving optimism in Coinbase stock and some analyst price targets for the stock.

以下是推动 Coinbase 股票乐观情绪的关键因素以及一些分析师对该股的价格目标。

Coinbase stock soared 20% in premarket trading on Thursday after the cryptocurrency exchange reported better-than-expected fourth-quarter results and said it was seeing "early signs of recovery" in retail trading volumes.

周四，Coinbase 股价在盘前交易中飙升 20%，此前这家加密货币交易所公布了好于预期的第四季度业绩，并表示看到零售交易量出现“复苏的早期迹象”。

Coinbase reported a loss of $2.43 per share for the quarter, narrower than the average analyst estimate of a loss of $2.54 per share, according to Refinitiv data. Coinbase also reported adjusted revenue of $629.1 million for the quarter, beating analyst estimates of $580.6 million.

根据 Refinitiv 的数据，Coinbase 本季度每股亏损 2.43 美元，低于分析师平均预期的每股亏损 2.54 美元。 Coinbase 还报告称，该季度调整后收入为 6.291 亿美元，超出分析师预期的 5.806 亿美元。

The narrower-than-expected loss and beat on revenue came despite a 14% decline in total trading volume on the platform, year-over-year. However, the decline in trading volume was largely expected, considering the downturn in the cryptocurrency market last year.

尽管平台总交易量同比下降 14%，但亏损幅度小于预期，收入也超出预期。然而，考虑到去年加密货币市场的低迷，交易量的下降在很大程度上是预料之中的。

Importantly, Coinbase highlighted a "recovery in retail trading volumes" towards the end of the quarter and early into the first quarter, which drove a "reversal of the decline in total trading volume."

重要的是，Coinbase 强调了本季度末和第一季度初“零售交易量的复苏”，这推动了“总交易量下降的逆转”。

Coinbase also said it was seeing "early signs of recovery in retail engagement," with an increase in new retail users and higher trading frequency among existing users.

Coinbase 还表示，随着新零售用户的增加和现有用户交易频率的提高，它看到了“零售参与度复苏的早期迹象”。

Overall, the strong performance from Coinbase in Q4 was largely driven by a strong recovery in transaction and service revenues, which had come under pressure last year as crypto prices fell sharply.

总体而言，Coinbase 在第四季度的强劲表现很大程度上是由交易和服务收入的强劲复苏推动的，而去年由于加密货币价格大幅下跌，交易和服务收入受到了压力。

Coinbase stock is now up 60% year-to-date, outperforming the broader markets and key cryptocurrency holdings like Bitcoin. The outperformance is largely on the back of the strong recovery in transaction and service revenues.

Coinbase 股价今年迄今已上涨 60%，跑赢大盘和比特币等关键加密货币。出色的表现很大程度上得益于交易和服务收入的强劲复苏。

Now, several analysts are bullish on the stock, with some even suggesting that COIN stock could double from current levels.

现在，一些分析师看好该股，一些分析师甚至暗示 COIN 股价可能会比目前水平翻一番。

For instance, Needham analyst John Todaro maintained a Buy rating on Coinbase and hiked his price target on the stock to $100 (from $70 previously), implying a potential upside of 100% from current levels.

例如，Needham 分析师 John Todaro 维持 Coinbase 的买入评级，并将该股目标价从之前的 70 美元上调至 100 美元，这意味着该股票较当前水平有 100% 的潜在上涨空间。

"Coinbase is firing on all cylinders and is the clear beneficiary of the crypto recovery," Todaro wrote in a note to clients.

托达罗在给客户的一份报告中写道：“Coinbase 正全力以赴，是加密货币复苏的明显受益者。”

"The stock trades at just 2.5x 2025E revenue, a trough multiple that we believe will expand materially as Coinbase continues to execute and generate outsized free cash flow."

“该股的交易价格仅为 2025 年收入的 2.5 倍，我们认为，随着 Coinbase 继续执行并产生大量自由现金流，该倍数将大幅扩大。”

Meanwhile, KeyBanc analyst Josh Beck maintained an Overweight rating on Coinbase and increased his price target on the stock to $75 (from $60 previously).

与此同时，KeyBanc 分析师 Josh Beck 维持 Coinbase 的增持评级，并将该股目标价从之前的 60 美元上调至 75 美元。

"Coinbase is seeing early signs of a recovery in retail trading volumes, which is driving a reversal of the decline in total trading volume,"

“Coinbase 看到零售交易量复苏的早期迹象，这正在推动总交易量下降的趋势出现逆转。”

"Coinbase also highlighted early signs of recovery in retail engagement with an increase in new retail users and higher trading frequency among existing users. We believe Coinbase is well-positioned to benefit from the recovery in the crypto market."

“Coinbase 还强调了零售参与度复苏的早期迹象，新零售用户的增加和现有用户交易频率的提高。我们相信 Coinbase 处于有利位置，可以从加密货币市场的复苏中受益。”

Coinbase stock has soared this year as the price of Bitcoin and other major cryptocurrencies has recovered from the sharp sell-off in 2022. Coinbase, the largest cryptocurrency exchange in the United States, is seen as a barometer of the health of the digital asset market.

随着比特币和其他主要加密货币的价格从 2022 年的大幅抛售中恢复过来，Coinbase 股价今年飙升。Coinbase 作为美国最大的加密货币交易所，被视为数字资产市场健康状况的晴雨表。

Coinbase stock is now trading at around $50, up from a low of $30 at the beginning of the year. The stock hit an all-time high of over $350 in April 2021.

Coinbase 股票目前交易价格约为 50 美元，高于年初 30 美元的低点。该股于 2021 年 4 月创下超过 350 美元的历史新高。

Coinbase stock is up sharply this year, outperforming the broader markets and key cryptocurrency holdings like Bitcoin. The outperformance is largely on the back of the strong recovery in transaction and service revenues.

Coinbase 股票今年大幅上涨，跑赢大盘和比特币等关键加密货币。出色的表现很大程度上得益于交易和服务收入的强劲复苏。

Now, several analysts are bullish on the stock, with some even suggesting that COIN stock could double from current levels. For instance, Needham analyst John Todaro maintained a Buy rating on Coinbase and hiked his price target on the stock to $100.

现在，一些分析师看好该股，一些分析师甚至暗示 COIN 股价可能会比目前水平翻一番。例如，Needham 分析师 John Todaro 维持 Coinbase 的买入评级，并将该股目标价上调至 100 美元。