Coinbase Global Inc. Coin正在稳步扩大其订阅和服务收入

Coinbase Global Inc. Coin正在稳步扩大其订阅和服务收入，以使收入多样化并增强业务弹性。

Coinbase Global COIN is steadily expanding its subscriptions and services revenues to diversify income and enhance business resilience. Transaction revenues continue to be the biggest revenue stream for this crypto leader. As trading revenues remain sensitive to crypto market volatility, subscription and services provide a more stable foundation, underpinned by predictable, fee-based, non-transactional offerings.

Coinbase Global Coin正在稳步扩大其订阅和服务收入，以使收入多样化并增强业务弹性。交易收入仍然是这位加密货币领导者最大的收入来源。由于交易收入对加密市场的波动仍然敏感，因此订阅和服务为基础提供了更稳定的基础，其基础是可预测的，基于收费的，非交易的产品。

Subscription and services revenues have shown consistent growth, with USDC-related stablecoin income becoming an increasingly important driver. Rising average USDC balances across both customer and corporate accounts are expected to enhance stablecoin revenues, while higher prices for Solana and Ethereum are likely to boost earnings from blockchain rewards.

订阅和服务收入显示出一致的增长，与USDC相关的Stablecoin收入成为越来越重要的驱动力。预计客户和公司帐户的平均均衡余额有望提高Stablecoin的收入，而Solana和Ethereum的价格更高，可能会从区块链奖励中提高收益。

Thus, fluctuations in USDC demand, the amount of USDC held on the platform, prevailing interest rates and key partnerships — especially with organizations like Circle— can significantly influence subscription and services revenues, which contributed about 36% to the company’s net revenues in the first quarter of 2025, up from 32% in the first quarter of 2024.

因此，USDC需求的波动，在平台上持有的USDC数量，普遍的利率和关键合作伙伴关系（尤其是与Circle这样的组织）可以显着影响订阅和服务收入，在2024年的前期，该公司在2025年第一季度为该公司的净收入贡献了约36％。

COIN recently agreed to acquire Derbit, which, upon materialization, will lead to a more diverse and robust source of revenues.

Coin最近同意收购Derbit，后者实现后，这将带来更多样化和强大的收入来源。

Management estimates subscription and services revenues in the range of $600-$680 million in the second quarter of 2025. It also expects growth in Stablecoin revenues to be offset by a decline in blockchain rewards revenues due to lower asset prices.

管理层估计订阅和服务收入在2025年第二季度的60万美元至6.8亿美元范围内。它还预计，由于资产价格较低，区块链奖励收入的下降将抵消Stablecoin收入的增长。

Scaling subscription and services business by pushing stablecoin income, staking services, and growing uptake of Coinbase One and custody solutions will thus play a crucial part in Coinbase's long-term growth.

因此，通过推动Stablecoin收入，Staking Services以及对Coinbase One的成长和监护权解决方案的成长将在Coinbase的长期增长中起着至关重要的作用来扩展订阅和服务业务。

What About COIN’s Competitors?

硬币的竞争对手呢？

COIN competes with Robinhood Markets HOOD and Interactive Brokers Group, Inc. IBKR, two crypto-oriented companies.

硬币与两家面向加密货币的公司IBKR与Robinhood Markets Hood和Interactive Brokers Group，Inc。竞争。

Robinhood’s subscription and services revenues, led by its Robinhood Gold program and other ancillary offerings, continue to grow at a steady pace. This recurring revenue stream complements the company’s robust transaction and interest income, contributing to sustained top-line expansion.

Robinhood的订阅和服务收入是由其Robinhood Gold计划和其他辅助产品领导的，继续以稳定的速度增长。这种经常出现的收入来源补充了公司的稳健交易和利息收入，这有助于持续的一流扩张。

Interactive Brokers Group’s non-commission revenue streams—comprising market data fees, IBKR Pro subscriptions, clearing and routing services, and interest earned from margin lending—complement its commission-based brokerage model and serve as important contributors to overall revenue growth.

Interactive Brokers Group的非委托收入流 - 成熟的市场数据费，IBKR Pro订阅，清算和路线服务以及从保证金贷款获得的利息 - 将其基于佣金的经纪公司模型汇总，并作为整体收入增长的重要贡献者。

COIN's Price Performance

硬币的价格性能

Shares of COIN have gained 3.7% year to date, outperforming the industry.

迄今为止，硬币的股票上涨了3.7％，表现不佳。

Image Source: Zacks Investment Research

图像来源：Zacks投资研究

COIN's Expensive Valuation

硬币的昂贵估值

COIN trades at a price-to-earnings multiple of 46.1, higher than the industry average of 18.7. However, it carries a Value Score of F.

硬币以46.1的市盈率交易，高于行业平均值18.7。但是，它具有f的价值得分。

The high multiple is attributed to the company’s expensive valuation despite the fact that its earnings are expected to decline in 2025 before increasing in 2026.

高倍数归因于该公司昂贵的估值，尽管预计其收益在2025年将在2026年增加。

It's worth noting that the Zacks Consensus Estimate for COIN's second-quarter and third-quarter 2025 EPS has been revised downward by 50% and 39.6%, respectively, over the past 60 days. The same for full-year 2025 and 2026 EPS has increased 62.2% and 21.1%, respectively. While the consensus mark for COIN's 2025 EPS suggests a year-over-year decline, the same for 2026 EPS indicates an increase.

值得注意的是，在过去的60天中，Zacks共识估计分别对2025年第二季度和第三季度EPS的EPS分别调整了50％和39.6％。全年和2026年每股收益分别增加了62.2％和21.1％。尽管硬币2025年每股收益的共识标记表明同比下降，但2026年每股收益也是如此。

The consensus estimates for COIN's 2025 and 2026 revenues suggest year-over-year increases.

硬币2025年和2026年收入的共识估计表明，同比增长。

COIN stock is currently Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

硬币股票目前为Zacks等级＃3（持有）。您可以在此处看到当今的Zacks排名（强买）股票的完整列表。