Coinbase Global（NASDAQ：COIN）再次引起了人们的关注

在2025年动荡的开始之后，第一季度的跌幅近50％，在加密货币市场上卖出了广泛的抛售

Coinbase Global (NASDAQ:COIN) has once again come into the investor spotlight as several analysts adjust their ratings and the company prepares for its first-quarter earnings report.

Coinbase Global（NASDAQ：COIN）再次引起了投资者的关注，因为几位分析师都会调整其评级，该公司为第一季度的收益报告做准备。

After a turbulent start to 2024, which saw the stock price nearly halve in the first quarter and the broader crypto market experience a broad sell-off, COIN has rebounded over 30% from its April lows and is currently trading near $195.

在2024年的动荡开始之后，第一季度的股价几乎减半，而更广泛的加密货币市场经历了广泛的抛售，硬币从4月份的低点起了30％以上的反弹，目前的交易价格接近195美元。

The investment case for Coinbase is currently a polarized one. Several analysts have downgraded the stock ahead of earnings, focusing on weaker trading volumes and the potential for a shortfall in Q1 results. Monness, Crespi, Hardt recently downgraded the rating from Buy to Neutral, removed the price target, and warned of possible downward revisions if earnings fail to meet expectations. Similarly, Compass Point downgraded COIN to Sell due to competitive pressures and near-term revenue uncertainty.

Coinbase的投资案例目前是两极分化的案例。几位分析师已在收益之前降低了股票，重点是交易量较弱，并可能导致第一季度的结果不足。 Hardt Monness，Crespi最近将评级从买入降至中性，删除了目标目标，并警告如果收益不满意，则可能会下降。同样，Compass Point由于竞争压力和近期收入不确定性而降级硬币将出售。

However, bullish voices remain. Benchmark and Rosenblatt Securities both kept their Buy ratings, with price targets of $252 and $260, respectively, highlighting Coinbase’s strong fundamentals, expanding product suite, and potential for a resurgence in crypto activity later this year. Citi also maintains a Buy rating, albeit with a slightly reduced target of $270, following adjustments to their financial models.

但是，看涨的声音仍然存在。 Benchmark和Rosenblatt Securities都保持了买入评级，其价格目标分别为252美元和260美元，强调了Coinbase的强大基础知识，扩大了产品套件以及今年晚些时候在加密货币活动中复兴的潜力。花旗还维持买入评级，尽管对其财务模型进行了调整，尽管目标略低于目标270美元。

Coinbase’s fortunes are closely tied to the broader crypto market. While the company recently posted impressive 115% revenue growth and has a P/E ratio around 20, its earnings are highly sensitive to Bitcoin and Ethereum price swings, as well as overall trading volumes. The upcoming earnings report is expected to show revenue of about $2.1 billion, up 27% year-over-year, but earnings per share could drop 57% compared to last year, highlighting the volatility inherent in the business.

Coinbase的命运与更广泛的加密市场紧密相关。虽然该公司最近的收入增长了115％，市盈率令人印象深刻，但其收入对比特币和以太坊价格波动以及整体交易量高度敏感。预计即将发布的收益报告将显示约21亿美元的收入，同比增长27％，但与去年相比，每股收益可能会下跌57％，这强调了该业务固有的波动性。

Despite this, COIN is trading at a discount to many traditional exchanges on both P/E and EV/EBITDA multiples, and some long-term bulls argue that the current price offers an attractive entry point for investors willing to ride out crypto’s ups and downs. With an ultra-bullish scenario in mind, the stock could see dramatic gains if the crypto market rebounds, with price targets above $500 being mentioned for the next year or two.

尽管如此，硬币还是在P/E和EV/EBITDA倍数上以许多传统交易所的折扣交易，而一些长期的公牛则认为，当前的价格为愿意乘坐Crypto起伏的投资者提供了一个有吸引力的入口点。考虑到超级肉体的情况，如果加密货币市场篮板，该股票的价格目标超过了500美元，即明年或两年中，该股票的收益可能会引人注目。

Coinbase continues to invest in new products and partnerships, such as its expanded collaboration with PayPal (NASDAQ:PAYL) to promote stablecoin adoption and fee-free trading for PYUSD. The company’s institutional business is also a bright spot, with a growing roster of hedge funds and asset managers using its custody and trading services.

Coinbase继续投资于新产品和合作伙伴关系，例如与PayPal（NASDAQ：PAYL）的扩大合作，以促进Pyusd的Stablecoin采用和无需收费的交易。该公司的机构业务也是一个亮点，使用其监护权和交易服务的对冲基金和资产经理越来越多。

Finally, regulatory clarity remains a key risk, but Coinbase’s proactive approach and established US licenses provide a competitive moat compared to many global rivals.

最后，监管清晰度仍然是一个关键风险，但是Coinbase的主动方法和确定的美国许可证与许多全球竞争对手相比提供了竞争性护城河。

For investors with a high risk tolerance and a long-term outlook, current levels might present an appealing entry point, especially if the crypto market stabilizes and trading volumes recover. However, caution is warranted in the short term as earnings volatility, regulatory headwinds, and competition from decentralized exchanges remain significant risks. Ultimately, whether it’s finally time to invest in Coinbase stock depends on your view of the cycle, your appetite for volatility, and your confidence in Coinbase’s ability to innovate and adapt. While the stock’s recent rebound and discounted valuation are promising, prudent investors might want to wait for clearer signals from the upcoming earnings report before making a major move.

对于具有高风险容忍度和长期前景的投资者来说，当前水平可能具有一个吸引人的入口点，尤其是加密市场稳定和交易量恢复时。但是，在短期内应谨慎行事，因为收入波动，监管逆风和分散交易所的竞争仍然是重大风险。归根结底，是否最终是时候投资Coinbase股票取决于您对周期的看法，对波动性的兴趣以及您对Coinbase创新和适应能力的信心。尽管该股票最近的反弹和打折的估值是有希望的，但审慎的投资者可能希望等待即将到来的收益报告中的更清晰的信号，然后再采取重大行动。