Coinbase 第一季度收益：加密货币上涨和金融工程

领先的加密货币交易所 Coinbase 公布了 2024 年第一季度的强劲业绩，大幅超出华尔街预期。该公司每股收益增长 244.83%，收入增长 19.74%。然而，令人印象深刻的增长部分是由一次性会计收益推动的，凸显了加密行业监管变化的潜在影响。

Coinbase Quarterly Earnings Report: A Tale of Crypto Ups and Downs

Coinbase 季度收益报告：加密货币涨跌的故事

Coinbase Global, Inc., the leading cryptocurrency exchange headquartered in the United States, has released its first quarter 2024 earnings report, showcasing a significant beat on both earnings per share and revenue estimates. However, beneath the headline numbers, a closer examination reveals a nuanced picture involving accounting shifts and ongoing financial engineering.

总部位于美国的领先加密货币交易所 Coinbase Global, Inc. 发布了 2024 年第一季度收益报告，每股收益和收入预期均大幅超出预期。然而，在标题数字之下，更仔细的检查揭示了涉及会计变化和正在进行的金融工程的微妙情况。

Strong Financial Performance

强劲的财务业绩

Coinbase reported earnings per share of $4.40, far exceeding Wall Street expectations of $1.28, representing a remarkable 244.83% outperformance. Revenue also surpassed analysts' estimates, albeit by a more modest 19.74%.

Coinbase 公布的每股收益为 4.40 美元，远超华尔街预期的 1.28 美元，表现出色 244.83%。收入也超出了分析师的预期，尽管增幅较小，为 19.74%。

"Our platform's performance in the first quarter is a compelling indicator of the growing confidence and interest in digital assets," stated Coinbase Co-founder and CEO Brian Armstrong during the earnings call.

Coinbase 联合创始人兼首席执行官布莱恩·阿姆斯特朗 (Brian Armstrong) 在财报电话会议上表示：“我们平台第一季度的表现是一个令人信服的指标，表明人们对数字资产的信心和兴趣不断增长。”

The company's adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) reached $1 billion, surpassing Coinbase's total EBITDA for the entire year of 2023.

该公司调整后的 EBITDA（息税折旧摊销前利润）达到 10 亿美元，超过了 Coinbase 2023 年全年的 EBITDA 总额。

Accounting Adjustments and Revenue Boost

会计调整和收入增长

However, Coinbase executives acknowledged that while quarterly results were robust, financial engineering contributed to the outsize revenue growth. Specifically, the company recognized a one-time $737 million gain related to changes in accounting rules. The Financial Accounting Standards Board's (FASB) new guidelines permit crypto firms to record increases in crypto prices as assets on their balance sheets.

然而，Coinbase 高管承认，虽然季度业绩强劲，但金融工程推动了收入的大幅增长。具体来说，该公司确认了与会计规则变更相关的一次性收益 7.37 亿美元。财务会计准则委员会（FASB）的新准则允许加密货币公司将加密货币价格的上涨记录为资产负债表上的资产。

Focus on Payments Innovation

聚焦支付创新

Armstrong emphasized that Coinbase is prioritizing revenue growth through various initiatives: enhancing the core trading experience, expanding the role of stablecoins, capturing market share in the derivatives space, and pursuing international growth.

阿姆斯特朗强调，Coinbase 正在通过各种举措优先考虑收入增长：增强核心交易体验、扩大稳定币的作用、占领衍生品领域的市场份额以及追求国际增长。

Notably, Coinbase's USDC stablecoin market cap surged over 30% year-to-date, outpacing major competitors. "We observe heightened engagement from customers who maintain USDC balances on our platform," Armstrong said.

值得注意的是，Coinbase 的 USDC 稳定币市值今年迄今飙升了 30% 以上，超过了主要竞争对手。阿姆斯特朗表示：“我们观察到在我们平台上维护 USDC 余额的客户的参与度有所提高。”

Emilie Choi, President and Chief Operating Officer of Coinbase, added that "[the Bitcoin] ETFs have spurred a flywheel of customer engagement across our Coinbase Prime product suite, with 40% of institutional clients engaging with three or more products in Q1."

Coinbase 总裁兼首席运营官 Emilie Choi 补充道：“[比特币] ETF 刺激了我们 Coinbase Prime 产品套件的客户参与度，第一季度有 40% 的机构客户参与了三种或更多产品。”

Payments as a Key Opportunity

支付是一个关键机会

Coinbase executives expressed enthusiasm for the potential of payments as a key growth area. "We're actively driving utility in the crypto space," Armstrong explained. "We're accomplishing this through Base, our innovative Layer 2 solution, and by developing an improved payments experience on crypto rails."

Coinbase 高管对支付作为关键增长领域的潜力表示了热情。 “我们正在积极推动加密领域的实用性，”阿姆斯特朗解释道。 “我们通过 Base（我们的创新第 2 层解决方案）以及在加密轨道上开发改进的支付体验来实现这一目标。”

Armstrong highlighted that payment fees, both crypto-driven and non-crypto, represent a significant burden on consumers and businesses. "It astounds me that every time a credit card is swiped, the merchant incurs a 2% fee," he said. "It's essentially exchanging data, much like sending a cost-free WhatsApp message. Why does this practice continue to exist as a 2% tax on every transaction?"

阿姆斯特朗强调，加密货币驱动和非加密货币的支付费用对消费者和企业来说都是沉重的负担。 “令我震惊的是，每次刷信用卡，商家都会收取 2% 的费用，”他说。 “它本质上是交换数据，就像发送免费的 WhatsApp 消息一样。为什么这种做法继续存在，对每笔交易征收 2% 的税？”

"We've witnessed with other technologies that reducing friction stimulates increased activity," Armstrong added. "Consequently, it could stimulate economic growth and various other benefits, simply by lowering the fees that people incur."

“我们已经见证了其他技术减少摩擦会刺激活动增加，”阿姆斯特朗补充道。 “因此，只需降低人们所承担的费用，就可以刺激经济增长和各种其他好处。”

Despite these aspirations, Coinbase has no plans to venture into banking or insurance at this time, focusing instead on its core cryptocurrency offerings.

尽管有这些愿望，Coinbase 目前还没有计划涉足银行或保险业，而是专注于其核心加密货币产品。

"We're also integrating USDC on Base across Coinbase products, enabling almost free and instant global payments in a USD-denominated asset," Armstrong said. "This is a highly significant development, as we now have a clear path to modernizing the global financial system by slashing the billions in payment fees incurred by consumers and businesses each year."

阿姆斯特朗表示：“我们还将 USDC on Base 整合到 Coinbase 产品中，以美元计价的资产实现几乎免费、即时的全球支付。” “这是一个非常重要的进展，因为我们现在有了一条明确的道路，可以通过削减消费者和企业每年产生的数十亿美元的支付费用来实现全球金融体系的现代化。”

Conclusion

结论

Coinbase's first-quarter 2024 earnings report presents a complex picture. While the company posted strong financial results, accounting adjustments played a role in inflating revenue growth. Nevertheless, Coinbase remains committed to driving innovation in the payments space, leveraging cryptocurrencies to reduce friction and drive down transaction costs.

Coinbase 的 2024 年第一季度收益报告呈现出一幅复杂的景象。尽管该公司公布了强劲的财务业绩，但会计调整在推高收入增长方面发挥了作用。尽管如此，Coinbase 仍然致力于推动支付领域的创新，利用加密货币减少摩擦并降低交易成本。