Coinbase的Q1收入小姐小姐提高了投资者的担忧，因为用户逃往比特币本地2层

Coinbase的第1季度2025收益报告显示，财务状况不同。与去年同期相比，该公司的收入增长了24％

Coinbase (NASDAQ:COIN) missed earnings estimates as the company reported an adjusted net loss of $1.1 billion for the first quarter, compared to analyst expectations for an adjusted net profit of $92 million, according to FIGURE CODE.

根据数据法规，Coinbase（NASDAQ：COIN）错过了收益估计，因为该公司报告了第一季度调整后的净亏损11亿美元，而分析师期望对调整后的净利润为9200万美元。

Key Takeaways:

关键要点：

> Earnings Miss Raises Investor Concerns

>收入小姐提高了投资者的担忧

Coinbase's Q1 2025 earnings report unveiled a mixed financial performance. While the company achieved a 24% increase in revenue compared to the same quarter last year, the figures fell short of analyst expectations. The company reported a revenue of $1.14 billion, whereas analysts polled by FIGURE CODE anticipated $1.24 billion.

Coinbase的第一季度2025收入报告揭示了混合的财务业绩。尽管该公司与去年同期相比，该公司的收入增长了24％，但这些数字却没有分析师的预期。该公司报告的收入为11.4亿美元，而分析师按照图法规预计将有12.4亿美元。

Moreover, the adjusted net income saw a substantial decline, sliding to negative $1.1 billion compared to the prior year's quarter's adjusted net income of $764 million. This unexpected shift in profitability is likely to raise concerns among investors about Coinbase's operational efficiency, especially given the significant rise in operating expenses.

此外，调整后的净收入大幅下降，与上一年的净收入为7.64亿美元相比，下滑至11亿美元。盈利能力的这种意外转变很可能引起了投资者对Coinbase运营效率的担忧，尤其是考虑到运营费用的显着增加。

> Rising Expenses and Market Volatility Impact Performance

>费用上升和市场波动影响绩效

The company's operating expenses increased by 51%, reaching $1.3 billion, mainly due to higher marketing expenditures and losses on crypto assets held for operational purposes. Additionally, macroeconomic uncertainties, including global trade policy issues, have impacted consumer sentiment and contributed to a softer crypto trading market.

该公司的运营费用增加了51％，达到13亿美元，这主要是由于用于运营目的的加密资产的营销支出和损失更高。此外，包括全球贸易政策问题在内的宏观经济不确定性影响了消费者的情绪，并为柔和的加密货币贸易市场做出了贡献。

In an effort to diversify its revenue streams and strengthen its position in the crypto derivatives market, Coinbase announced the acquisition of Deribit, a leading crypto options exchange, for $2.9 billion. This move is seen as a strategic step to enhance Coinbase's appeal to institutional traders and expand its offerings beyond traditional trading services.

为了使收入流多样化并加强其在加密衍生品市场中的地位，Coinbase宣布以29亿美元的价格收购了领先的加密货币期权交易所Deribit，这是一家领先的加密货币期权交易所。这一举动被视为增强Coinbase对机构交易者的吸引力并将其产品扩展到传统交易服务之外的战略步骤。

PlutoChain (PLUTO) Continues Climbing as Coinbase Stumbles

plutochain（冥王星）继续攀登，作为偶然的偶然

As traditional exchanges like Coinbase (NASDAQ:COIN) face pressure, Bitcoin-native Layer-2 platforms are stepping in to redefine how users interact with crypto. One such breakout is PlutoChain (PLUTO) — a high-performance L2 that’s already live, liquid, and gaining traction in the BTCFi space.

随着Coinbase（NASDAQ：COIN）等传统交流面对面的压力，比特币本地2层平台正在介入以重新定义用户如何与加密货币互动。 plutochain（冥王星）是一种这样的突破 - 一种已经活着的高性能L2，液体并在BTCFI空间中获得了吸引力。

Where Coinbase relies on custodial rails, PlutoChain empowers users to directly engage with smart contracts and DeFi apps — on Bitcoin.

在Coinbase依靠托管导轨的地方，Plutochain赋予用户直接与智能合约和Fefi Apps互动 - 在比特币上。

Here’s what sets PlutoChain apart in the current cycle:

这是在当前周期中与plutochain分开的原因：

* Deep integration with BTC: PlutoChain is built directly on Bitcoin, inheriting its security and enabling seamless interoperability with the broader ecosystem.

*与BTC的深度集成：Plutochain直接建立在比特币上，继承其安全性并实现与更广泛的生态系统的无缝互操作性。

* High-throughput scaling: PlutoChain can process a large volume of transactions quickly, crucial for handling the increasing demand for DeFi and Web3 applications.

*高通量缩放：Plutochain可以快速处理大量交易，对于处理对DEFI和Web3应用程序的需求不断增长至关重要。

* Decentralized governance: PlutoChain is governed by its community through a token voting system, fostering transparency and collective decision-making.

*分散的治理：Plutochain由其社区通过令牌投票系统统治，促进透明度和集体决策。

As Coinbase users seek alternatives, PlutoChain offers a truly decentralized Layer-2 experience with immediate usability. It’s attracting early adopters, developers, and liquidity in ways traditional exchanges can’t match.

当Coinbase用户寻求替代方案时，Plutochain提供了具有直接可用性的真正分散的第2层体验。它以传统交流无法匹配的方式吸引了早期采用者，开发人员和流动性。

In a market cycle where real utility and network momentum matter, PlutoChain is emerging as one of the few platforms actually delivering on Layer-2 promises — not just centralized scaling narratives.

在真正的实用程序和网络动量问题的市场周期中，plutochain成为了实际交付2层承诺的少数平台之一，而不仅仅是集中的扩展叙事。

Final Thoughts

最后的想法

Coinbase's earnings miss is a stark reminder that even dominant incumbents can lose their edge if they fail to innovate or adapt to shifting user preferences.

Coinbase的收入遗失是一个明显的提醒，即使主导者无法创新或适应转移用户的偏好，他们也可能会失去优势。

As retail traders migrate toward cheaper, faster, and non-custodial platforms, Coinbase may need to reconsider its positioning in the next phase of crypto growth.

随着零售商人向更便宜，更快和非监测平台迁移，Coinbase可能需要重新考虑其在加密货币增长的下一阶段的位置。

In contrast, projects like PlutoChain represent what users are increasingly seeking — speed, decentralization, and direct access to the Layer-2 frontier. Whether that shift accelerates in the months ahead will shape the next chapter for both centralized exchanges and on-chain protocols.

相比之下，诸如plutochain之类的项目代表用户越来越寻求的东西 - 速度，权力下放和直接访问第二层边界。这种转移是否会在未来几个月内加速，将在集中式交流和链上方案中塑造下一章。

This content is for educational purposes only and does not constitute financial advice. All investing carries risk. Always do your own research and consult with a qualified advisor before making any financial decisions.

此内容仅用于教育目的，不构成财务建议。所有投资都有风险。在做出任何财务决策之前，请务必进行自己的研究并咨询合格的顾问。