Coinbase Q1： - 领先的加密交易所Coinbase已发布了第1季度2025年季度报告。

领先的加密交易所Coinbase已发布了IT季度的2025年第一季度报告。总收入为200亿美元，该交易所的同比增长了24％。

Leading cryptocurrency exchange Coinbase (NASDAQ:COIN) has reported its first-quarter earnings, missing Wall Street's estimates. As a result, its stock slid by 4% in after-hours trading.

领先的加密货币交易所Coinbase（NASDAQ：COIN）报告了其第一季度的收入，缺少华尔街的估计。结果，其股票在下班后交易中下跌了4％。

The exchange reported a total revenue of $2.00 Billion for the quarter, which marks a 24% increase year on year. However, on a quarter-on-quarter metric, the revenue has gone down by whopping 10%.

该交易所报告该季度的总收入为200亿美元，标志着同比增长24％。但是，在四分之一季度的度量标准下，收入下降了10％。

Its revenue from transactions also went down by 19% Q/Q standing at $1.3 billion.

其交易的收入也下降了19％的Q/Q，至13亿美元。

Overall, the revenue missed the Wall street estimates of $2.1 billion. The subsequent disappointment was reflected in its NASDAQ-lksted Stock (COIN) witnessing the decline of around 4%.

总体而言，收入错过了华尔街的估计为21亿美元。随后的失望反映在其纳斯达克 - 洛克斯特股票（Coin）中，目睹了大约4％的下降。

In last Quarter (Q4 2024), Coinbase did beat analysts’ revenue expectations by 22%. It reported revenues of $2.27 billion, up by 38% year on year.

在上个季度（第4季度2024年）中，Coinbase的确击败了分析师的收入预期22％。它报告的收入为22.7亿美元，同比增长38％。

Why Q1 Revenue Missed Analysts’ Expectations

为什么Q1收入错过了分析师的期望

Wall Street analysts projected Coinbase’s Q1 2025 revenue to be approximately $2.1 billion. They were anticipating a 28% year-over-year increase.

华尔街分析师预计，Coinbase的第二季度2025收入约为21亿美元。他们预计同比增长28％。

This estimate was driven by expectations of $1.39 billion in transaction revenue and $702 million in subscription and services revenue.

这一估计是由期望13.9亿美元的交易收入和7.02亿美元的订阅和服务收入所驱动的。

According to Coinbase Q1 report, the company has declared macroeconomic uncertainty as the reason for the decrease.

根据Coinbase Q1报告，该公司宣布宏观经济不确定性是减少的原因。

This includes shift in U.S. trade policy and geopolitical tensions led by US President Donald Trump. These tensions particularly the US Trump Tariffs came as a drag on market volatility and lessen consumer appetite for crypto trading.

这包括美国总统唐纳德·特朗普（Donald Trump）领导的美国贸易政策和地缘政治紧张局势的转变。这些紧张局势尤其是美国特朗普的关税是为了阻止市场波动，并减少了消费者对加密交易的需求。

This is indeed true. Bitcoin surged to a fresh all‑time high in January, but the gains proved short‑lived as crypto prices slid along with broader market. By the end of Q1, the total cryptocurrency market cap had fallen 19% from its year‑end level, landing at $2.7 trillion.

这确实是真的。比特币在一月份升至全新的全新高度，但事实证明，由于加密价格与更广泛的市场一起滑行。到第一季度结束时，加密货币市值从年终水平下降了19％，降落为2.7万亿美元。

Against this backdrop, Coinbase’s Q1 transaction revenue came in at $1.3 billion – a 19% drop quarter‑over‑quarter.

在此背景下，Coinbase的第一季度交易收入为13亿美元，季度下降了19％。

Total spot trading volume fell 10% to $393.1 billion, though this still outpaced the global spot market’s 13% volume contraction over the same period.

总现货交易量下降了10％，至3.931亿美元，尽管这仍然超过了同一时期全球现货市场的13％批量收缩。

Interestingly, its stablecoin revenue was up by 9% Q/Q, reflecting the increased revenue from its partner and stablecoin issuer Circle USDc.

有趣的是，其稳定收入增加了9％Q/Q，这反映了其合作伙伴和Stablecoin发行人Circle USDC的收入增加。

Also Read: Crypto Market in Q1

另请阅读：第1季度的加密市场

What’s Next for the Giant

巨人的下一步

In Q2 2025, Coinbase expects the macro uncertainty, including around global trade policy, continuing to impacts consumer sentiment.

在2025年第2季度，Coinbase预计宏观不确定性，包括围绕全球贸易政策，继续影响消费者的情绪。

This may contribute to softer crypto trading markets and lower asset prices as it enters the second quarter.

这可能会导致较软的加密货币交易市场和较低的资产价格进入第二季度。

For Q2 2025, Coinbase forecasts subscription and services revenue of $600–$680 million and $215–$315 million in sales and marketing including ~$15M in stock-based compensation.

对于第二季度2025年，Coinbase预测订阅和服务收入为600亿美元，销售和营销215-3.15亿美元，包括约1500万美元的基于股票的薪酬。

According to Ryan Rasmussen, Head of Research at Bitwise Invest, “Coinbase is a Sleeping Giant.” He highlights its dominance as the custodian to the U.S. crypto ETF market with the most successful L2 network, Base.

根据Bitwise Invest研究主管Ryan Rasmussen的说法，“ Coinbase是一个沉睡的巨人。”他强调了它作为美国加密ETF市场的托管人的主导地位，该市场最成功的L2网络Base。

Its web3 funding venture which supports early-stage crypto investments – Coinbase Ventures – is also making good progress.

它支持早期加密投资（Coinbase Ventures）的Web3资金合资企业也取得了良好的进步。

Check the Shareholder Letter

检查股东信

Coinbase is a sleeping giant…

Coinbase是一个沉睡的巨人…

– Custodian to the U.S. crypto ETF market– Most successful L2 (Base)– Profit-sharing with Circle (USDC)– Fast-growing subscriptions business (Coinbase One)– Scaling staking at institutional level – Acquired Deribit to dominate crypto… https://t.

- 美国加密ETF市场的托管人 - 最成功的L2（基础） - 与Circle（USDC）的利润共享 - 快速增长的订阅业务（Coinbase One） - 在机构层面上扩展Stricking-tarkity stricting state stricting striping striction sater striction-opertibit to deribit占主导地位的加密货币…https：https：https：// t。

— Ryan Rasmussen (@RasterlyRock) May 9, 2025

- 瑞安·拉斯穆森（Ryan Rasmussen）（@rasterlyrock），2025年5月9日

The recent acquisition of Deribit to dominate crypto derivatives further exemplifies its dominant status.

最近获得占主导地位的加密衍生品的衍生物进一步体现了其主导地位。

In Q1, it drove $803.6 billion in global derivatives trading volume as it continue to grow its market share with the recent acquisition.

在第1季度，随着最近收购，它继续增加其市场份额，从而驱动了8036亿美元的全球衍生品交易量。

Also Read: Coinbase Acquires Deribit

另请阅读：Coinbase获取deribit