Coinbase分享Tumble：收入小姐Sparks投资者烦恼

Coinbase的第二季度2025年结果表明，一个混合的包：创净收入的创净收入掩盖了收入遗失和交易量下降，使股票蓬勃发展。加密巨头的下一步是什么？

Coinbase, a titan in the crypto exchange world, recently released its Q2 2025 results, and the market's reaction was… let's just say, not a standing ovation. While the company boasted a record net income, a revenue miss and a slump in trading volumes sent Coinbase shares into a bit of a nosedive. Here's the lowdown on what's happening with Coinbase and why investors are feeling a little uneasy.

Coinbase是加密货币交易所界的泰坦（Titan），最近发布了其第二季度的2025年结果，市场的反应是……我们只是说，不是一个站立的鼓掌。尽管该公司拥有创纪录的净收入，但收入遗失和交易量的低迷使Coinbase股份造成了一些鼻子。这是Coinbase发生的事情以及投资者感到有些不安的原因。

The Numbers Don't Lie: A Revenue Reality Check

数字不撒谎：收入现实检查

Coinbase reported a net income of $1.43 billion, a massive leap from the previous year. However, the total revenue came in at $1.5 billion, shy of the $1.6 billion analysts were expecting. Transaction-related revenue, the bread and butter of Coinbase's business, also fell short, hitting $649.9 million against an estimated $710 million. Ouch!

Coinbase报告的净收入为14.3亿美元，比上一年巨大的飞跃。但是，总收入为15亿美元，这是分析师预期的16亿美元。与交易相关的收入，Coinbase业务的面包和黄油也不足，达到了6.499亿美元，而估计为7.1亿美元。哎哟!

Adding to the pressure, trading volumes plummeted by 40% compared to the first quarter, landing at $237 billion. This slowdown in trading activity is a major concern, as it directly impacts Coinbase's revenue stream. The decline could be attributed to Washington's shift in focus to tariff negotiations instead of regulatory clarity.

与第一季度相比，交易量增加了40％，销售量下降了40％，降落为2370亿美元。交易活动的这种放缓是一个主要问题，因为它直接影响了Coinbase的收入来源。下降可能归因于华盛顿将重点转移到关税谈判而不是法规清晰度上。

Stablecoins to the Rescue (Sort Of)

抢救（一种）

Not all the news was grim. Stablecoins emerged as a bright spot, generating $332.5 million in revenue, a 38% increase year-over-year. This growth was fueled partly by Circle's IPO and Coinbase's revenue-sharing agreement with the firm. Subscription and service revenue also saw a 9% increase. But, even these gains weren't enough to offset the disappointment in core trading activity.

并非所有的消息都是严峻的。 Stablecoins成为一个亮点，产生了3.325亿美元的收入，同比增长38％。 Circle的IPO和Coinbase与该公司的收入共享协议的一部分推动了这种增长。订阅和服务收入也增加了9％。但是，即使这些收益也不足以抵消核心交易活动的失望。

XRP vs. Ethereum: A Retail Trading Tale

XRP与以太坊：零售贸易故事

Interestingly, XRP briefly outpaced Ethereum in terms of consumer transaction revenue on Coinbase during Q1 and Q2. This surge in XRP trading was initially sparked by legal clarity surrounding Ripple's case. However, Ethereum is regaining ground on the back of institutional flows and renewed ecosystem interest.

有趣的是，XRP在第1季度和第二季度的Coinbase上的消费者交易收入方面短暂地超过了以太坊。 XRP交易的这种激增最初是由围绕Ripple案的法律清晰度引起的。但是，以太坊正在基于机构流的背面和新的生态系统兴趣。

Looking Ahead: New Frontiers and Lingering Questions

展望未来：新的边境和挥之不去的问题

Coinbase isn't sitting still. The company plans to expand into tokenized real-world assets, derivatives, prediction markets, and early-stage token sales. Recent moves, like launching U.S. perpetual futures and acquiring Deribit, are aimed at strengthening its global options market presence.

Coinbase并没有静止。该公司计划扩展到代币化的现实资产，衍生品，预测市场和早期令牌销售。最近的举动，例如推出美国永久未来和收购Deribit，旨在加强其全球期权市场的影响力。

Despite these efforts, questions linger about the sustainability of Coinbase's growth, especially with ongoing regulatory uncertainty and declining trading volumes. Investors are reassessing the company's short-term prospects, and the recent stock dip reflects this cautious sentiment.

尽管做出了这些努力，但问题仍然存在有关Coinbase增长的可持续性的问题，尤其是在监管不确定性和交易量下降的情况下。投资者正在重新评估公司的短期前景，最近的股票下跌反映了这种谨慎的情绪。

My Two Satoshis: Coinbase's Balancing Act

我的两个Satoshis：Coinbase的平衡行为

Coinbase finds itself at a crossroads. While its strategic investments and diversification efforts are promising, the company needs to address the core issue of declining trading volumes. Regulatory clarity is key, but Coinbase must also find ways to attract and retain users in an increasingly competitive market. Furthermore, keeping an eye on the XRP/ETH retail trading dynamic could provide valuable insights into user behavior and market trends.

Coinbase发现自己处于十字路口。尽管其战略投资和多元化工作有希望，但该公司需要解决交易量下降的核心问题。监管清晰度是关键，但是Coinbase还必须找到吸引和留住用户在竞争日益激烈的市场中的方法。此外，密切关注XRP/ETH零售交易动态，可以为用户行为和市场趋势提供宝贵的见解。

Coinbase's stock fell to $345.06, down 8.66% from the session close of $377.76. Year-to-date, the stock remains up more than 50% against the S&P 500, but the recent decline signals a shift in investor sentiment following the earnings report.

Coinbase的股票下跌至345.06美元，比会议结束时下跌8.66％，为377.76美元。年初至今，股票与标准普尔500指数相比，该股票上涨了50％以上，但最近的下降标志着收益报告后投资者情绪的转变。

So, what's the takeaway? Coinbase is navigating choppy waters, but it's not sinking. The company has a strong foundation, a clear vision for the future, and the resources to adapt. Will it succeed in overcoming these challenges? Only time will tell. But for now, it's a bumpy ride for Coinbase shareholders.

那么，收获是什么？ Coinbase正在驾驶波涛汹涌的水域，但并没有下沉。该公司具有坚实的基础，对未来的明确愿景以及适应的资源。它会成功克服这些挑战吗？只有时间会证明。但是目前，这对Coinbase股东来说是一个坎bump的旅程。

Alright, crypto fam, that's the scoop on Coinbase's recent earnings rollercoaster. Buckle up, because the world of crypto is never boring! And remember, always do your own research before diving into any investment. Later!

好吧，加密货币FAM，这就是Coinbase最近的收益过山车的独家新闻。系好，因为加密世界永远不会无聊！请记住，在进行任何投资之前，请始终进行自己的研究。之后！