共同库存：高估还是被低估？纽约人

Coinbase Stock的疯狂旅程让每个人都在谈论。在加密热潮中被高估了，还是故事还有更多内容？让我们潜入纽约的风格。

Alright, let's talk Coinbase. The stock's been more volatile than a subway car during rush hour, and everyone's got an opinion. Is it overvalued? Are we in a crypto bubble 2.0? Let's break it down, quick and dirty.

好吧，让我们谈谈Coinbase。在高峰时段，该股票比地铁汽车更波动，每个人都有意见。被高估了吗？我们是加密泡沫2.0吗？让我们将其分解，快速而肮脏。

The Bull Case: Coinbase is King

公牛案：Coinbase是国王

First off, Coinbase is a major player. They're not just some fly-by-night crypto exchange. TIME Magazine put them on their 100 Most Influential Companies list for 2025, recognizing their role in normalizing Web3. They even got a MiCA license in Luxembourg, meaning they can operate all over the EU. Plus, they're expanding into tokenized stocks – trying to be a one-stop shop for all your investment needs.

首先，Coinbase是主要参与者。它们不仅是夜晚的加密交易所。 Time Magazine将它们列入2025年最有影响力的公司榜单，并认识到它们在标准化Web3中的作用。他们甚至在卢森堡获得了云母许可证，这意味着他们可以在整个欧盟进行运营。另外，他们正在扩展到令牌化股票 - 试图成为您所有投资需求的一站式商店。

Brian Armstrong, Coinbase's CEO, loves to brag about their institutional strength. Turns out, most big Bitcoin firms use Coinbase Prime. And get this: Coinbase custody holds 81% of the crypto in US-based ETFs. That's a lot of cheddar.

Coinbase的首席执行官Brian Armstrong喜欢吹嘘自己的机构实力。事实证明，大多数大型比特币公司都使用Coinbase Prime。并得到这个：Coinbase监护权占美国ETF中的81％的加密货币。切达大家很多。

And the stock? It's been on a tear. Up 42% year-to-date, making it the best-performing stock in the S&P 500 for June. The GENIUS stablecoin bill passing the Senate didn't hurt either, giving investors some much-needed regulatory clarity.

还有股票？它一直在流泪。从年前上涨42％，使其成为6月份500指数中表现最好的股票。 Genius Stablecoin法案通过参议院也没有伤害，这给投资者提供了一些急需的监管清晰度。

The Bear Case: Overvalued, Plain and Simple

熊盒：高估，简单明了

But hold on a minute. Not everyone's buying the hype. Cathie Wood's Ark Invest, known for its crypto enthusiasm, has been selling off Coinbase shares like they're going out of style. They dumped over $52 million worth in just two days. Ouch.

但是请一分钟。并非每个人都在购买炒作。 Cathie Wood的ARK Invest以其加密热情而闻名，他们一直在出售Coinbase股票，就像他们过时一样。他们在短短两天内就倾销了超过5200万美元的价值。哎哟。

Why? Well, 10x Research says their models show Coinbase is overvalued, despite the recent surge. They might have a point. All that good news – the regulations, the new products – it's already baked into the stock price.

为什么？好吧，10倍研究表明，他们的模型表明，尽管最近激增，但Coinbase仍被高估。他们可能有一点。所有这些好消息 - 法规，新产品 - 已经融入了股票价格。

My Two Cents: Proceed with Caution

我的两分钱：谨慎

Look, Coinbase is important. They're shaping the crypto conversation in Washington, and they're expanding globally. But the stock's valuation? That's another story. It feels a little frothy right now.

看，共同基础很重要。他们正在塑造华盛顿的加密对话，并且在全球范围内扩展。但是股票的估值？那是另一个故事。现在感觉有点泡沫。

Think of it this way: you're paying a premium for the future potential of crypto, and that's always a gamble. Regulatory clarity is great, but it also means more competition. New products are exciting, but they need to actually make money.

这样想：您要为加密的未来潜力支付溢价，这总是一场赌博。监管清晰度很大，但这也意味着更多的竞争。新产品令人兴奋，但实际上需要赚钱。

And the recent news of Guotai Junan International getting a Hong Kong virtual asset license highlights the global nature of this market. While Coinbase dominates in the US, the crypto world is way bigger than just one company.

吉塔·朱纳国际（Guotai Junan International）获得了香港虚拟资产许可证的最新消息凸显了该市场的全球性质。尽管Coinbase在美国占据主导地位，但加密货币世界比一家公司更大。

The Bottom Line

底线

So, is Coinbase stock overvalued? Maybe. Is it a bad company? Not at all. Just be careful. Do your homework, don't get caught up in the hype, and remember, what goes up must come down. Unless, of course, it keeps going up. Then, you can send me a thank-you note from your yacht. Just kidding... mostly.

那么，Coinbase股票是否高估了？或许。这是一家糟糕的公司吗？一点也不。只要小心。做作业，不要吞噬炒作，请记住，上升的事情一定要下降。当然，除非它不断上升。然后，您可以向我发给您的游艇笔记。只是在开玩笑...主要是。