Coinbase 飙升超过预期，报告第一季度收益创历史新高

Coinbase 公布了 2023 年第一季度的出色业绩，消费者交易收入翻了一番，达到 9.352 亿美元，机构交易收入增长了 133%，达到 8540 万美元。比特币在这些交易中占据了很大一部分，而该公司的 EBITDA 飙升至 10 亿美元，超过了 2022 年的全部收入。尽管盈利良好，但股价在盘后交易中小幅下跌。

Coinbase Reports Stellar Q1 Performance, Surpassing Analyst Expectations

Coinbase 报告第一季度表现出色，超出分析师预期

Coinbase Global, the leading cryptocurrency exchange, has released its much-anticipated first-quarter 2022 earnings report, revealing an impressive surge in revenue and volume across both consumer and institutional trading platforms.

领先的加密货币交易所 Coinbase Global 发布了备受期待的 2022 年第一季度收益报告，显示消费者和机构交易平台的收入和交易量均出现令人印象深刻的激增。

Consumer Trading Booms

消费者贸易繁荣

Consumer transaction revenue experienced a remarkable 100% increase year-over-year, reaching a staggering $935.2 million in Q1, a significant jump from the previous quarter's $467.0 million. The corresponding transaction volume surged by an astonishing 93% to $56 billion, indicating robust retail adoption and enthusiasm for cryptocurrencies.

消费者交易收入同比增长 100%，第一季度达到惊人的 9.352 亿美元，较上一季度的 4.670 亿美元大幅增长。相应的交易量惊人地飙升了 93％，达到 560 亿美元，这表明散户对加密货币的采用和热情强劲。

Institutional Trading Skyrockets

机构交易飙升

Institutional trading witnessed even more dramatic growth, with revenue soaring by 133% to $85.4 million compared to the previous quarter. The volume of institutional transactions more than doubled to a colossal $256 billion, demonstrating increasing interest and participation from professional investors.

机构交易的增长更为惊人，收入较上一季度飙升 133% 至 8540 万美元。机构交易量增加了一倍多，达到 2,560 亿美元，这表明专业投资者的兴趣和参与度不断增加。

Bitcoin Dominates Trading

比特币主导交易

Bitcoin, the flagship cryptocurrency, accounted for a significant portion of both consumer and institutional transactions, claiming roughly a third of the total revenue generated in each segment. This dominance underscores Bitcoin's continued allure as a dominant force in the crypto ecosystem.

比特币是旗舰加密货币，占消费者和机构交易的很大一部分，约占每个细分市场总收入的三分之一。这种主导地位凸显了比特币作为加密生态系统主导力量的持续吸引力。

Outperforming Analyst Estimates

表现优于分析师预期

Coinbase's Q1 performance significantly exceeded market expectations. Analysts had projected revenue of approximately $1.34 billion and net income of $1.09 per share, which the company handily surpassed. This strong financial performance contributed to a positive sentiment among investors, with shares rising almost 9% during regular trading hours on Thursday.

Coinbase第一季度业绩大幅超出市场预期。分析师预计营收约为 13.4 亿美元，每股净利润为 1.09 美元，该公司轻松超过了这一目标。强劲的财务表现激发了投资者的积极情绪，周四常规交易时段股价上涨近 9%。

Historical Context and Strong Momentum

历史背景和强劲动力

The company's Q1 results represent a stunning turnaround from its loss of $78.9 million or 34 cents per share in the same period last year. Coinbase's EBITDA (earnings before interest, taxes, depreciation, and amortization) for Q1 amounted to an impressive $1 billion, surpassing the company's total EBITDA for the entire previous year.

该公司第一季度业绩与去年同期亏损 7890 万美元（即每股亏损 34 美分）相比出现了惊人的好转。 Coinbase 第一季度的 EBITDA（息税折旧摊销前利润）达到了令人印象深刻的 10 亿美元，超过了该公司去年全年的 EBITDA 总额。

Influence of Market Conditions

市场状况的影响

While Coinbase's overall Q1 results were undoubtedly robust, it is important to note that the revenue figures were boosted by a one-time $737 million paper gain resulting from newly adopted accounting rules that allow crypto firms to recognize increases in crypto prices on their balance sheets.

尽管 Coinbase 第一季度的整体业绩无疑强劲，但值得注意的是，由于新采用的会计规则允许加密货币公司在其资产负债表上承认加密货币价格的上涨，导致一次性 7.37 亿美元的账面收益推动了收入数据的增长。

Growth Initiatives and Diversification

增长计划和多元化

Amidst its strong financial performance, Coinbase highlighted its progress towards key priorities for 2024, including driving revenue, enhancing utility, and seeking regulatory clarity. The company expanded its market share in US spot and derivatives trading, achieved record highs on its Coinbase Prime platform, and witnessed a surge in the market capitalization of USDC, a stablecoin issued by Circle in which Coinbase holds a minority stake.

尽管财务业绩强劲，Coinbase 强调了其在 2024 年关键优先事项方面取得的进展，包括增加收入、提高效用和寻求监管透明度。该公司扩大了在美国现货和衍生品交易的市场份额，其 Coinbase Prime 平台创下历史新高，Coinbase 持有少数股权的 Circle 发行的稳定币 USDC 市值也大幅上涨。

Impact of Base Layer-2 Chain and USDC

Base Layer-2 链和 USDC 的影响

Coinbase's launch of Base, its Ethereum layer-2 chain, in August 2022, contributed to the company's rising revenue. Base generated $56.1 million in Q1 and processed twice the number of transactions as Ethereum, with developer activity increasing by an impressive 800%. Coinbase's stake in Circle and the subsequent growth in USDC market capitalization contributed to a 33% increase in the company's subscriptions and services revenue, including a 15% surge in stablecoin revenue.

Coinbase 于 2022 年 8 月推出其以太坊二层链 Base，为该公司收入的增长做出了贡献。 Base 在第一季度产生了 5610 万美元的收入，处理的交易数量是以太坊的两倍，开发者活动增加了 800%，令人印象深刻。 Coinbase 持有 Circle 股份以及随后 USDC 市值的增长，导致该公司的订阅和服务收入增长了 33%，其中稳定币收入增长了 15%。

Market Factors and Future Outlook

市场因素及未来展望

Despite Coinbase's successful diversification efforts, the recent gains are largely attributable to favorable market conditions. Bitcoin's price surged by approximately 57% in Q1, reaching an all-time high of $73,000, fueled by the influx of over $50 billion into 10 spot exchange-traded funds approved by the Securities and Exchange Commission in January.

尽管 Coinbase 成功地进行了多元化努力，但近期的上涨很大程度上归功于有利的市场条件。受 1 月份美国证券交易委员会批准的 10 只现货交易所交易基金流入超过 500 亿美元的推动，比特币价格在第一季度飙升约 57%，达到 73,000 美元的历史新高。

Looking ahead, Coinbase expects its Q2 expenses to reach approximately $890 million, driven primarily by elevated expenses associated with higher trading volumes, including customer support and infrastructure costs. The company remains optimistic about its long-term growth prospects and is committed to expanding its product offerings, improving operational efficiency, and navigating the ever-evolving crypto ecosystem.

展望未来，Coinbase 预计第二季度费用将达到约 8.9 亿美元，这主要是由于交易量增加带来的费用增加，包括客户支持和基础设施成本。该公司对其长期增长前景保持乐观，并致力于扩大产品范围、提高运营效率并驾驭不断发展的加密生态系统。