哪种以加密为重点的金融科技是更好的购买：Coinbase Coin或Block Inc. XYZ？

以加密货币为中心的金融科技在放松监管控制的背景下取得了动力，以加速采用加密货币（包括机构），并整合人工智能（AI）和区块链技术。

In the rapidly evolving landscape of fintech, several companies are making waves with their innovative approaches to integrating crypto, artificial intelligence (AI), and blockchain technology. Among these, Coinbase (NASDAQ:COIN) and Block (NYSE:XYZ) have emerged as key players in shaping the digital financial system.

在金融科技迅速发展的景观中，几家公司以创新的方法来浪潮，以整合加密，人工智能（AI）和区块链技术。其中，Coinbase（NASDAQ：COIN）和BLOCK（NYSE：XYZ）已成为塑造数字金融系统的关键参与者。

As major banks, including Goldman Sachs (NYSE:GS), are exploring their own stablecoin initiatives, and cyber threats continue to pose a challenge, the question arises: Which of these two fintech giants—Coinbase or Block—presents a more attractive investment opportunity?

正如包括高盛（NYSE：GS）在内的主要银行正在探索自己的稳定计划，而网络威胁继续构成挑战：这两个金融科技巨头中的哪一个（Coinbase或Block）（Coinbase或Block）（总理）是一个更具吸引力的投资机会？

To make an informed decision, let's delve into the fundamentals of both stocks closely.

为了做出明智的决定，让我们仔细研究这两种股票的基本面。

Coinbase: A Deep Dive

Coinbase：深入潜水

America's largest registered cryptocurrency exchange is well-positioned to capitalize on heightened crypto market volatility and rising asset prices. Coinbase is also poised to benefit from President Trump's pro-crypto outlook and emphasis on regulatory clarity. With 83% of its total revenues generated in the United States—a market increasingly viewed as a future crypto hub—the company is strategically aligned for domestic expansion.

美国最大的注册加密货币交易所的位置良好，可以利用加密市场的增长和资产价格上涨。 Coinbase还有望从特朗普总统的亲克赖普托的前景中受益，并强调监管性清晰度。在美国产生的总收入的83％（一个越来越多的市场被视为未来的加密枢纽），该公司在战略上是为了进行国内扩张的一致性。

In 2024, Coinbase's total revenues more than doubled, marking its second straight year of positive adjusted EBITDA. Transaction revenues—primarily driven by trading volume—also more than doubled year over year, reflecting both overall market growth and an increase in Coinbase's U.S. market share.

在2024年，Coinbase的总收入增加了一倍以上，标志着其正调整后的EBITDA连续第二年。交易收入（主要是由交易量驱动的）也同比增加了一倍以上，这反映了整体市场增长和Coinbase美国市场份额的增长。

To expand crypto's practical use, Coinbase is investing in key infrastructure, including Base—a low-cost Layer 2 scaling solution. These initiatives, along with its focus on stablecoins, underscore the company's efforts to advance real-world utility for digital assets.

为了扩大加密货币的实际用途，Coinbase正在投资关键基础架构，包括基础 - 低成本2级缩放解决方案。这些举措以及对稳定币的关注，强调了该公司为推进数字资产的现实世界实用程序所做的努力。

Management envisions Coinbase to be the platform for companies that are trying to integrate cryptocurrency.

管理层设想Coinbase将成为试图集成加密货币的公司的平台。

From a financial standpoint, Coinbase remains fundamentally sound. The company ended 2024 with $9.3 billion in USD resources—consisting of cash, cash equivalents, and USDC—up $3.8 billion from the prior year. Its debt burden has decreased in recent quarters, and improvements in both its debt-to-capital ratio and times interest earned suggest a strong ability to manage and service debt.

从财务角度来看，Coinbase从根本上仍然是合理的。该公司以2024年的资源（现金，现金同等和美元）的价格为93亿美元结束，比上一年相比38亿美元。其债务负担在最近的几个季度下降，其债务与资本比率和所获得的时代利息的改善表明，管理和服务债务的能力很强。

Nonetheless, rising costs—including higher transaction and operating expenses—continue to pressure margins. Moreover, the company is vulnerable to fluctuations in crypto asset prices. A significant drop in the value of Bitcoin, Ethereum, or other digital currencies could affect earnings, reduce the carrying value of its crypto holdings, and limit future cash flows. Such developments could impair liquidity and the company's ability to meet ongoing obligations.

尽管如此，成本上涨（包括更高的交易和运营费用）涉及压力利润率。此外，该公司容易受到加密资产价格的波动。比特币，以太坊或其他数字货币的价值显着下降可能会影响收入，降低其加密货币持有的账面价值并限制未来的现金流量。这种发展可能会损害流动性和公司履行持续义务的能力。

Coinbase stock has lost 16% since the beginning of the year.

自今年年初以来，Coinbase股票损失了16％。

Coinbase stock chart by InvestingPro

InvestingPro的Coinbase股票图表

Factors to Consider for Block

考虑块的因素

Block, formerly known as Square, differentiates itself by offering a comprehensive commerce ecosystem enabling sellers to combine software, hardware, and payments services from several vendors. Block's entry into the bitcoin market with the CashApp product bodes well for the company.

Block（以前称为Square）通过提供全面的商业生态系统来区分自己，使卖家可以将软件，硬件和付款服务与多家供应商相结合。 CashApp产品对公司的体现非常适合Block进入比特币市场。

Block continues to hit major milestones—receiving FDIC approval to use Square Financial Services in March of this year and the launch of Cash App Afterpay in late February of this year. It also expects to invest in high return on equity growth initiatives across Cash App and Square.

Block继续达到主要里程碑，即FDIC批准在今年3月使用Square Financial Services，并于今年2月下旬推出Cash App Afterpay。它还预计将投资于现金应用和广场上的高回报股权增长计划。

The company continues to leverage its diverse revenue sources—Cash App, Square, and Afterpay—which also position it for global expansion. It remains committed to driving accelerated growth in both Cash App and Square, and with a supportive macroeconomic environment, anticipates steady increases in gross profit each quarter.

该公司继续利用其多样化的收入来源（Cash App，Square和Afterpay），这也将其定位为全球扩张。它仍然致力于推动现金应用程序和广场的加速增长，并且在支持性的宏观经济环境中，预计每个季度的毛利润将不断增加。

Block is actively investing in expanding its partner network and scaling its distribution channels. Its ability to integrate Bitcoin into consumer financial services stands out as a strategic advantage.

Block正在积极投资扩展其合作伙伴网络并扩展其分销渠道。它将比特币整合到消费金融服务中的能力是一种战略优势。

Despite these strengths, Block stock faces pressure due to rising competition within the fintech industry. Economic uncertainty stemming from President Donald Trump's tariffs on major trading partners such as China, Canada, and Mexico poses a potential drag on performance in the near term. Meanwhile, rivals like PayPal (NASDAQ:PYPL) and Shopify (NYSE:SHOP) continue to challenge Block's market share.

尽管有这些优势，但由于金融科技行业的竞争不断上升，块股票面临压力。唐纳德·特朗普（Donald Trump）总统对中国，加拿大和墨西哥等主要贸易伙伴的关税引起的经济不确定性在短期内可能会引起绩效。同时，PayPal（NASDAQ：PYPL）和Shopify（NYSE：SHOP）等竞争对手继续挑战Block的市场份额。

Furthermore, declining consumer spending in the food, beverage, and discretionary retail segments presents additional headwinds for the company.

此外，消费者在食品，饮料和酌处零售领域的支出下降，给公司带来了其他逆风。

Estimates for COIN and XYZ

硬币和XYZ的估计值

The Zacks Consensus Estimate for COIN's 2025 revenues implies a 4.5% year-over-year increase but the same for EPS implies a 68.3% decline. EPS estimates have moved southward over the past 30 days.

Zacks对Coin 2025年收入的共识估计意味着同比增长4.5％，但EPS的收入相同，意味着下降了68.3％。在过去的30天中，EPS估计已向南移动。

On the contrary, the Zacks Consensus Estimate for XYZ's 2025 revenues implies a year-over-year increase of 3.5% while the same for EPS implies a year-over-year decrease of 19.3%. EPS estimates have moved southward over the past 30 days.

相反，Zacks共识估计值为XYZ的2025年收入意味着同比增长3.5％，而对于EPS的同比增长意味着同比同比增长19.3％。在过去的30天中，EPS估计已向南移动。

Are COIN and XYZ Shares Expensive?

硬币和XYZ共享昂贵吗？

Coinbase is trading at a forward earnings multiple of 48.12, below its median of 59.94 in a year. XYZ's forward earnings multiple

Coinbase的交易价格为48.12的远期收益倍数，低于其一年的中位数为59.94。 XYZ的远期收益多重