关于为什么以太坊 ETF 可能对 Coinbase 超级看涨的 3 个鲜为人知的事实

对于 Coinbase Global（纳斯达克股票代码：COIN）来说，今年是不平凡的一年。美国证券交易委员会 (SEC) 表示，加密货币已重返牛市

Coinbase (NASDAQ:COIN) stock has soared more than 275% in the last year. For context, the S&P 500 index has risen about 10% over the same period. Several factors have contributed to Coinbase's outperformance, including rising cryptocurrency prices, the approval of spot Bitcoin exchange-traded funds (ETFs), and Coinbase's first profitable quarter in more than two years.

Coinbase（纳斯达克股票代码：COIN）的股价去年飙升了 275% 以上。就背景而言，标准普尔 500 指数同期上涨了约 10%。有几个因素促成了 Coinbase 的优异表现，包括加密货币价格上涨、现货比特币交易所交易基金 (ETF) 的批准以及 Coinbase 两年多来首次实现盈利。

Now, rumors are swirling that the Securities and Exchange Commission (SEC) will soon approve a spot Ethereum ETF. Coinbase is set to be the custodian for some of these ETFs, and its approval will create a domino effect of benefits for the company as interest in Ethereum grows.

现在，有传言称美国证券交易委员会（SEC）将很快批准以太坊 ETF 现货。 Coinbase 将成为其中一些 ETF 的托管人，随着人们对以太坊兴趣的增长，其批准将为公司带来多米诺骨牌效应。

Here are three little-known facts about why the Ethereum ETF approval will give Coinbase a major boost.

以下三个鲜为人知的事实说明了为什么以太坊 ETF 的批准将给 Coinbase 带来重大推动。

1. It will increase volume on the platformMany believed that the approval of spot Bitcoin ETFs would hurt Coinbase. After all, investors can now gain exposure to the cryptocurrency through an ETF trading on the stock market, so why would they use Coinbase?

1. 它将增加平台上的交易量许多人认为现货比特币 ETF 的批准将损害 Coinbase。毕竟，投资者现在可以通过股票市场上的 ETF 交易获得加密货币的投资，那么他们为什么要使用 Coinbase呢？

While the concerns were valid at the time, we can now see that the approval of the ETFs generated massive trading volumes on Coinbase. The exchange saw volume on its platform increase by 300%.

虽然当时的担忧是正确的，但我们现在可以看到 ETF 的批准在 Coinbase 上产生了大量交易量。该交易所平台上的交易量增加了 300%。

Now, here's the kicker: Ethereum is the second-most-traded cryptocurrency on Coinbase. And since the exchange generates revenue from trading fees, if a similar outcome arises after the approval of an Ethereum ETF, then Coinbase will be raking in some serious profits. The more trading that happens, the more money it will make.

现在，关键是：以太坊是 Coinbase 上交易量第二大的加密货币。由于交易所通过交易费获得收入，如果以太坊 ETF 获得批准后出现类似的结果，那么 Coinbase 将获得可观的利润。交易越多，赚的钱就越多。

2. Staking should get a boostOne of Coinbase's most popular products is its staking service. When buying Ethereum on its platform, the company allows users to easily stake it and earn passive income with just a few button clicks. For providing this service, it takes a 25% cut of the staking rewards it pays to users.

2. 质押应该得到提升 Coinbase 最受欢迎的产品之一是其质押服务。当在其平台上购买以太坊时，该公司允许用户轻松地抵押它，只需点击几下按钮即可赚取被动收入。为了提供这项服务，它需要从支付给用户的质押奖励中抽取 25%。

Should Ethereum's price follow a similar trajectory to that of Bitcoin after it got its spot ETF approval, then that 25% cut will grow significantly. Imagine the difference this will have when considering that Coinbase manages billions of dollars of staked Ethereum.

如果以太坊的价格在获得现货 ETF 批准后遵循与比特币类似的轨迹，那么 25% 的降幅将大幅增加。想象一下，考虑到 Coinbase 管理着数十亿美元的质押以太坊，这会带来什么不同。

We can see the impact that rising Ethereum prices could have on Coinbase's bottom line just by looking at last quarter's earnings report. From the fourth quarter of льника to the first quarter of 2024, Coinbase saw a 59% increase in its Blockchain Rewards (staking) revenue as Ethereum's price jumped 60%.

只需查看上季度的收益报告，我们就可以看到以太坊价格上涨可能对 Coinbase 的利润产生的影响。从去年第四季度到 2024 年第一季度，随着以太坊价格上涨 60%，Coinbase 的区块链奖励（质押）收入增长了 59%。

While this is only one quarter, the increase in staking revenue corresponds nearly directly to the increase in Ethereum's value. If the crypto's value jumps 50% as Bitcoin's did in the three months after it received spot ETF approval, Coinbase's Blockchain Reward segment should see a similar increase or a jump of roughly $75 million.

虽然这只是四分之一，但质押收入的增长几乎直接对应于以太坊价值的增长。如果加密货币的价值像比特币那样在获得现货 ETF 批准后的三个月内上涨 50%，那么 Coinbase 的区块链奖励部分应该会看到类似的增长或上涨约 7500 万美元。

3. The first company built on EthereumThe last benefit that an approval of spot Ethereum ETFs will have for Coinbase is slightly abstract, but it might be the most lucrative. The company has two main products that are uniquely Ethereum-based: Base and USDC (CRYPTO:USDC).

3.第一家建立在以太坊上的公司批准现货以太坊 ETF 将为 Coinbase 带来的最后一个好处有点抽象，但它可能是最有利可图的。该公司有两种基于以太坊的主要产品：Base 和 USDC（CRYPTO：USDC）。

Launched In August 2023, Base is Coinbase's very own blockchain. The technical matters of this are a conversation for another day, but what is important is that Base is compatible with Ethereum, and for every transaction that occurs on Base, the company gets a cut.

Base 于 2023 年 8 月推出，是 Coinbase 自己的区块链。这个技术问题是另一天的讨论，但重要的是 Base 与以太坊兼容，并且对于 Base 上发生的每笔交易，该公司都会获得分成。

Since the beginning of March, Base produced nearly $35 million in profits as users flocked to the blockchain in the wake of Ethereum's Dencun upgrade, which lowered fees on Layer 2 blockchains like Base.

自 3 月初以来，随着以太坊 Dencun 升级降低了 Base 等第 2 层区块链的费用，用户纷纷涌向该区块链，Base 创造了近 3500 万美元的利润。

If activity stays on its current trajectory, Base could produce somewhere around $200 million on an annual basis. That's not bad when considering that Coinbase posted net income of $95 million in all 2023.

如果活动保持在目前的轨道上，Base 年产值可达 2 亿美元左右。考虑到 Coinbase 2023 年全年净利润为 9500 万美元，这还不错。

Then there is USDC. Coinbase leverages this stablecoin in several ways to generate revenue, including interest income from reserves; transaction and conversion fees; custody services; and through its partnership with Circle, the creator of the stablecoin. In the first quarter of 2024, Coinbase raked in roughly $197 million in revenue from USDC.

然后是 USDC。 Coinbase 通过多种方式利用这种稳定币来产生收入，包括来自储备金的利息收入；交易费和转换费；托管服务；并通过与稳定币创造者 Circle 的合作。 2024 年第一季度，Coinbase 从 USDC 获得了约 1.97 亿美元的收入。

Since USDC and Base are both built on Ethereum, an ETF approval could produce serious benefits. There is no easy way to quantify it, but if the Bitcoin ETF approval sparked increased activity on Bitcoin, then it is plausible to assume an ETF approval for Ethereum will lead to a surge of interest and activity for that crypto, inevitably trickling over into Coinbase's Ethereum-based services.

由于 USDC 和 Base 都是基于以太坊构建的，因此 ETF 的批准可能会带来巨大的好处。没有简单的方法来量化它，但如果比特币 ETF 的批准引发了比特币的活动增加，那么可以合理地假设以太坊 ETF 的批准将导致对该加密货币的兴趣和活动激增，不可避免地会流入 Coinbase 的基于以太坊的服务。