该股票徘徊在其峰值以下。但是，随着动量闪烁和大胆的下注，前进的道路真的可以带领硬币股票达到400美元的股票吗？

关于Coinbase股票

Coinbase (COIN) stock has slipped more than 40% from its 52-week high of $349.75 last December, hit as Bitcoin rallied and then President-elect Donald Trump made pro-crypto signals.

Coinbase（Coin）股票从去年12月的349.75美元的52周高点下跌了40％以上，随着比特币集会的袭击，当选总统唐纳德·特朗普（Donald Trump）发行了亲克莱托普（Pro-Crypto）信号。

But it is still up 2.7% over the past year, highlighting its resilience despite market jitters, regulatory headwinds, and the sting of being left out of the S&P 500 Index (SPX) that cooled investor enthusiasm. Over the past month, shares jumped a further 18% on renewed trading activity, a spike in Bitcoin prices, and optimism around its Deribit acquisition.

但是，在过去的一年中，它仍然增长了2.7％，尽管市场烦恼，监管逆风以及被放弃的标准普尔500指数（SPX）的刺激，但它突出了其韧性，这使投资者热情降低了。在过去的一个月中，股票在更新的交易活动，比特币价格上涨以及围绕其降解收购的乐观态度上增加了18％。

Coinbase Missed Q1 Top- and Bottom-Line Projections

Coinbase错过了Q1上线和底线预测

The world’s second-largest cryptocurrency exchange pulled in $2.03 billion in revenue during the first quarter, up 24% year over year and fueled by stronger transaction activity and rising demand for services like Coinbase One. Both its revenue and EPS of $0.24 missed estimates, while adjusted net income fell 23.3% annually to $1.94 per share.

全球第二大加密货币交易所在第一季度获得了20.3亿美元的收入，同比增长了24％，并助长了更强大的交易活动和对Coinbase One（例如Coinbase One）的需求不断增长。其收入和每股收益均为0.24美元的估计，而调整后的净收入每年下降23.3％，至每股1.94美元。

Transaction revenue alone surged 18.2% to $1.3 billion, lifted by both consumer and institutional activity. Consumer trading volume jumped 39% from the year prior to $78 billion, though it dipped 17% from Q4. Institutional trading volume rose 23% annually to $315 billion but fell 8.7% sequentially.

交易收入仅飙升了18.2％，至13亿美元，由消费者和机构活动取消。消费者交易量比一年级的780亿美元增长了39％，尽管它比第4季度下降了17％。机构交易量每年增长23％，至3150亿美元，但依次下降了8.7％。

Meanwhile, subscription and services revenue soared 36.3% to $698.1 million, largely thanks to strong stablecoin growth and the Coinbase One platform. April alone saw $240 million in transaction revenue, an encouraging start to Q2.

同时，订阅和服务收入飙升了36.3％，至6.981亿美元，这在很大程度上要归功于Stablecoin的强劲增长和Coinbase One平台。仅4月就看到了2.4亿美元的交易收入，这是第2季度的令人鼓舞的开始。

Management highlighted Coinbase’s $2.9 billion acquisition of Deribit, a global leader in crypto options, as a pivotal move to expand its derivatives presence and enhance cross-selling opportunities with institutional clients. CEO Brian Armstrong underscored the goal of unifying spot, futures, and options trading, while noting its rising USD Coin (USDCUSD) balances as a stable revenue stream. The deal is expected to be accretive to adjusted EBITDA and boost profitability by enabling seamless institutional trading across products.

管理层强调，Coinbase的29亿美元收购了加密货币选择的全球领导者Deribit，这是扩大其衍生产品的重要性，并增强了与机构客户的交叉销售机会。首席执行官布莱恩·阿姆斯特朗（Brian Armstrong）强调了统一现场，期货和期权交易的目标，同时指出其不断增长的美元硬币（USDCUSD）余额是稳定的收入来源。预计该交易将通过跨产品实现无缝的机构交易来增强调整的EBITDA并提高盈利能力。

Looking ahead, Coinbase flagged macro uncertainty and crypto price volatility as near-term headwinds. CFO Alesia Haas warned of early Q2 pressure on blockchain rewards and subscription revenue. Still, leadership remains bullish, citing a strong roadmap, global expansion, and regulatory clarity as tailwinds for long-term growth.

展望未来，Coinbase将宏观不确定性和加密货币价格波动标记为近期逆风。首席财务官Alesia Haas警告了第2季度早期对区块链奖励和订阅收入的压力。尽管如此，领导力仍然是看好的，理由是强大的路线图，全球扩张和监管清晰度是长期增长的后风。

Coinbase expects subscription and services revenue to land between $600 million and $680 million in Q2.

Coinbase预计订阅和服务收入将在第二季度的6亿至6.8亿美元之间。

According to the projections of analysts tracking Coinbase, the company’s EPS is expected to be around $6.75 in 2025, showing a decrease of 11.2% year-over-year. However, the following year, the company’s EPS is projected to experience a significant increase of 10.5% annually, reaching $7.46 in 2026.

根据分析师跟踪Coinbase的预测，该公司的EPS预计在2025年为6.75美元，显示同比增长11.2％。但是，次年，该公司的EPS预计每年将显着增加10.5％，在2026年达到7.46美元。

What Do Analysts Expect for Coinbase Stock?

分析师对Coinbase股票有什么期望？

After Coinbase reported Q1 earnings that missed expectations and disclosed its Deribit acquisition, it was met with a mixed verdict from Wall Street analysts.

在Coinbase报告了第1季度的收入后，遗漏了期望并披露了其降解的收购后，它得到了华尔街分析师的判决。

While some analysts, like Benjamin Buddish from Barclays, were optimistic and raised the target price to $202, maintaining an “Equal Weight” rating on the stock, others, such as JPMorgan, had a more cautious outlook. JPMorgan trimmed its target to $215 and kept a “Neutral” rating on COIN.

虽然一些分析师（例如来自巴克莱的本杰明·贝迪什（Benjamin Buddish））持乐观态度，并将目标价提高到202美元，并保持了对股票的“同等权重”评级，但其他分析师（例如摩根大通）的看法更加谨慎。摩根大通将其目标调整为215美元，并在硬币上保留了“中性”评级。

On the other hand, Keefe, Bruyette & Woods was bullish enough to raise its target to $205, and it also maintained a “Market Perform” rating on COIN. Both JPMorgan and KBW lowered Coinbase’s Q2 and full-year revenue projections due to lower-than-expected activity in the last quarter and signs of slowing momentum. They also slashed the company’s institutional revenue and fee rate projections for Q2.

另一方面，Keefe，Bruyette＆Woods看涨足以将其目标提高到205美元，并且还维持在硬币上的“市场表现”评级。摩根大通（JPMorgan）和KBW都降低了Coinbase的第二季度和全年收入预测，这是由于上一季度的活动低于预期的，并且势头放缓。他们还削减了该公司的机构收入和第2季度的收费预测。

However, among the covered analysts, Joseph Vafi from Canaccord remained the most bullish, maintaining a “Buy” rating and a $400 price target, which is the highest on Wall Street, suggesting growth potential of nearly 100%. The analyst highlighted Coinbase’s white-label “infrastructure-as-a-service” model as a future growth engine.

但是，在覆盖分析师中，Canaccord的约瑟夫·瓦菲仍然是最看涨的，维持“买入”评级和400美元的目标目标，这是华尔街最高的，这表明增长的潜力近100％。这位分析师强调了Coinbase的白色标签“基础架构与服务”模型作为未来的增长引擎。

Despite highlighting near-term pressures, many analysts agreed that Coinbase is still the gold standard in the crypto market. Overall, the stock had a “Moderate Buy” consensus rating, according to the analysis of 26 covered analysts on TipRanks. Among those analysts, nine recommended a Strong Buy, one suggested a Moderate Buy, and 14 advised Hold, while the remaining two had a Sell rating.

尽管强调了近期压力，但许多分析师都同意，Coinbase仍然是加密市场的黄金标准。总体而言，根据对Tipranks的26位涵盖分析师的分析，该股票的共识评级为“中等买入”。在这些分析师中，九位建议进行强劲的买入，其中一个建议进行中等买入，14个建议持有，而其余两个则具有卖出评级。

The mean price target was $257.56, which indicates an upside potential of

平均价格目标为257.56美元，这表明