每周期权意外收获：领先的加密交易所提供 +34％的利润潜力

比特币投资者回到有史以来高潮的旅程并不是一件容易的事。但是，自4月初触底以来，全球最大的加密货币一直流泪。

For Immediate Release

立即发布

Chicago, IL – May 19, 2025 – Today, we're highlighting Coinbase COIN as part of our Weekly Option Windfall.

伊利诺伊州芝加哥 - 2025年5月19日 - 今天，我们将重点介绍Coinbase Coin，这是我们每周期权意外收获的一部分。

The journey for Bitcoin investors back to all-time highs hasn't been an easy one. But the world's largest cryptocurrency by market capitalization has been on a tear since bottoming out in early April. Bitcoin continues to hover near the $100,000-level and looks poised to retest the highs from last year.

比特币投资者回到有史以来高潮的旅程并不是一件容易的事。但是，自4月初触底以来，全球最大的加密货币一直流泪。比特币继续徘徊在100,000美元的级别附近，看起来有望重新测试去年的高点。

Outside of owning crypto outright, several stocks are making waves in conjunction with Bitcoin's ascent.

除了直接拥有加密货币之外，有几只股票与比特币的上升一起引起了波浪。

Coinbase, the largest U.S. cryptocurrency exchange, has been a big beneficiary of the latest move. The company offers the primary financial account in the crypto economy, including a brokerage platform with a pool of liquidity for both institutions and retail investors. In addition, Coinbase offers a suite of products granting access to build on-chain for developers.

Coinbase是美国最大的加密货币交易所，一直是最新举动的重要受益者。该公司在加密经济中提供主要金融帐户，包括一个经纪平台，为机构和散户投资者提供了流动性。此外，Coinbase还提供了一套产品，可授予开发人员构建链的访问权限。

Earlier this month, Coinbase acquired Dubai-based Deribit, a major cryptocurrency exchange for $2.9 billion. It marked the largest deal in the crypto industry to date. The acquisition will boost Coinbase's position as an international leader in crypto derivatives.

本月初，Coinbase收购了总部位于迪拜的Deribit，这是一种主要的加密货币交易所，售价为29亿美元。它标志着加密货币行业迄今为止最大的交易。此次收购将提高Coinbase作为加密衍生品国际领导者的地位。

COIN, currently a Zacks Rank #3 (Hold), has exceeded the earnings mark in each of the past 9 quarters. Last week, Coinbase reported first-quarter earnings $1.94 per share, beating the Zacks Consensus Estimate by 4.9%. The company has delivered a trailing four-quarter average earnings surprise of 32.7%.

硬币（目前是Zacks排名3（持有））在过去9个季度中的每个季度中都超过了收益痕迹。上周，Coinbase报告说，第一季度的收入为每股1.94美元，击败了Zacks共识估算值4.9％。该公司的平均收入惊喜为32.7％。

A leading crypto exchange, Coinbase boasts several tailwinds including investments in infrastructure and expanded partnerships such as Stripe. Coinbase will officially be added to the S&P 500 later this month.

Coinbase是一位领先的加密交易所，拥有多种逆风，包括基础设施的投资和扩展的伙伴关系，例如Stripe。 Coinbase将在本月晚些时候正式添加到标准普尔500指数中。

While there are many ways to take advantage of a bullish move in COIN shares, options provide us with flexibility, enabling us to tailor our strategy to the current market environment.

尽管有很多方法可以利用硬币股份的看涨行动，但期权为我们提供了灵活性，使我们能够为当前的市场环境量身定制战略。

Our analysis of the market and COIN's earnings report output leads us to believe that an options trading strategy is optimal. In this strategy, we'll be focusing on option spreads.

我们对市场和硬币收益报告的分析使我们相信期权交易策略是最佳的。在此策略中，我们将重点关注期权点差。

Option spreads are extremely effective in this type of environment. Call option debit spreads are implemented by purchasing a call option and selling a related call option with a higher strike price. These types of trades are limited risk trades because the short option is 'covered' by the option purchase.

期权价差在此类环境中非常有效。通过购买呼叫选项并以更高的打击价格出售相关的呼叫选项来实现呼叫期权借记差价。这些类型的交易是有限的风险交易，因为您可以购买期权“涵盖”短期选择。

When done correctly, trading options provides huge profit opportunities with limited risk, making options one of the most versatile investment vehicles.

正确完成后，交易选项可为风险有限，提供巨大的利润机会，使选项成为用途最广泛的投资工具之一。

Option Essentials

选项必需品

Before we analyze today's trade, let's review some option fundamentals as a refresher. There is no need to worry about complex mathematical formulas or equations. Over the years I've found that the more complicated a strategy is, the less likely it is to work over the long run.

在分析当今的交易之前，让我们回顾一些选项基础知识，以复习。无需担心复杂的数学公式或方程。多年来，我发现策略越复杂，从长远来看，工作的可能性就越小。

Options are standardized contracts that give the buyer the right – but not the obligation – to buy or sell the underlying stock at a fixed price, which is known as the strike price. A call option gives the buyer the right to buy a particular security, while a put option gives the buyer the right to sell the same. The investor who purchases an option, whether a put or call, is the option buyer, while the investor who sells a put or call is the seller or writer.

期权是标准化合同，赋予买方以固定价格购买或出售基础股票的权利（但不是义务），称为罢工价格。呼叫选项使买方有权购买特定的安全性，而看跌期权则赋予买方出售相同的权利。购买期权的投资者，无论是看跌期权还是呼叫，都是期权购买者，而出售看跌或致电的投资者是卖方或作家。

These contracts are valid for a specific period of time which ends on expiration day. There are weekly options, monthly options, and even LEAPS options which are longer-term options that have an expiration date of greater than one year.

这些合同在在到期日结束的特定时间段内有效。有每周的选择，每月选项，甚至是飞跃选项，这些选项是长期期权，其到期日期超过一年。

Options consist of time value and intrinsic value. In-the-money options consist of both components; at-the-money and out-of-the-money options consist only of time value. At options expiration, options lose all time value.

选项包含时间价值和内在值。货币选项由两个组件组成；当时的和无价的选项仅由时间价值组成。在期权到期时，选项会丢失所有时间值。

Below we're going to explore a call option spread strategy.

在下面，我们将探索呼叫选项的传播策略。

The Power of Option Spreads

期权的力量传播

Coinbase currently meets our criteria for initiating a bullish call option spread position.

Coinbase目前符合我们启动看涨呼叫选项差的位置的标准。

The table below displays the risk/reward profile for this trade. COIN is trading at $266.58/share at the time of this writing. This trade involves purchasing the June 220-strike call at 51.9 points, and selling the June 240-strike call at 37 points for a total cost of 14.9 points. As option contracts represent 100 shares of the underlying security, this would represent a total cost of $1,490 per spread.

下表显示了此交易的风险/奖励状况。在撰写本文时，硬币的交易价格为266.58美元/股。该交易涉及以51.9点的价格购买6月220日的电话，并以37分的6月240次打电话以14.9点的价格出售。由于期权合约代表100股基础证券，因此每次价差的总成本为1,490美元。