<p><img src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2025/06/How-high-can-Fartcoin-crypto-price-rise-following-its-Coinbase-listing.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="1152" height="720" original-src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2025/06/How-high-can-Fartcoin-crypto-price-rise-following-its-Coinbase-listing.png"/></p>
<p>在公司发布财务结果后，Coinbase 的股价在周五暴跌超过 10%，同时比特币跌破 115,000 美元。COIN 股价跌至 335 美元，比今年最高点下跌超过 24%。本文探讨了其财报中的主要要点及对股票的影响。</p>
<h2>Coinbase 第二季度收入增长放缓</h2>
<p>Coinbase 财报中的第一个主要要点是，其业务在第二季度仍然面临压力，主要部门的增长乏力。</p>
<p>Coinbase 的总收入在第二季度从一年前的 13.7 亿美元上升至 14.2 亿美元。这一收入远低于上一季度的水平。</p>
<p>收入放缓是可以理解的，因为在该季度，加密市场保持在一个狭窄的区间内。历史上，Coinbase 在比特币和其他山寨币处于强劲牛市时表现良好。</p>
<p>Coinbase 的交易收入从去年同期的 7.8 亿美元骤降至 7.64 亿美元。与第一季度的 12.6 亿美元相比，也大幅下降。</p>
<p>这一放缓被订阅和服务收入所抵消，后者从 5.99 亿美元上升至 6.55 亿美元。这是一个重要的业务，包含稳定币、区块链奖励和其他基于订阅的收入来源等韧性细分市场。</p>
<p>阅读更多：八月比特币价格预测：买入还是卖出？</p>
<h2>尽管资产增长，保管业务未能蓬勃发展</h2>
<p>Coinbase 财报中的另一个关键要点是，其保管业务并未从中受益。尽管第二季度的保管资产总额增长至 2470 亿美元，市场份额上升至 80%，但费用增长并不强劲。</p>
<p>公司将此归因于 “由客户组合和较低的非比特币资产价格驱动的综合费用率”。这一业务以及其 Coinbase One 解决方案解释了 “其他订阅和服务” 收入环比下降 15% 的原因。</p>
<h2>Coinbase 成本激增</h2>
<p>报告中的另一个显著要点是公司的成本正在加速增长，这影响了其业务。管理层预计第三季度的技术和开发及销售、一般和行政费用将在 8 亿至 8.5 亿美元之间。</p>
<p>这些成本的增长是因为其员工人数的增加速度超过了预期。这些员工主要在国际市场和新产品发布中增加。一些增长指标将以股票补偿的形式出现。</p>
<h2>估值担忧依然存在</h2>
<p>此外，有迹象表明，考虑到其收入增长并不强劲，Coinbase 的股价被高度高估。</p>
<p>尽管分析师预计第三季度收入增长 40%，但年收入预计为 12.9%，达到 74.2 亿美元。分析师还预测 2026 年的收入为 82.6 亿美元。</p>
<p>与此同时，Coinbase 的前瞻市盈率为 70，远高于行业中位数 10。这个倍数远高于其他公司，包括增长率更高的 NVIDIA。</p>
<h2>Coinbase 股价分析</h2>
<p><img src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2025/08/Coinbase-stock-1024x570.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="1024" height="570" original-src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2025/08/Coinbase-stock-1024x570.png"/></p>
<p>COIN 股票图表 | 来源：TradingView</p>
<p>日线图显示，COIN 股价从收盘价 377 美元暴跌至今天盘前的 333 美元。它跌破了 348 美元的关键支撑位，这是去年 12 月的最高点。相对强弱指数 (RSI) 和 MACD 继续下跌。</p>
<p>因此，短期内该股可能会继续承压，如果比特币和其他加密货币恢复，则可能会反弹。</p>
<p>Coinbase 财报亮点及 COIN 股票影响的文章首次出现在 Invezz 上。</p>

COIN

2 倍做多 COIN ETF - GraniteShares

南方两倍做空Coinbase

<p>Coinbase 的股价在公司公布第二季度财报后下跌超过 10%，收入增长放缓至 14.2 亿美元。交易收入大幅下降，而订阅收入有所上升。尽管托管资产有所增加，但费用增长乏力。预计第三季度成本将达到 8 亿至 8.5 亿美元。分析师对该股票的高估值表示担忧，前瞻市盈率为 70。除非加密货币市场恢复，否则该股票可能会继续承压</p>

<p><img src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2025/06/How-high-can-Fartcoin-crypto-price-rise-following-its-Coinbase-listing.png" alt="" original-src="https://invezz.com/wp-content/uploads/2025/06/How-high-can-Fartcoin-crypto-price-rise-following-its-Coinbase-listing.png"/></p>
<p>Coinbase stock price crashed by over 10% on Friday after the company published its financial results and as Bitcoin plunged below $115,000. COIN dropped to $335, down by over 24% from its highest point this year. This article explores the top takeaways in its earnings report and the implications to the stock.</p>
<div class="lb-trans"><p>在公司发布财务结果后，Coinbase 的股价在周五暴跌超过 10%，同时比特币跌破 115,000 美元。COIN 股价跌至 335 美元，比今年最高点下跌超过 24%。本文探讨了其财报中的主要要点及对股票的影响。</p>
</div><h2>Coinbase revenue growth decelerated in Q2</h2>
<div class="lb-trans"><h2>Coinbase 第二季度收入增长放缓</h2>
</div><p>The first main takeaway in Coinbase’s earnings report is that its business remained under pressure in the second quarter, with its key divisions seeing tepid growth.</p>
<div class="lb-trans"><p>Coinbase 财报中的第一个主要要点是，其业务在第二季度仍然面临压力，主要部门的增长乏力。</p>
</div><p>Coinbase’s total revenue rose to $1.42 billion in the second quarter from $1.37 billion a year earlier. This revenue was much lower than what it made in the previous quarter.</p>
<div class="lb-trans"><p>Coinbase 的总收入在第二季度从一年前的 13.7 亿美元上升至 14.2 亿美元。这一收入远低于上一季度的水平。</p>
</div><p>The revenue slowdown was understandable as the crypto market remained in a tight range during the quarter. Historically, Coinbase thrives when Bitcoin and other altcoins are in a strong bull run.</p>
<div class="lb-trans"><p>收入放缓是可以理解的，因为在该季度，加密市场保持在一个狭窄的区间内。历史上，Coinbase 在比特币和其他山寨币处于强劲牛市时表现良好。</p>
</div><p>Coinbase’s transaction revenue plunged to $764 million from $780 million in the same period last year. It also dropped sharply from $1.26 billion from the first quarter.</p>
<div class="lb-trans"><p>Coinbase 的交易收入从去年同期的 7.8 亿美元骤降至 7.64 亿美元。与第一季度的 12.6 亿美元相比，也大幅下降。</p>
</div><p>This slowdown was offset by the subscription and services revenue, which rose from $599 million to $655 million. This is a significant business with resilient segments, including stablecoins, blockchain rewards, and other subscription-based revenue streams.</p>
<div class="lb-trans"><p>这一放缓被订阅和服务收入所抵消，后者从 5.99 亿美元上升至 6.55 亿美元。这是一个重要的业务，包含稳定币、区块链奖励和其他基于订阅的收入来源等韧性细分市场。</p>
</div><p>Read more: Bitcoin price prediction for August: buy or sell?</p>
<div class="lb-trans"><p>阅读更多：八月比特币价格预测：买入还是卖出？</p>
</div><h2>Custody business not thriving despite asset growth</h2>
<div class="lb-trans"><h2>尽管资产增长，保管业务未能蓬勃发展</h2>
</div><p>The other key takeaway in the Coinbase earnings report was that it is not necessarily benefiting from its custody business. While the total assets under custody grew to $247 billion in Q2 and the market share rose to 80%, the fee growth was not all that strong.</p>
<div class="lb-trans"><p>Coinbase 财报中的另一个关键要点是，其保管业务并未从中受益。尽管第二季度的保管资产总额增长至 2470 亿美元，市场份额上升至 80%，但费用增长并不强劲。</p>
</div><p>The company blamed this on the ‘blended fee rates driven by customer mix and lower non-BTC asset prices.’ This business, together with its Coinbase One solution, explains why the “other subscription and services” revenue dropped by 15% QoQ.</p>
<div class="lb-trans"><p>公司将此归因于 “由客户组合和较低的非比特币资产价格驱动的综合费用率”。这一业务以及其 Coinbase One 解决方案解释了 “其他订阅和服务” 收入环比下降 15% 的原因。</p>
</div><h2>Coinbase costs are jumping</h2>
<div class="lb-trans"><h2>Coinbase 成本激增</h2>
</div><p>The other notable takeaway in the report was that the company’s costs are accelerating, which is affecting its business. Management expects that its technology and development and SG&amp;A costs will be between $800-$850 million in the third quarter.</p>
<div class="lb-trans"><p>报告中的另一个显著要点是公司的成本正在加速增长，这影响了其业务。管理层预计第三季度的技术和开发及销售、一般和行政费用将在 8 亿至 8.5 亿美元之间。</p>
</div><p>These costs are growing because of its headcount is accelerating at a faster pace than expected. These workers are growing in its international markets and new product launches. Some of the growth metrics will be in the form of stock-based compensation.</p>
<div class="lb-trans"><p>这些成本的增长是因为其员工人数的增加速度超过了预期。这些员工主要在国际市场和新产品发布中增加。一些增长指标将以股票补偿的形式出现。</p>
</div><h2>Valuation concerns persist</h2>
<div class="lb-trans"><h2>估值担忧依然存在</h2>
</div><p>Further, there are signs that the Coinbase stock price is highly overvalued considering that its revenue growth is not all that strong.</p>
<div class="lb-trans"><p>此外，有迹象表明，考虑到其收入增长并不强劲，Coinbase 的股价被高度高估。</p>
</div><p>While analysts see a 40% revenue growth in the third quarter, the annual figure is expected to be 12.9% to $7.42 billion. Analysts also predict a 2026 revenue of $8.26 billion.</p>
<div class="lb-trans"><p>尽管分析师预计第三季度收入增长 40%，但年收入预计为 12.9%，达到 74.2 亿美元。分析师还预测 2026 年的收入为 82.6 亿美元。</p>
</div><p>At the same time, Coinbase has a forward price-to-earnings ratio of 70, which is much higher than the sector median of 10. The multiple is much higher than other companies, including NVIDIA, which has a higher growth rate.</p>
<div class="lb-trans"><p>与此同时，Coinbase 的前瞻市盈率为 70，远高于行业中位数 10。这个倍数远高于其他公司，包括增长率更高的 NVIDIA。</p>
</div><h2>Coinbase stock price analysis</h2>
<div class="lb-trans"><h2>Coinbase 股价分析</h2>
</div><p><img src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2025/08/Coinbase-stock-1024x570.png" alt="" original-src="https://invezz.com/wp-content/uploads/2025/08/Coinbase-stock-1024x570.png"/></p>
<p>COIN stock chart | Source: TradingView</p>
<div class="lb-trans"><p>COIN 股票图表 | 来源：TradingView</p>
</div><p>The daily chart shows that the COIN stock price crashed from the closing price of $377 to $333 in the premarket today. It crashed below the key support level at $348, its highest point in December last year. The Relative Strength Index (RSI) and the MACD continued falling.</p>
<div class="lb-trans"><p>日线图显示，COIN 股价从收盘价 377 美元暴跌至今天盘前的 333 美元。它跌破了 348 美元的关键支撑位，这是去年 12 月的最高点。相对强弱指数 (RSI) 和 MACD 继续下跌。</p>
</div><p>Therefore, the stock will likely remain under pressure in the near term and then bounce back if Bitcoin and other cryptocurrencies recover.</p>
<div class="lb-trans"><p>因此，短期内该股可能会继续承压，如果比特币和其他加密货币恢复，则可能会反弹。</p>
</div><p>The post Coinbase earnings highlights and COIN stock implications appeared first on Invezz</p>
<div class="lb-trans"><p>Coinbase 财报亮点及 COIN 股票影响的文章首次出现在 Invezz 上。</p>
</div>

Coinbase earnings highlights and COIN stock implications

- Coinbase 股票在财报发布后下跌超过 10%，比特币跌破 $115,000。  
- 第二季度总收入为 $1.42 亿，交易收入降至 $7.64 亿。  
- 公司成本加速增长，预计第三季度成本在 $8 亿至 $8.5 亿之间。  

Coinbase 的收益亮点及其对 COIN 股票的影响