<ul>
<li>Coinbase Global（纳斯达克代码：COIN）通过与房利美的新合作推出了加密货币抵押贷款。</li>
<li>该项目允许美国合格借款人以在 Coinbase 持有的加密货币作为抵押，申请房利美支持的抵押贷款。</li>
<li>这被描述为美国首个正式将加密资产作为抵押的房利美支持的抵押贷款项目。</li>
</ul>
<p>对于 Coinbase 而言，作为一个以加密交易和保管平台而闻名的公司，此举进一步拓展了其在日常金融产品中的影响力。此次推出正值传统金融继续探索将数字资产与既有借贷和支付系统相结合的方式。对于关注纳斯达克代码：COIN 的投资者而言，该项目突显了公司如何将加密持有物定位为消费者金融中的可用资产。</p>
<p>对于读者而言，关键问题现在集中在贷方、监管机构和借款人如何处理加密价格波动，当这些资产作为长期住房贷款的抵押时。答案可能会影响这种产品的普及程度，以及其他金融机构是否会推出类似的加密抵押模型。</p>
<p>通过将 Coinbase Global 添加到您的关注列表或投资组合，随时了解其最重要的新闻故事。或者，探索我们的社区，发现关于 Coinbase Global 的新视角。</p>
<p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/916de3cd-5f89-44d3-a3ad-b81c231369e4/chart/earnings-and-revenue-growth/query-ZGF0ZT0yMDI2LTA1LTE0?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/916de3cd-5f89-44d3-a3ad-b81c231369e4/chart/earnings-and-revenue-growth/query-ZGF0ZT0yMDI2LTA1LTE0"/></p>
<p>截至 2026 年 5 月的纳斯达克代码：COIN 的收益与收入增长</p>
<p>📰 超越头条：每位投资者都应该关注 Coinbase Global 的 2 个风险和 1 个积极因素。</p>
<p>对于 Coinbase 而言，与房利美合作推出加密抵押贷款将其加密保管业务直接推向美国住房市场，而不仅仅是交易和质押。该合作利用在 Coinbase 持有的加密货币作为抵押，这依赖于 Coinbase 作为受监管保管人的角色，并为持有者提供在不先将其出售为现金的情况下使用余额的方式。这与将数字资产转变为日常金融中可用抵押品的更广泛趋势相符，同行如 Robinhood、Binance 和 Kraken 也在努力加深与用户的关系。</p>
<h3>这如何融入 Coinbase Global 的叙述</h3>
<ul>
<li>该抵押贷款产品与 Coinbase 希望成为代币化、支付和更广泛金融服务核心基础设施的叙述相一致，利用其平台支持更高利润的基于服务的收入，而不仅仅依赖于交易费用。</li>
<li>同时，将抵押贷款与加密抵押品挂钩使 Coinbase 暴露于加密市场情绪，这已经导致最近收入减弱和净亏损，因此多元化的故事仍然与资产价格周期紧密相关。</li>
<li>现有叙述主要集中在交易、稳定币和机构采用上，而此次合作引入了消费者信用风险和长期抵押管理，这些在该故事中并未完全反映。</li>
</ul>
<p>了解一家公司的价值始于理解其故事。查看 Simply Wall St 社区中关于 Coinbase Global 的顶级叙述，以帮助您决定其对您的价值。</p>
<h3>投资者应考虑的风险与回报</h3>
<ul>
<li>⚠️ 加密价格波动直接影响支持这些抵押贷款的抵押品价值，如果借款人面临追加保证金或再融资压力，可能会增加 Coinbase 在经济下行期间的压力。</li>
<li>⚠️ 将抵押贷款产品与加密保管整合增加了监管和操作复杂性，此外还有分析师已标记为 Coinbase 风险的收益波动和一次性项目。</li>
<li>🎁 如果该项目获得 traction，可能会支持 Coinbase 向更多与保管、风险管理和与传统金融整合相关的经常性、基于服务的收入的推动。</li>
<li>🎁 成功的推出可能会加深与消费者和像 Better Home 和 Finance 及房利美等合作伙伴的关系，巩固 Coinbase 作为主流数字资产使用的关键接入点。</li>
</ul>
<h3>未来关注的事项</h3>
<p>从这里开始，关注贷方和借款人采用这些加密抵押贷款的速度，以及 Coinbase 报告与抵押品相关的问题（如强制销售或在加密下跌期间的补充）的频率。关于费用结构、交易与服务之间的收入组合以及与大型金融机构的额外合作的任何披露，将有助于显示该产品是否正在成为一个有意义的业务线，或仍然是一个小众实验。监管机构的反应，特别是如果美国住房或银行机构对波动性或消费者保护提出担忧，也将对判断该模型的可扩展性至关重要。</p>
<p>为了确保您始终了解最新消息如何影响 Coinbase Global 的投资叙述，请访问 Coinbase Global 的社区页面，以便不错过关于顶级社区叙述的更新。</p>
<p><em>本文由 Simply Wall St 撰写，内容具有一般性。<strong>我们基于历史数据和分析师预测提供评论，仅使用无偏见的方法，我们的文章并不旨在提供财务建议。</strong> 它不构成购买或出售任何股票的推荐，也不考虑您的目标或财务状况。我们旨在为您提供以基本数据驱动的长期分析。请注意，我们的分析可能未考虑最新的价格敏感公司公告或定性材料。Simply Wall St 在提到的任何股票中没有持仓。</em></p>
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COIN

SMBS

抵押贷款支持证券 ETF - iShares

<p>Coinbase 与房利美合作推出加密货币抵押贷款，允许美国借款人使用加密货币作为抵押品。这标志着美国首个此类项目，旨在将数字资产融入传统金融。虽然这可能会增强 Coinbase 的服务型收入，但也引入了与加密货币价格波动和监管复杂性相关的风险。该倡议的成功将取决于采用率和监管反应，这将决定其在市场上的可扩展性</p>

<ul>
<li>Coinbase Global (NasdaqGS:COIN) has launched crypto-backed mortgages through a new partnership with Fannie Mae.</li>
<li>The program allows qualified borrowers in the U.S. to pledge cryptocurrency held with Coinbase as collateral for mortgages backed by Fannie Mae.</li>
<li>This is described as the first Fannie Mae backed mortgage program in the U.S. to formally incorporate crypto assets as collateral.</li>
</ul>
<div class="lb-trans"><ul>
<li>Coinbase Global（纳斯达克代码：COIN）通过与房利美的新合作推出了加密货币抵押贷款。</li>
<li>该项目允许美国合格借款人以在 Coinbase 持有的加密货币作为抵押，申请房利美支持的抵押贷款。</li>
<li>这被描述为美国首个正式将加密资产作为抵押的房利美支持的抵押贷款项目。</li>
</ul>
</div><p>For Coinbase, best known as a crypto trading and custody platform, this move extends its reach further into everyday financial products. The launch comes as traditional finance continues to explore ways to link digital assets with established lending and payments systems. For investors watching NasdaqGS:COIN, the program highlights how the company is positioning crypto holdings as a usable asset in consumer finance.</p>
<div class="lb-trans"><p>对于 Coinbase 而言，作为一个以加密交易和保管平台而闻名的公司，此举进一步拓展了其在日常金融产品中的影响力。此次推出正值传统金融继续探索将数字资产与既有借贷和支付系统相结合的方式。对于关注纳斯达克代码：COIN 的投资者而言，该项目突显了公司如何将加密持有物定位为消费者金融中的可用资产。</p>
</div><p>For readers, the key questions now center on how lenders, regulators, and borrowers handle crypto price swings when those assets back long term home loans. The answers could influence how widely this kind of product scales, and whether other financial institutions introduce similar crypto collateral models.</p>
<div class="lb-trans"><p>对于读者而言，关键问题现在集中在贷方、监管机构和借款人如何处理加密价格波动，当这些资产作为长期住房贷款的抵押时。答案可能会影响这种产品的普及程度，以及其他金融机构是否会推出类似的加密抵押模型。</p>
</div><p>Stay updated on the most important news stories for Coinbase Global by adding it to your watchlist or portfolio. Alternatively, explore our Community to discover new perspectives on Coinbase Global.</p>
<div class="lb-trans"><p>通过将 Coinbase Global 添加到您的关注列表或投资组合，随时了解其最重要的新闻故事。或者，探索我们的社区，发现关于 Coinbase Global 的新视角。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/916de3cd-5f89-44d3-a3ad-b81c231369e4/chart/earnings-and-revenue-growth/query-ZGF0ZT0yMDI2LTA1LTE0" alt="" original-src="https://images.simplywall.st/company/916de3cd-5f89-44d3-a3ad-b81c231369e4/chart/earnings-and-revenue-growth?date=2026-05-14"/></p>
<p>NasdaqGS:COIN Earnings &amp; Revenue Growth as at May 2026</p>
<div class="lb-trans"><p>截至 2026 年 5 月的纳斯达克代码：COIN 的收益与收入增长</p>
</div><p>📰 Beyond the headline: 2 risks and 1 thing going right for Coinbase Global that every investor should see.</p>
<div class="lb-trans"><p>📰 超越头条：每位投资者都应该关注 Coinbase Global 的 2 个风险和 1 个积极因素。</p>
</div><p>For Coinbase, tying up with Fannie Mae on crypto-backed mortgages pushes its crypto custody business directly into the US housing market rather than just trading and staking. The partnership uses crypto held on Coinbase as pledged collateral, which leans on Coinbase’s role as a regulated custodian and gives holders a way to use balances without first selling into cash. That fits with the broader shift toward turning digital assets into working collateral for everyday finance, an area where peers such as Robinhood, Binance and Kraken are also trying to deepen relationships with users.</p>
<div class="lb-trans"><p>对于 Coinbase 而言，与房利美合作推出加密抵押贷款将其加密保管业务直接推向美国住房市场，而不仅仅是交易和质押。该合作利用在 Coinbase 持有的加密货币作为抵押，这依赖于 Coinbase 作为受监管保管人的角色，并为持有者提供在不先将其出售为现金的情况下使用余额的方式。这与将数字资产转变为日常金融中可用抵押品的更广泛趋势相符，同行如 Robinhood、Binance 和 Kraken 也在努力加深与用户的关系。</p>
</div><h3>How This Fits Into The Coinbase Global Narrative</h3>
<div class="lb-trans"><h3>这如何融入 Coinbase Global 的叙述</h3>
</div><ul>
<li>The mortgage product lines up with the narrative that Coinbase wants to be core infrastructure for tokenization, payments and broader financial services, using its platform to support higher margin, service based revenue instead of relying only on trading fees.</li>
<li>At the same time, tying mortgages to crypto collateral keeps Coinbase exposed to crypto market sentiment, which has already fed through to weaker recent revenue and a net loss, so the diversification story is still linked closely to asset price cycles.</li>
<li>The existing narrative focuses heavily on trading, stablecoins and institutional adoption, while this partnership introduces consumer credit risk and long term collateral management that are not fully reflected in that story.</li>
</ul>
<div class="lb-trans"><ul>
<li>该抵押贷款产品与 Coinbase 希望成为代币化、支付和更广泛金融服务核心基础设施的叙述相一致，利用其平台支持更高利润的基于服务的收入，而不仅仅依赖于交易费用。</li>
<li>同时，将抵押贷款与加密抵押品挂钩使 Coinbase 暴露于加密市场情绪，这已经导致最近收入减弱和净亏损，因此多元化的故事仍然与资产价格周期紧密相关。</li>
<li>现有叙述主要集中在交易、稳定币和机构采用上，而此次合作引入了消费者信用风险和长期抵押管理，这些在该故事中并未完全反映。</li>
</ul>
</div><p>Knowing what a company is worth starts with understanding its story. Check out one of the top narratives in the Simply Wall St Community for Coinbase Global to help decide what it's worth to you.</p>
<div class="lb-trans"><p>了解一家公司的价值始于理解其故事。查看 Simply Wall St 社区中关于 Coinbase Global 的顶级叙述，以帮助您决定其对您的价值。</p>
</div><h3>The Risks and Rewards Investors Should Consider</h3>
<div class="lb-trans"><h3>投资者应考虑的风险与回报</h3>
</div><ul>
<li>⚠️ Crypto price swings directly affect the value of collateral backing these mortgages, which could increase pressure on Coinbase during downturns if borrowers face margin calls or refinancing stress.</li>
<li>⚠️ Integrating mortgage products with crypto custody adds regulatory and operational complexity on top of the earnings volatility and one off items analysts have already flagged as risks for Coinbase.</li>
<li>🎁 If the program gains traction, it could support Coinbase’s push toward more recurring, service based revenue tied to custody, risk management and integrations with traditional finance.</li>
<li>🎁 A successful rollout could deepen relationships with consumers and partners like Better Home and Finance and Fannie Mae, reinforcing Coinbase’s position as a key access point for mainstream use of digital assets.</li>
</ul>
<div class="lb-trans"><ul>
<li>⚠️ 加密价格波动直接影响支持这些抵押贷款的抵押品价值，如果借款人面临追加保证金或再融资压力，可能会增加 Coinbase 在经济下行期间的压力。</li>
<li>⚠️ 将抵押贷款产品与加密保管整合增加了监管和操作复杂性，此外还有分析师已标记为 Coinbase 风险的收益波动和一次性项目。</li>
<li>🎁 如果该项目获得 traction，可能会支持 Coinbase 向更多与保管、风险管理和与传统金融整合相关的经常性、基于服务的收入的推动。</li>
<li>🎁 成功的推出可能会加深与消费者和像 Better Home 和 Finance 及房利美等合作伙伴的关系，巩固 Coinbase 作为主流数字资产使用的关键接入点。</li>
</ul>
</div><h3>What To Watch Going Forward</h3>
<div class="lb-trans"><h3>未来关注的事项</h3>
</div><p>From here, focus on how quickly lenders and borrowers adopt these crypto-backed mortgages and how often Coinbase reports collateral related issues such as forced sales or top ups during crypto drawdowns. Any disclosures about fee structures, revenue mix between trading and services, and additional partnerships with large financial institutions will help show whether this product is becoming a meaningful business line or remains a niche experiment. Regulators’ responses, especially if US housing or banking agencies raise concerns about volatility or consumer protection, will also be important for judging how scalable this model is.</p>
<div class="lb-trans"><p>从这里开始，关注贷方和借款人采用这些加密抵押贷款的速度，以及 Coinbase 报告与抵押品相关的问题（如强制销售或在加密下跌期间的补充）的频率。关于费用结构、交易与服务之间的收入组合以及与大型金融机构的额外合作的任何披露，将有助于显示该产品是否正在成为一个有意义的业务线，或仍然是一个小众实验。监管机构的反应，特别是如果美国住房或银行机构对波动性或消费者保护提出担忧，也将对判断该模型的可扩展性至关重要。</p>
</div><p>To ensure you're always in the loop on how the latest news impacts the investment narrative for Coinbase Global, head to the community page for Coinbase Global to never miss an update on the top community narratives.</p>
<div class="lb-trans"><p>为了确保您始终了解最新消息如何影响 Coinbase Global 的投资叙述，请访问 Coinbase Global 的社区页面，以便不错过关于顶级社区叙述的更新。</p>
</div><p><em>This article by Simply Wall St is general in nature. <strong>We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice.</strong> It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.</em></p>
<div class="lb-trans"><p><em>本文由 Simply Wall St 撰写，内容具有一般性。<strong>我们基于历史数据和分析师预测提供评论，仅使用无偏见的方法，我们的文章并不旨在提供财务建议。</strong> 它不构成购买或出售任何股票的推荐，也不考虑您的目标或财务状况。我们旨在为您提供以基本数据驱动的长期分析。请注意，我们的分析可能未考虑最新的价格敏感公司公告或定性材料。Simply Wall St 在提到的任何股票中没有持仓。</em></p>
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<div class="lb-trans"><h3><strong>新：</strong> AI 股票筛选器和警报</h3>
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Coinbase Uses Fannie Mae Partnership To Turn Crypto Into Mortgage Collateral

- Coinbase 与 Fannie Mae 合作推出加密货币抵押贷款。  
- 借款人可将 Coinbase 持有的加密资产作为抵押。  
- 该计划可能影响传统金融机构的贷款模式。

Simplywall

Coinbase

Schwab® Mortgage-Backed Securities ETF

PIMCO Mortgage-Backed Securities Act ETF

房地产投资信托股 ETF - iShares

John Hancock Mortgage-Backed Securities ETF

DoubleLine Asset-Backed Securities ETF

美国按揭抵押债 ETF - Vanguard

Janus Henderson Asset-Backed Secs ETF

抵押贷款证券 ETF - Janus Henderson

按揭地产信托收入 ETF - VanEck Vectors

JPMorgan Mortgage-Backed Securities ETF

组合抵押贷款支持债券 ETF - SPDR

房利美

Robinhood

Better Home & Finance

BETTER HOME & FINANCE HOLDING C/WTS 22/08/2028(TO PUR COM)

Coinbase 通过与房利美的合作，将加密货币转化为抵押贷款的担保品