<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>在公司發佈財務結果後，Coinbase 的股價在週五暴跌超過 10%，同時比特幣跌破 115,000 美元。COIN 股價跌至 335 美元，比今年最高點下跌超過 24%。本文探討了其財報中的主要要點及對股票的影響。</p>
<h2>Coinbase 第二季度收入增長放緩</h2>
<p>Coinbase 財報中的第一個主要要點是，其業務在第二季度仍然面臨壓力，主要部門的增長乏力。</p>
<p>Coinbase 的總收入在第二季度從一年前的 13.7 億美元上升至 14.2 億美元。這一收入遠低於上一季度的水平。</p>
<p>收入放緩是可以理解的，因為在該季度，加密市場保持在一個狹窄的區間內。歷史上，Coinbase 在比特幣和其他山寨幣處於強勁牛市時表現良好。</p>
<p>Coinbase 的交易收入從去年同期的 7.8 億美元驟降至 7.64 億美元。與第一季度的 12.6 億美元相比，也大幅下降。</p>
<p>這一放緩被訂閲和服務收入所抵消，後者從 5.99 億美元上升至 6.55 億美元。這是一個重要的業務，包含穩定幣、區塊鏈獎勵和其他基於訂閲的收入來源等韌性細分市場。</p>
<p>閲讀更多：八月比特幣價格預測：買入還是賣出？</p>
<h2>儘管資產增長，保管業務未能蓬勃發展</h2>
<p>Coinbase 財報中的另一個關鍵要點是，其保管業務並未從中受益。儘管第二季度的保管資產總額增長至 2470 億美元，市場份額上升至 80%，但費用增長並不強勁。</p>
<p>公司將此歸因於 “由客户組合和較低的非比特幣資產價格驅動的綜合費用率”。這一業務以及其 Coinbase One 解決方案解釋了 “其他訂閲和服務” 收入環比下降 15% 的原因。</p>
<h2>Coinbase 成本激增</h2>
<p>報告中的另一個顯著要點是公司的成本正在加速增長，這影響了其業務。管理層預計第三季度的技術和開發及銷售、一般和行政費用將在 8 億至 8.5 億美元之間。</p>
<p>這些成本的增長是因為其員工人數的增加速度超過了預期。這些員工主要在國際市場和新產品發佈中增加。一些增長指標將以股票補償的形式出現。</p>
<h2>估值擔憂依然存在</h2>
<p>此外，有跡象表明，考慮到其收入增長並不強勁，Coinbase 的股價被高度高估。</p>
<p>儘管分析師預計第三季度收入增長 40%，但年收入預計為 12.9%，達到 74.2 億美元。分析師還預測 2026 年的收入為 82.6 億美元。</p>
<p>與此同時，Coinbase 的前瞻市盈率為 70，遠高於行業中位數 10。這個倍數遠高於其他公司，包括增長率更高的 NVIDIA。</p>
<h2>Coinbase 股價分析</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 股票圖表 | 來源：TradingView</p>
<p>日線圖顯示，COIN 股價從收盤價 377 美元暴跌至今天盤前的 333 美元。它跌破了 348 美元的關鍵支撐位，這是去年 12 月的最高點。相對強弱指數 (RSI) 和 MACD 繼續下跌。</p>
<p>因此，短期內該股可能會繼續承壓，如果比特幣和其他加密貨幣恢復，則可能會反彈。</p>
<p>Coinbase 財報亮點及 COIN 股票影響的文章首次出現在 Invezz 上。</p>

COIN

2 倍做多 COIN ETF - GraniteShares

南方兩倍做空Coinbase

<p>Coinbase 的股價在公司公佈第二季度財報後下跌超過 10%，收入增長放緩至 14.2 億美元。交易收入大幅下降，而訂閲收入有所上升。儘管託管資產有所增加，但費用增長乏力。預計第三季度成本將達到 8 億至 8.5 億美元。分析師對該股票的高估值表示擔憂，前瞻市盈率為 70。除非加密貨幣市場恢復，否則該股票可能會繼續承壓</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>在公司發佈財務結果後，Coinbase 的股價在週五暴跌超過 10%，同時比特幣跌破 115,000 美元。COIN 股價跌至 335 美元，比今年最高點下跌超過 24%。本文探討了其財報中的主要要點及對股票的影響。</p>
</div><h2>Coinbase revenue growth decelerated in Q2</h2>
<div class="lb-trans"><h2>Coinbase 第二季度收入增長放緩</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 財報中的第一個主要要點是，其業務在第二季度仍然面臨壓力，主要部門的增長乏力。</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 的總收入在第二季度從一年前的 13.7 億美元上升至 14.2 億美元。這一收入遠低於上一季度的水平。</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>收入放緩是可以理解的，因為在該季度，加密市場保持在一個狹窄的區間內。歷史上，Coinbase 在比特幣和其他山寨幣處於強勁牛市時表現良好。</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 的交易收入從去年同期的 7.8 億美元驟降至 7.64 億美元。與第一季度的 12.6 億美元相比，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>這一放緩被訂閲和服務收入所抵消，後者從 5.99 億美元上升至 6.55 億美元。這是一個重要的業務，包含穩定幣、區塊鏈獎勵和其他基於訂閲的收入來源等韌性細分市場。</p>
</div><p>Read more: Bitcoin price prediction for August: buy or sell?</p>
<div class="lb-trans"><p>閲讀更多：八月比特幣價格預測：買入還是賣出？</p>
</div><h2>Custody business not thriving despite asset growth</h2>
<div class="lb-trans"><h2>儘管資產增長，保管業務未能蓬勃發展</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 財報中的另一個關鍵要點是，其保管業務並未從中受益。儘管第二季度的保管資產總額增長至 2470 億美元，市場份額上升至 80%，但費用增長並不強勁。</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>公司將此歸因於 “由客户組合和較低的非比特幣資產價格驅動的綜合費用率”。這一業務以及其 Coinbase One 解決方案解釋了 “其他訂閲和服務” 收入環比下降 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>報告中的另一個顯著要點是公司的成本正在加速增長，這影響了其業務。管理層預計第三季度的技術和開發及銷售、一般和行政費用將在 8 億至 8.5 億美元之間。</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>這些成本的增長是因為其員工人數的增加速度超過了預期。這些員工主要在國際市場和新產品發佈中增加。一些增長指標將以股票補償的形式出現。</p>
</div><h2>Valuation concerns persist</h2>
<div class="lb-trans"><h2>估值擔憂依然存在</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，有跡象表明，考慮到其收入增長並不強勁，Coinbase 的股價被高度高估。</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>儘管分析師預計第三季度收入增長 40%，但年收入預計為 12.9%，達到 74.2 億美元。分析師還預測 2026 年的收入為 82.6 億美元。</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>與此同時，Coinbase 的前瞻市盈率為 70，遠高於行業中位數 10。這個倍數遠高於其他公司，包括增長率更高的 NVIDIA。</p>
</div><h2>Coinbase stock price analysis</h2>
<div class="lb-trans"><h2>Coinbase 股價分析</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 股票圖表 | 來源：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>日線圖顯示，COIN 股價從收盤價 377 美元暴跌至今天盤前的 333 美元。它跌破了 348 美元的關鍵支撐位，這是去年 12 月的最高點。相對強弱指數 (RSI) 和 MACD 繼續下跌。</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，短期內該股可能會繼續承壓，如果比特幣和其他加密貨幣恢復，則可能會反彈。</p>
</div><p>The post Coinbase earnings highlights and COIN stock implications appeared first on Invezz</p>
<div class="lb-trans"><p>Coinbase 財報亮點及 COIN 股票影響的文章首次出現在 Invezz 上。</p>
</div>

Coinbase earnings highlights and COIN stock implications

- Coinbase 股票在財報發佈後下跌超過 10%，比特幣跌破 $115,000。  
- 第二季度總收入為 $1.42 億，交易收入降至 $7.64 億。  
- 公司成本加速增長，預計第三季度成本在 $8 億至 $8.5 億之間。  

Coinbase 的收益亮點及其對 COIN 股票的影響