在多重因素的影响下，加密货币的价格在2025年一季度迎来剧烈波动，而这也影响了加密货币交易所的业绩情况。 5月8日（美东时间）盘后，美国最大的加密货币交易所Coinbase（COIN.US）披露了2025年第一财季业绩报告，净利润遭遇暴跌。 或是受此影响，Coinbase的股价在盘后一度跌近4%。 Coinbase净利润大降 数据显示，第一财季，Coinbase的营收约为20.3亿美元，同比增长24%，但环比下降约10%，稍弱于预期。 分业务来看，第一财季的交易收入为12.6亿美元，同比增长17%，但环比下降19%，弱于分析师预期，环比下降系加密货币行情波动导致交易量减少。 第一财季，期内订阅与服务收入为7.0亿美元，同比增长37%，环比增长9%。不过，Coinbase预计第二财季的订阅与服务收入将下降至6亿至6.8亿美元，主 要因稳定币营收的连续增长将被资产价格下跌导致的区块链奖励收入下降所抵消。 从各项业务的收入情况来看，受加密货币行情的影响，交易收入环比表现不佳，但第一财季的订阅与服务收入表现不错，增长比较稳健，有助于增加公司 业绩的稳定性。 利润端，第一财季，Coinbase的净利润约为6560.8万 ...

Core Insights - Coinbase Global, Inc. reported first-quarter 2025 net operating earnings per share of $1.94, exceeding the Zacks Consensus Estimate by 4.9% and reflecting a year-over-year increase of 17.6% [1] - The quarterly performance was driven by higher consumer and institutional transaction revenues, rising crypto asset prices, and growth in Coinbase One subscribers, although escalating expenses posed a challenge [1] Operational Update - Total trading volume rose 26% year over year to $393 million, surpassing the Zacks Consensus Estimate of $388 million [2] - Total revenues reached $2 billion, missing the Zacks Consensus Estimate by 4.1%, but increased 24% year over year due to higher transaction, subscription, and service revenues [2] Revenue Breakdown - Total transaction revenues increased 18.2% year over year to $1.3 billion, aligning with the Zacks Consensus Estimate [3] - Subscription and services revenues surged 36.3% year over year to $698.1 million, driven by higher Stablecoin revenues, matching the Zacks Consensus Estimate [3] Financial Performance - Adjusted EBITDA was $929.9 million, down 8.3% from the previous year, while total operating expenses rose 51.5% to $1.3 billion due to increased sales and marketing and administrative costs [4] - As of March 31, 2025, Coinbase had cash and cash equivalents of $8.1 billion, a decrease of 5.5% from the end of 2024, and long-term debt increased 4.7% to $4.2 billion [5] Q2 2025 Outlook - Coinbase anticipates subscription and services revenues to range between $600 million and $680 million, with growth in Stablecoin revenues expected to be offset by a decline in blockchain rewards revenues [6] - Projected technology and development expenses are expected to be between $700 million and $750 million, reflecting increased variable expenses due to elevated trading volume [6][7]

Group 1 - The article discusses the investment outlook for Coinbase Global (NASDAQ: COIN), highlighting a previous bearish stance that has shifted as the firm's prospects have improved [1] - The author, Daniel Sereda, is a chief investment analyst at a family office, indicating a broad investment strategy across various asset classes and regions [1] - The investment group "Beyond the Wall Investing" provides access to high-quality analysis and insights that are prioritized by institutional market participants [1] Group 2 - There is a mention of a free trial and a special discount for subscriptions to the analysis service, suggesting an effort to attract new investors [1] - The article emphasizes the importance of filtering vast amounts of data to extract critical investment ideas, showcasing the analytical approach taken by the author [1]

AI代理的概念及其在金融领域的发展 －应用于财富管理的潜力－ 作者：野村资本市场研究所 坂上 聖奈 要点 1. 随着大型语言模型在自然语言处理领域取得显著突破，AI代理受到了广发关注。例如，摩根 士丹利在2025年至2027年中长期经营计划中指出，AI代理的潜力是其技术战略的一个重点领域。 2. 简而言之，AI代理就是一种能够自主决策的AI模型。本文以穆迪和Coinbase为例，介绍AI代 理的应用。尽管两家公司根据其业务战略对AI代理的应用采取了不同的方式，但在增强AI自主性方 面却有着共通之处。 3. 穆迪将AI代理视为强化现有服务的工具，通过数据驱动的决策效率来提升客户体验。另一方 面，Coinbase则将AI代理定位为区块链交易的手段，旨在通过交易的自动化和自主化来提升客户体 验，甚至改变经济活动的性质。 4. 随着客户需求的多样化、依赖特定人员的业务流程优化、以及降低人力和成本等因素的驱使 下，金融机构对AI代理的需求在不断扩大。在财富管理业务中，AI代理的应用也被认为是一个重要 的候选方向。具体包括：（1）为客户提供最佳投资建议以实现特定的财务目标；（2）提升托管服 务水平；（3）扩大数字资产交易 ...

Core Insights - Coinbase Global, Inc. reported $2.03 billion in revenue for Q1 2025, a year-over-year increase of 24.2% [1] - The EPS for the same period was $1.94, compared to $1.65 a year ago, with an EPS surprise of +4.86% [1] - The reported revenue was a surprise of -4.12% compared to the Zacks Consensus Estimate of $2.12 billion [1] Financial Performance Metrics - Trading Volume reached $393 billion, exceeding the estimated $387.82 billion [4] - Monthly Transacting Users were 9.7 million, surpassing the estimate of 9.17 million [4] - Other revenue was reported at $73.98 million, slightly above the estimate of $72.47 million, reflecting a year-over-year change of +31.9% [4] - Net Revenue from Transaction revenue was $1.26 billion, slightly below the estimate of $1.28 billion, with a year-over-year change of +17.2% [4] - Total Net Revenue was $1.96 billion, compared to the average estimate of $1.98 billion, representing a year-over-year change of +23.5% [4] - Subscription and services revenue was $698.10 million, close to the estimate of $698.46 million, showing a +36.6% change year-over-year [4] - Institutional Transaction Revenue was $98.90 million, below the average estimate of $122.37 million, with a year-over-year change of +15.8% [4] - Consumer Transaction Revenue was $1.10 billion, compared to the estimate of $1.15 billion [4] - Blockchain Subscription and services revenue was $196.60 million, below the estimate of $217.51 million, reflecting a year-over-year change of +30.3% [4] Stock Performance - Coinbase Global's shares returned +11% over the past month, compared to the Zacks S&P 500 composite's +11.3% change [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market [3]

Group 1 - Coinbase held its First Quarter 2025 Earnings Call with key executives including CEO Brian Armstrong and CFO Alesia Haas present [3] - The call included a reminder about the potential for forward-looking statements that may differ from actual results, with risks and uncertainties outlined in SEC filings [4] - Non-GAAP financial measures were discussed, with reconciliations to GAAP measures provided in the shareholder letter [5]

Financial Data and Key Metrics Changes - Coinbase reported Q1 2025 revenue of $2 billion, with adjusted EBITDA of $930 million, indicating resilience in a challenging macro environment [5][27] - Transaction revenue was $1.3 billion, down 19% quarter over quarter, while subscription and services revenue grew 9% to an all-time high of $698 million [23][26] - Adjusted net income for Q1 was $527 million, with net income reported at $66 million [27] Business Line Data and Key Metrics Changes - Global derivatives trading volume reached over $800 billion, with a significant market share increase driven by the international exchange [11] - Consumer trading volume decreased to $78 billion, down 17%, while institutional trading volume was $315 billion, down 9% [24] - Stablecoin revenue grew 32% quarter over quarter to $298 million, with USDC market cap hitting an all-time high of $60 billion [13][26] Market Data and Key Metrics Changes - Coinbase secured new licenses in Argentina and India, enhancing its international expansion strategy [14] - The average USDC held in Coinbase products increased by 49% quarter over quarter to $12 billion [13] Company Strategy and Development Direction - Coinbase aims to be the leading financial services platform globally, focusing on multiple customer groups including retail, institutions, and developers [9][21] - The acquisition of Derabit positions Coinbase as the number one crypto derivatives platform globally, enhancing its international trading capabilities [12][32] - The company is focused on building better financial infrastructure to enable economic freedom through cryptocurrency [21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating macroeconomic uncertainties and maintaining a long-term product roadmap [28][116] - The dismissal of the SEC lawsuit against Coinbase was highlighted as a significant milestone for the industry [20] - Management anticipates softer crypto trading markets in Q2 due to macro uncertainties but remains committed to growth [28] Other Important Information - Coinbase's total operating expenses were $1.3 billion, up 7%, primarily due to higher variable expenses [27] - The company is exploring further M&A opportunities to solidify its market leadership [110] Q&A Session Summary Question: Any plans on share buybacks? - The board authorized a $1 billion share repurchase program, but the focus is on opportunistic capital deployment [33][34] Question: What are Coinbase's future plans regarding crypto reserve assets? - Coinbase allocates a percentage of net income to strategic investments in crypto assets, with $150 million invested in Q1 [36][37] Question: What opportunities do you see from a growing TAM perspective? - Increased regulatory clarity is expected to benefit Coinbase, allowing it to capture more market share and partner with new entrants [38][44] Question: Can you talk about the Derabit acquisition and its impact? - The acquisition strengthens Coinbase's position in the options market and is expected to enhance profitability [47][49] Question: How does Coinbase view traditional banks entering the crypto space? - Coinbase sees potential partnerships with traditional banks and aims to provide infrastructure solutions for them [62][67] Question: What is Coinbase's long-term vision? - Coinbase aspires to be the number one financial services app globally, focusing on on-chain asset classes [71][73] Question: How does Coinbase plan to navigate different market environments? - The strategy remains consistent regardless of market conditions, with a focus on long-term growth and investment [115][116]

Financial Data and Key Metrics Changes - Coinbase reported Q1 revenue of $2 billion with adjusted EBITDA of $930 million, indicating resilience in a challenging macro environment [4] - Transaction revenue was $1.3 billion, down 19% quarter over quarter, while subscription and services revenue grew 9% to an all-time high of $698 million [21][24] - Adjusted net income for Q1 was $527 million, with total operating expenses at $1.3 billion, up 7% [25][26] Business Line Data and Key Metrics Changes - Global derivatives trading volume reached over $800 billion, with a significant market share increase driven by international exchanges [9] - Consumer trading volume was $78 billion, down 17%, while institutional trading volume was $315 billion, down 9% [22] - USDC market cap hit an all-time high of $60 billion, with average USDC held in Coinbase products increasing by 49% quarter over quarter to $12 billion [11][12] Market Data and Key Metrics Changes - Coinbase secured new licenses in Argentina and India, enhancing its international expansion efforts [12] - The average balance of USDC per holder has tripled over the last two years, indicating strong growth in stablecoin adoption [24] Company Strategy and Development Direction - Coinbase aims to be the leading financial services platform globally, leveraging cryptocurrency to enhance economic freedom [5][7] - The acquisition of Derabit positions Coinbase as the number one crypto derivatives platform globally by open interest, enhancing its international trading capabilities [10][31] - The company is focused on driving utility for the next wave of crypto adoption through emerging products and services [14][15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating macroeconomic uncertainties and maintaining a long-term product roadmap [26] - The dismissal of the SEC lawsuit against Coinbase was highlighted as a significant win for the industry, promoting balanced regulation [19] - Management anticipates continued growth in subscription and services revenue, despite potential declines in trading revenue due to market conditions [28] Other Important Information - Coinbase's adjusted net income metric was introduced to provide clearer insights into profitability, excluding tax-adjusted impacts of crypto investment portfolio gains or losses [25] - The company is actively pursuing M&A opportunities to solidify its market leadership, with a strong balance sheet to support future acquisitions [111] Q&A Session Summary Question: Any plans on share buybacks? - The board authorized a $1 billion share repurchase program, but the focus is on opportunistic capital deployment, including the recent acquisition of Derabit [32][33] Question: What are Coinbase's future plans regarding crypto reserve assets? - Coinbase allocates a percentage of net income to strategic investments in crypto assets, with a recent purchase of $150 million predominantly in Bitcoin [34][35] Question: What opportunities do you see from a growing TAM perspective? - Increased regulatory clarity is expected to benefit Coinbase, allowing it to capture more market share and partner with new entrants in the crypto space [36][41] Question: Can you discuss the Derabit acquisition and its impact? - The acquisition strengthens Coinbase's position in the options market, enhancing profitability and providing cross-selling opportunities [45][48] Question: How does Coinbase view the entry of traditional banks into the crypto space? - Coinbase sees potential partnerships with traditional banks, providing infrastructure and services as they integrate crypto into their offerings [61][65] Question: What is Coinbase's long-term vision? - Coinbase aspires to be the leading financial services app globally, focusing on trading and payments across various customer segments [70][72] Question: How does Coinbase plan to navigate macroeconomic uncertainty? - The company prepares for various market scenarios and remains confident in its ability to invest in growth even in a bear market [115]

Financial Performance - Coinbase Global, Inc. reported quarterly earnings of $1.94 per share, exceeding the Zacks Consensus Estimate of $1.85 per share, and up from $1.65 per share a year ago, representing an earnings surprise of 4.86% [1] - The company posted revenues of $2.03 billion for the quarter ended March 2025, which missed the Zacks Consensus Estimate by 4.12%, compared to year-ago revenues of $1.64 billion [2] - Over the last four quarters, Coinbase has surpassed consensus EPS estimates three times and topped consensus revenue estimates two times [2] Stock Performance and Outlook - Coinbase Global shares have declined approximately 20.8% since the beginning of the year, while the S&P 500 has decreased by 4.3% [3] - The company's future stock performance will largely depend on management's commentary during the earnings call and the earnings outlook [4][6] - The current consensus EPS estimate for the upcoming quarter is $1.49 on revenues of $1.85 billion, and for the current fiscal year, it is $6.75 on revenues of $7.83 billion [7] Industry Context - The Zacks Industry Rank for Financial - Miscellaneous Services, to which Coinbase belongs, is currently in the bottom 43% of over 250 Zacks industries, indicating potential challenges for stock performance [8] - Empirical research suggests a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked by investors [5]

Core Insights - Coinbase's first-quarter revenue fell short of Wall Street expectations despite an increase in stablecoin revenue [1][2] Financial Performance - In Q1, Coinbase reported earnings of $65.6 million, or 24 cents per share, a significant decline from $1.18 billion, or $4.40 per share, a year earlier [2] - Adjusted earnings, excluding crypto investments, were $527 million, or $1.94 per share [2] - Revenue increased to $2.03 billion from $1.64 billion year-over-year, but was below the consensus estimate of $2.12 billion [2] Revenue Breakdown - Transaction revenue for the quarter was $1.26 billion, while subscription and services revenue reached $698.1 million [3] - Consumer trading volume decreased by 17% from the previous quarter to $78.1 billion, influenced by elevated volumes at the end of last year due to political events [3] Market Trends - Institutional trading volume fell 9% from the fourth quarter to $315 billion [4] - Despite a record high for Bitcoin on January 20, volatility caused by concerns over tariff policies dampened investor interest in cryptocurrencies [4] Future Outlook - For Q2, Coinbase anticipates subscription and service revenue between $600 million and $680 million [5] - The company expects stablecoin revenue growth to be offset by lower blockchain rewards due to declining asset prices [5] Strategic Developments - Coinbase announced plans to acquire Dubai-based Deribit, a major crypto derivatives exchange, for $2.9 billion, marking the largest deal in the crypto industry to date [6] - The acquisition aims to expand Coinbase's presence outside the U.S. and its derivatives business continues to gain market share [6]