来源：市场资讯 （来源：吴说） 吴说获悉，Coinbase Institutional 发推表示，虽然量化紧缩终止、美联储重返债市带来流动性改善，理 论上利好加密市场，但比特币仍因多重压力走弱：BTC 跌破关键牛市支撑带、期权情绪转空、OG 大户 持续卖出、现货 ETF 大幅净流出，同时财库（DATs）也明显减速。Coinbase 认为当前环境更适合等待 突破交易，而非贸然抄底接刀。 ...

Core Viewpoint - Ark Invest is increasing its positions in Coinbase, Bullish, and Shopify, indicating a bullish stance on crypto-exposed companies despite recent market volatility and valuation concerns [1][2][4]. Coinbase - Ark's ARK Innovation ETF purchased 28,315 shares of Coinbase, valued at $7.45 million, despite a recent downgrade from Argus Research [2][3]. - Coinbase shares ended at $263.26, and the stock has experienced volatility alongside Bitcoin, which recently spiked 6.6% to $92,309.13 [2][3]. - Wall Street anticipates strong revenue growth for Coinbase driven by digital asset adoption and stablecoin activity [4]. Bullish - Ark acquired 42,434 shares of Bullish, worth $1.83 million, reflecting confidence in institutional-grade crypto platforms as key players in digital asset growth [5]. - Bullish reported third-quarter revenue exceeding analyst expectations, with strong subscription and services income [6]. Shopify - Ark purchased 21,132 shares of Shopify, valued at $3.3 million, as the platform reported record sales during the holiday season [7]. - Shopify merchants generated $14.6 billion in sales over the Black Friday–Cyber Monday period, a 27% year-over-year increase [7]. - The company noted strong adoption of Shop Pay and significant international demand, with 16% of holiday orders from cross-border purchases [8]. Other Key Trades - Ark made adjustments to several positions, including trimming shares in Iridium Communications and Roku, while increasing its stake in WeRide, indicating a focus on robotics and self-driving technology [9].

Dec 2, 2025 8:45 PM Eastern Standard Time Coinbase to Participate in Goldman Sachs 2025 Financial Services Conference Share Remote-First-Company/NEW YORK--(BUSINESS WIRE)--Coinbase Global, Inc. announced today that Alesia Haas, Chief Financial Officer, will participate in a fireside chat at the Goldman Sachs 2025 Financial Services Conference on Tuesday, December 9, 2025 at 4:20 pm ET / 1:20 pm PT. A live webcast and replay of the virtual session will be available on Coinbase's Investor Relations website at ...

Group 1: U.S. Stock Market Performance - The U.S. stock market displayed a "tech rally and Chinese stocks slump" pattern, with all three major indices closing higher: Dow Jones up 0.39%, S&P 500 up 0.25%, and Nasdaq leading with a 0.59% increase [1] - Tech giants were the biggest winners, with Apple’s stock rising over 1% to reach a new all-time high market capitalization, and Intel surging 8% leading the chip sector [1] - The Nasdaq China Golden Dragon Index fell sharply by 0.65%, with significant declines in the electric vehicle sector, including Xpeng down nearly 8% and NIO down over 2% [1] Group 2: Precious Metals Market Dynamics - The precious metals market experienced extreme volatility, with COMEX silver futures soaring 1% to surpass $58 per ounce, while gold futures plummeted 0.85% to $4,237 per ounce [2] - The unusual movement in precious metals was attributed to a combination of industrial demand recovery for silver and increased selling pressure on gold due to rising expectations of Federal Reserve interest rate hikes [2] - By December 3, both gold and silver regained upward momentum, increasing by 0.38% and 0.40% respectively [2] Group 3: Global Economic Outlook - The UN Conference on Trade and Development's latest report predicts a slowdown in global economic growth to 2.6% and warns that financial market volatility is now comparable to that of the real economy [3] - The report highlights that the pace of tightening financial conditions has surpassed levels seen before the 2008 financial crisis, with rising debt default risks in developing countries [3] - Analysts caution that as year-end liquidity tightens, global asset price volatility may further increase, urging investors to closely monitor the upcoming U.S. CPI data and Federal Reserve interest rate decision [3]

Core Viewpoint - Bernstein maintains a $510 price target for Coinbase, suggesting the company is transitioning into an "everything exchange" despite its current share price being significantly lower than historical highs [1][4]. Company Performance - Coinbase shares have declined approximately 11% over the past year and are down about 29% from their all-time peak, even as Bitcoin has surpassed $91,000 [2]. Market Context - Analysts describe the current market as "fragile," with volatility in crypto prices affecting equities linked to the crypto sector. However, they note that the current downturn does not exhibit the characteristics of previous crypto market crashes [3]. Business Evolution - The core of Bernstein's bullish thesis is Coinbase's ongoing efforts to diversify its revenue streams away from volatile spot trading, evolving into a full-stack financial platform that includes services traditionally associated with broker-dealers and fintech companies [4]. Revenue Diversification - Stablecoins are becoming a significant part of Coinbase's revenue mix, but investors often overlook ancillary business segments like custody, staking, and infrastructure fees, viewing them merely as extensions of crypto trading [5]. Regulatory Environment - Clearer regulatory guidelines in the U.S. are seen as a crucial factor that could enhance the valuation of Coinbase's ancillary business lines, allowing it to compete more effectively with offshore rivals [5]. Token Issuance Strategy - Coinbase is increasingly focusing on token issuance through a launchpad model, which could create a "flywheel" effect by linking issuance, listing, and trading activity [6]. Upcoming Developments - A key near-term catalyst for Coinbase is the product showcase scheduled for December 17, which is expected to introduce innovations in tokenized equities, prediction markets, and other tools aimed at expanding the platform's offerings beyond spot crypto trading [7].

吴说获悉，Coinbase 宣布将 Humidifi（WET）、zkPass（ZKP）、Plume（PLUME）、Hyperlane （HYPER）和 Jupiter（JUPITER）添加至其资产上线路线图。 （来源：吴说） 来源：市场资讯 ...

🚨 🚨 🚨 548 #BTC (50,381,837 USD) transferred from unknown wallet to Coinbase Institutionalhttps://t.co/EhG3IAZMlC ...

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Core Viewpoint - Bernstein maintains an outperform rating and a $510 price target for Coinbase (COIN), despite market pullbacks and bitcoin volatility affecting sentiment in crypto-linked equities [1] Group 1: Market Context - The current market setup is described as "fragile," with volatile price actions in crypto impacting public-market proxies [1] - The downturn in the crypto market is not seen as similar to previous busts, as the underlying businesses are holding up better and speculative excess is more narrowly concentrated [2] Group 2: Coinbase's Business Strategy - Coinbase is shifting towards reducing its dependence on spot trading by developing an "everything exchange," aiming to become a full-stack financial platform [3] - Stablecoins have become a significant revenue contributor for Coinbase, although ancillary businesses like staking and custody are often viewed as merely another form of crypto beta [3] Group 3: Regulatory Environment - Clearer U.S. regulatory rules are viewed as a key catalyst that could enhance Coinbase's expansion and reduce the competitive advantage of offshore rivals [4] Group 4: Token Issuance and Product Development - Coinbase is increasing its focus on token issuance through a launchpad-style approach, which could generate success-fee income and create a flywheel effect of more issuances leading to higher trading activity [5] - A product showcase scheduled for December 17 is anticipated to highlight new areas beyond spot trading, including tokenized equities and prediction markets [6] Group 5: Expansion into Derivatives and Consumer Products - There is a growing push into derivatives, aided by Deribit, which may align Coinbase more closely with broker-dealers like Robinhood as both models expand their product offerings [7] - The Coinbase Base app is identified as a potential on-ramp that integrates wallet functionality, payments, and social features, providing broader token access through on-chain integrations [7]

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