Coinbase Global Inc-A：公司动态研究：交易环比下滑/币值波动拖累Q2业绩兑现，合规化大潮提升公司行业地位

Investment Rating - The report maintains an "Overweight" rating for Coinbase Global, Inc. Class A (COIN) [1] Core Insights - The company's performance in Q2 was impacted by a decline in trading volume and currency fluctuations, but the trend towards compliance is enhancing its industry position [1] - Subscription and service revenues showed significant growth, with H1 2024 revenues reaching $1.11 billion, up 59$1.86 billion, up 164.69% year-over-year, primarily from retail clients [2] - The approval of spot Bitcoin ETFs is expected to create a "flywheel effect," boosting trading volumes and revenues [2][3] - The regulatory environment in the U.S. is becoming more favorable for cryptocurrencies, which may accelerate the compliance process and enhance Coinbase's market position [3] Financial Summary - Revenue projections for Coinbase from 2024 to 2026 are $6.64 billion,$10.27 billion, and $12.01 billion respectively, with net profits of$2.40 billion, $3.99 billion, and$4.84 billion [4][5] - The expected EPS for the same period is $9.67,$16.07, and $19.53, with corresponding P/E ratios of 19.84, 11.93, and 9.82 [4][5] - The company is projected to experience a significant increase in revenue growth rates, with 113.50% in 2024 and 54.73% in 2025 [5][6]