花旗：Coinbase-加速拓展使命；推荐买入 COIN

Flash | 09 May 2025 09:28:09 ET │ 12 pages Coinbase Global Inc (COIN.O) Mission to Scale Accelerating; Buy COIN CITI'S TAKE 1Q'25 results were in line with expectations, matching both Transaction (up 16% YoY / down 20% QoQ) and Subs-n-Services (up 15% YoY / up 2% QoQ) revenue expectations. Coinbase did outperform ~4% on adj. EBITDA (46% margin) and adj. EPS. More importantly, we came away impressed with Coinbase's scaling initiatives in derivatives ($800bn global derivatives trading volume in 1Q) with new p ...