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比特币和以太坊暴跌,为什么利好Coinbase?

比特币和以太坊暴跌,为什么利好Coinbase?

Anne Sraders 2021年05月20日
与传统的证券公司一样,交易量增加意味着Coinbase的主要收入来源有着落了——哪怕以太坊和比特币之流的价格暴跌也无妨。

到目前为止,上市后的Coinbase一直表现不佳。

自今年4月中旬直接上市以来,这家大型加密货币交易所的股价和它的首轮收盘价相比,已经下跌了近32%——因为它背靠的大型加密货币(包括比特币)近来都在下跌。5月19日,加密货币的损失尤其惨重,比特币(Bitcoin)、以太坊(Ethereum),甚至狗狗币(Dogecoin)都出现了暴跌,在当天的晚些时候,才又重新回升了一点。

5月19日收盘时,Coinbase的股价下跌了约6%。在某种程度上,这家加密货币交易所的股价与加密货币的波动性息息相关,券商D.A. Davidson的分析师吉尔•卢里亚指出:“到目前为止,Coinbase的交易几乎与比特币保持着步调一致。”

卢里亚告诉《财富》杂志,对那些在本周眼睁睁看着Coinbase的股票一蹶不振的人来说,这一点可能会让他们感到震惊,但价格下跌“可能恰恰让人们忽略了重要的一点,那就是,今天可能是Coinbase有史以来表现最好的一天。”

他说,这是因为“波动性才是真正推动Coinbase业绩的因素——它关心的是人们买卖比特币……而不是比特币的涨跌。我认为今天人们可能依旧忽略了这一点,这就是为什么Coinbase还是继续和比特币的价格步调一致,而不是与之相反,与加密货币的波动性步调一致,这对Coinbase的命运更为重要。”

确实,Coinbase的绝大部分收入来自交易费。因此,与传统的证券公司一样,交易量增加是个好兆头,意味着Coinbase的主要收入来源有着落了——哪怕以太坊和比特币之流的价格暴跌也无妨。Coinbase最近报告称,其在第一季度实现了“稳健的”收益(基本上与它们的初始业绩相当),该公司还表示,预计第二季度的交易量将继续保持良好,或是稳中有进。

尽管如此,困扰着Coinbase的问题却不止股价下跌这一点。5月19日,当所有加密货币都经历着价格过山车时,Coinbase(还有币安等其他交易平台)在交易或登录时又出现了问题,Coinbase的技术支持部门也于当天的早些时候在推特(Twitter)上回应了这一点。后来,该公司宣布已经“妥善修复问题”,并承诺客户“在登录Coinbase和Coinbase Pro时不会再出现问题”。

我们已经修复了这一问题,正在观察结果,但是,在登录Coinbase和Coinbase Pro时不会再有问题了。我们对由此带来的一切不便深表歉意。感谢您今天给予我们的耐心配合。

——Coinbase技术支持(@CoinbaseSupport),2021年5月19日

卢里亚指出,从长远来看,Coinbase的价值将与“加密货币产业的整体性成功有关,而这又与加密货币的价格有关”。他说,投资者应该记住,Coinbase的股价与加密货币资产本身都遵循同一条规律:即,这是“高度投机性的努力,投资者可以承受的最大损失是多少,就只能够投到多少。”

但看涨的卢里亚称,如果币圈投资者看到更多像5月19日这样大起大落的日子,“只要人们还对这些火爆的资产有兴趣、并活跃地买卖着,Coinbase就会表现得非常好”。(财富中文网)

编译:陈聪聪

到目前为止,上市后的Coinbase一直表现不佳。

自今年4月中旬直接上市以来,这家大型加密货币交易所的股价和它的首轮收盘价相比,已经下跌了近32%——因为它背靠的大型加密货币(包括比特币)近来都在下跌。5月19日,加密货币的损失尤其惨重,比特币(Bitcoin)、以太坊(Ethereum),甚至狗狗币(Dogecoin)都出现了暴跌,在当天的晚些时候,才又重新回升了一点。

5月19日收盘时,Coinbase的股价下跌了约6%。在某种程度上,这家加密货币交易所的股价与加密货币的波动性息息相关,券商D.A. Davidson的分析师吉尔•卢里亚指出:“到目前为止,Coinbase的交易几乎与比特币保持着步调一致。”

卢里亚告诉《财富》杂志,对那些在本周眼睁睁看着Coinbase的股票一蹶不振的人来说,这一点可能会让他们感到震惊,但价格下跌“可能恰恰让人们忽略了重要的一点,那就是,今天可能是Coinbase有史以来表现最好的一天。”

他说,这是因为“波动性才是真正推动Coinbase业绩的因素——它关心的是人们买卖比特币……而不是比特币的涨跌。我认为今天人们可能依旧忽略了这一点,这就是为什么Coinbase还是继续和比特币的价格步调一致,而不是与之相反,与加密货币的波动性步调一致,这对Coinbase的命运更为重要。”

确实,Coinbase的绝大部分收入来自交易费。因此,与传统的证券公司一样,交易量增加是个好兆头,意味着Coinbase的主要收入来源有着落了——哪怕以太坊和比特币之流的价格暴跌也无妨。Coinbase最近报告称,其在第一季度实现了“稳健的”收益(基本上与它们的初始业绩相当),该公司还表示,预计第二季度的交易量将继续保持良好,或是稳中有进。

尽管如此,困扰着Coinbase的问题却不止股价下跌这一点。5月19日,当所有加密货币都经历着价格过山车时,Coinbase(还有币安等其他交易平台)在交易或登录时又出现了问题,Coinbase的技术支持部门也于当天的早些时候在推特(Twitter)上回应了这一点。后来,该公司宣布已经“妥善修复问题”,并承诺客户“在登录Coinbase和Coinbase Pro时不会再出现问题”。

我们已经修复了这一问题,正在观察结果,但是,在登录Coinbase和Coinbase Pro时不会再有问题了。我们对由此带来的一切不便深表歉意。感谢您今天给予我们的耐心配合。

——Coinbase技术支持(@CoinbaseSupport),2021年5月19日

卢里亚指出,从长远来看,Coinbase的价值将与“加密货币产业的整体性成功有关,而这又与加密货币的价格有关”。他说,投资者应该记住,Coinbase的股价与加密货币资产本身都遵循同一条规律:即,这是“高度投机性的努力,投资者可以承受的最大损失是多少,就只能够投到多少。”

但看涨的卢里亚称,如果币圈投资者看到更多像5月19日这样大起大落的日子,“只要人们还对这些火爆的资产有兴趣、并活跃地买卖着,Coinbase就会表现得非常好”。(财富中文网)

编译:陈聪聪

Coinbase hasn't had the best public-market debut so far.

Since the massive cryptocurrency exchange went public via a direct listing in mid-April, its stock has fallen nearly 32% from its first closing price, as the value of the big cryptocurrencies it depends on, including Bitcoin, has tumbled in recent days and weeks. That crypto pain was especially bad on May 19, as Bitcoin, Ethereum, and even Dogecoin plunged in a big rout before regaining ground later on in the day.

As for Coinbase, the stock closed down roughly 6% for the day on May 19. The exchange's stock price is somewhat tied to the volatility of cryptocurrencies, and analyst Gil Luria of D.A. Davidson notes that "so far, Coinbase has traded almost in line with Bitcoin."

But perhaps surprisingly to those watching Coinbase's red stock chart this week, Luria tells Fortune that the falling price "misses a very important point, which is, today may have been Coinbase's best day ever."

His reasoning is that "the level of volatility is what really drives results for Coinbase—people buying and selling Bitcoin... not Bitcoin going up or down. I think people may have missed that today and that's why Coinbase continues to trade in sympathy with Bitcoin, as opposed to in-line with the volatility of crypto, which is far more important to Coinbase's results," he says.

Indeed, the vast majority of Coinbase's revenues come from transaction fees. So, as with traditional stock and securities brokerages, when trading volumes are up, that bodes well for Coinbase's bread and butter—even if coins like Ethereum and Bitcoin are plummeting in price. Coinbase recently reported sturdy first quarter earnings (fairly in line with their preliminary results), and the company said it's expecting volumes to be as good or better in the second quarter.

Still, falling prices aren't the only issue Coinbase is wrestling with. Amid all the crypto craziness on May 19, Coinbase (and other exchanges like Binance) experienced issues with trading or logging in, as Coinbase Support tweeted earlier May 19. The company later declared it had "put a fix in place," stating that customers "shouldn't run into any more trouble logging into Coinbase and Coinbase Pro."

We’ve put a fix in place and are monitoring the results, however you shouldn’t run into any more trouble logging into Coinbase and Coinbase Pro. We sincerely apologize for any trouble caused by this issue, and we thank you for your patience with us today.

— Coinbase Support (@CoinbaseSupport) May 19, 2021

Luria notes that "long term," Coinbase's value will be tied to the "overall success of the crypto economy, which is tied to crypto prices." He says that investors should bear in mind that Coinbase's stock follows the same guidelines as crypto assets themselves: namely that it's a "highly speculative endeavor and investors should only invest what they're willing to lose."

But if investors see more rocky and volatile days like May 19, says the bullish Luria, "Coinbase is going to do phenomenally well"—so long as there continues to be the interest and active trading around the buzzy assets.

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