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class=\"ql-align-justify\">\u96f6\u552e\u7528\u6237\uff1a\u5bf9\u52a0\u5bc6\u8d44\u4ea7\u611f\u5174\u8da3\u7684\u4e2a\u4eba\u6295\u8d44\u8005\u3002Coinbase\u9664\u4e86\u4ea4\u6613\u4e3b\u6d41\u52a0\u5bc6\u8d27\u5e01\u4e4b\u5916\uff0c\u8fd8\u4e3a\u7528\u6237\u8fdb\u884c\u8d28\u62bc\u8d5a\u53d6\u6536\u76ca\uff0c\u4f7f\u7528\u652f\u4ed8\u7b49\u5404\u7c7b\u529f\u80fd\u3002\u5176\u6708\u5ea6\u4ea4\u6613\u7528\u6237\uff08Monthly Transacting Users, MTU\uff09\u5cf0\u503c\u66fe\u8fbe1120\u4e07\uff082021\u5e74Q4\uff09\uff0c\u5373\u4fbf\u57282022\u20132023\u4f4e\u8c37\u671f\u4ecd\u4fdd\u6301\u5728700\u4e07\u4ee5\u4e0a\u7684\u5b63\u5ea6\u6d3b\u8dc3\u7528\u6237\u6c34\u5e73\uff0c2025\u5e74Q1\u6708\u5ea6\u4ea4\u6613\u6d3b\u8dc3\u7528\u6237\u7ea6\u4e3a920\u4e07\uff0c2025\u5e74Q2\u7565\u964d\u81f3\u7ea6900\u4e07\u3002<\/li>\n<li class=\"ql-align-justify\">\u673a\u6784\u5ba2\u6237\uff1aCoinbase\u81ea2017\u5e74\u8d77\u53d1\u529b\u673a\u6784\u5e02\u573a\uff0c\u63d0\u4f9bCoinbase Prime\u7ecf\u7eaa\u4e1a\u52a1\u548cCoinbase Custody\u6258\u7ba1\u7b49\u670d\u52a1\uff0c\u5ba2\u6237\u5305\u62ec\u5bf9\u51b2\u57fa\u91d1\u3001\u8d44\u4ea7\u7ba1\u7406\u516c\u53f8\u3001\u4f01\u4e1a\u8d22\u8d44\u90e8\u95e8\u7b49\u30022021\u5e74\u5e95\u5176\u673a\u6784\u5ba2\u6237\u6570\u5c31\u5df2\u8d859000\u5bb6\uff0c\u5176\u4e2d\u5305\u62ec\u5168\u7403\u767e\u5f3a\u5bf9\u51b2\u57fa\u91d1\u4e2d\u768410%\u3002\u673a\u6784\u5ba2\u6237\u8d21\u732e\u4e86\u5e73\u53f0\u7edd\u5927\u90e8\u5206\u4ea4\u6613\u91cf\uff082024\u5e74\u673a\u6784\u4ea4\u6613\u91cf\u5360\u6bd4\u7ea681%\uff09\uff0c\u867d\u7136\u6536\u8d39\u8d39\u7387\u8f83\u4f4e\u4f46\u5e26\u6765\u7a33\u5b9a\u7684\u6258\u7ba1\u8d39\u548c\u4ea4\u6613\u6536\u5165\u3002<\/li>\n<li class=\"ql-align-justify\">\u5f00\u53d1\u8005\u4e0e\u751f\u6001\u4f19\u4f34\uff1aCoinbase\u4ea6\u5c06\u5f00\u53d1\u8005\u548c\u533a\u5757\u94fe\u9879\u76ee\u89c6\u4e3a\u751f\u6001\u5ba2\u6237\uff0c\u901a\u8fc7\u201cCoinbase Cloud\u201d\u7b49\u57fa\u7840\u8bbe\u65bd\uff08\u8282\u70b9\u670d\u52a1\u3001API\u63a5\u53e3\uff09\u652f\u6301\u533a\u5757\u94fe\u7f51\u7edc\u5efa\u8bbe\uff0c\u5e76\u4ee5\u6295\u8d44\u3001\u4e0a\u5e01\u7b49\u65b9\u5f0f\u4e0e\u65b0\u9879\u76ee\u5408\u4f5c\u3002\u6b64\u5916\uff0c\u7a33\u5b9a\u5e01USDC\u7531Coinbase\u548cCircle\u5171\u540c\u63a8\u51fa\uff0cCoinbase\u5728\u5176\u4e2d\u65e2\u662f\u53d1\u884c\u4f19\u4f34\u4e5f\u662f\u4e3b\u8981\u5206\u9500\u5e73\u53f0\uff0c\u5e76\u5927\u5e45\u5171\u4eab\u6765\u81ea\u4e8eCircle\u7684\u606f\u5dee\u6536\u5165\u548c\u6e20\u9053\u8d39\u7528\u3002<\/li>\n<\/ul>\n<p class=\"ql-align-justify\">\u603b\u4f53\u800c\u8a00\uff0cCoinbase\u62e5\u6709\u5927\u4f17\u53cb\u597d+\u673a\u6784\u4fe1\u8d56\u7684\u53cc\u91cd\u4f18\u52bf\uff0c\u8fde\u63a5\u96f6\u552e\u548c\u673a\u6784\u4e24\u7aef\u5e02\u573a\uff0c\u5728\u52a0\u5bc6\u751f\u6001\u4e2d\u626e\u6f14\u201c\u6cd5\u5e01\u4e0e\u52a0\u5bc6\u4e16\u754c\u7684\u6865\u6881\u201d\u89d2\u8272\u3002<\/p>\n<h3 class=\"ql-align-justify\"><strong>2.3 \u80a1\u6743\u4e0e\u8868\u51b3\u6743\u7ed3\u6784<\/strong><\/h3>\n<p class=\"ql-align-justify\">\u516c\u53f8\u91c7\u53d6AB\u53cc\u91cd\u80a1\u6743\u67b6\u6784\u3002A\u7c7b\u666e\u901a\u80a1\u5728\u7eb3\u65af\u8fbe\u514b\u4e0a\u5e02\uff0c\u6bcf\u80a1\u4e00\u7968\uff1bB\u7c7b\u666e\u901a\u80a1\u7531\u521b\u59cb\u4eba\u548c\u9ad8\u7ba1\u6301\u6709\uff0c\u6bcf\u80a1\u62e5\u670920\u7968\u8868\u51b3\u6743\u3002\u521b\u59cb\u4eba\u517cCEO\u5e03\u83b1\u6069\u00b7\u963f\u59c6\u65af\u7279\u6717\u901a\u8fc7\u6301\u6709\u7ea62,348\u4e07\u80a1B\u7c7b\u80a1\uff0c\u63a7\u5236\u7740\u8d85\u8fc764%\u7684\u6295\u7968\u6743\uff0c\u4f7fCoinbase\u6210\u4e3a\u9ad8\u5ea6\u53d7\u63a7\u7684\u516c\u53f8\u3002\u5c11\u6570\u65e9\u671f\u6295\u8d44\u4eba\uff08\u5982Andreessen Horowitz\u7b49\uff09\u4ea6\u6301\u6709\u90e8\u5206B\u7c7b\u80a1\u30022025\u5e74\u4e2d\uff0cArmstrong\u66fe\u5c0f\u5e45\u8f6c\u6362\u51fa\u552e\u90e8\u5206B\u7c7b\u80a1\uff0c\u4f46\u4ecd\u4fdd\u7559\u7ea64.696\u4ebf\u7968\u7b49\u540cA\u7c7b\u80a1\u6295\u7968\u6743\u3002\u7531\u4e8eB\u7c7b\u80a1\u53ef\u968f\u65f6\u630920:1\u6bd4\u4f8b\u8f6c\u6362\u4e3aA\u7c7b\u80a1\uff0c\u516c\u53f8\u603b\u80a1\u672c\u4f1a\u968f\u8f6c\u6362\u7565\u6709\u53d8\u5316\u3002\u8fd9\u79cd\u53cc\u5c42\u80a1\u6743\u7ed3\u6784\u786e\u4fdd\u4e86\u521b\u59cb\u56e2\u961f\u5bf9\u516c\u53f8\u6218\u7565\u65b9\u5411\u7684\u63a7\u5236\u529b\uff0c\u4f46\u4e5f\u610f\u5473\u7740\u666e\u901a\u80a1\u4e1c\u5728\u516c\u53f8\u6cbb\u7406\u4e0a\u7684\u5f71\u54cd\u6709\u9650\u3002\u603b\u7684\u6765\u8bf4\uff0cCoinbase\u7684\u80a1\u6743\u7ed3\u6784\u9ad8\u5ea6\u96c6\u4e2d\uff0c\u521b\u59cb\u4eba\u8bdd\u8bed\u6743\u5f88\u5927\uff0c\u8fd9\u4fdd\u969c\u4e86\u516c\u53f8\u957f\u671f\u613f\u666f\u548c\u6218\u7565\u65b9\u5411\u4e0a\u7684\u4e00\u81f4\u6027\u3002<\/p>\n<h2 class=\"ql-align-justify\"><strong>3.\u884c\u4e1a\u5206\u6790<\/strong><\/h2>\n<h3 class=\"ql-align-justify\"><strong>3.1 \u5e02\u573a\u5b9a\u4e49\u4e0e\u7ec6\u5206<\/strong><\/h3>\n<p class=\"ql-align-justify\">Coinbase\u6240\u5904\u7684\u5e02\u573a\u662f\u5e7f\u4e49\u7684\u52a0\u5bc6\u8d27\u5e01\u4ea4\u6613\u53ca\u76f8\u5173\u91d1\u878d\u670d\u52a1\u5e02\u573a\u3002\u6838\u5fc3\u9886\u57df\u5305\u62ec\uff1a<\/p>\n<ul>\n<li class=\"ql-align-justify\">\u73b0\u8d27\u4ea4\u6613\u5e02\u573a\uff1a\u5373\u52a0\u5bc6\u8d44\u4ea7\u7684\u4e70\u5356\u64ae\u5408\u4ea4\u6613\uff0c\u4e5f\u662fCoinbase\u7684\u4e3b\u8981\u4e1a\u52a1\u8303\u7574\u3002\u6309\u7167\u4ea4\u6613\u5bf9\u8c61\u4e0d\u540c\uff0c\u53ef\u7ec6\u5206\u4e3a\u6cd5\u5e01\u5151\u52a0\u5bc6\uff08\u6cd5\u5e01\u5165\u53e3\uff09\u4ea4\u6613\u548c\u52a0\u5bc6\u5151\u52a0\u5bc6\u4ea4\u6613\u3002\u6309\u5ba2\u6237\u7c7b\u578b\u53c8\u53ef\u5206\u4e3a\u96f6\u552e\u4ea4\u6613\u548c\u673a\u6784\u4ea4\u6613\u3002<\/li>\n<li class=\"ql-align-justify\">\u884d\u751f\u54c1\u4ea4\u6613\u5e02\u573a\uff1a\u5305\u62ec\u52a0\u5bc6\u8d27\u5e01\u671f\u8d27\u3001\u671f\u6743\u7b49\u6760\u6746\u884d\u751f\u4ea7\u54c1\u4ea4\u6613\u3002\u6b64\u5e02\u573a\u89c4\u6a21\u8fd1\u5e74\u589e\u957f\u8fc5\u731b\uff0c2025\u5e74\u4e0a\u534a\u5e74\u52a0\u5bc6\u884d\u751f\u54c1\u4ea4\u6613\u91cf\u5df2\u5360\u603b\u4ea4\u6613\u91cf\u7684\u7ea675%\uff08\u6570\u636e\u6765\u6e90\uff1aKaiko\uff09\u3002Coinbase\u5728\u884d\u751f\u54c1\u9886\u57df\u8d77\u6b65\u8f83\u665a\uff0c\u76ee\u524d\u901a\u8fc7\u53d7\u76d1\u7ba1\u671f\u8d27\u4ea4\u6613\u6240\u548c\u6d77\u5916\u5e73\u53f0\u5f00\u5c55\u3002<\/li>\n<li class=\"ql-align-justify\">\u6258\u7ba1\u4e0e\u94b1\u5305\u670d\u52a1\uff1a\u4e3a\u6301\u6709\u5927\u91cf\u52a0\u5bc6\u8d44\u4ea7\u7684\u673a\u6784\u548c\u4e2a\u4eba\u63d0\u4f9b\u5b89\u5168\u5b58\u50a8\u89e3\u51b3\u65b9\u6848\u3002\u6258\u7ba1\u5e02\u573a\u4e0e\u4ea4\u6613\u5bc6\u5207\u76f8\u5173\uff0c\u5ba2\u6237\u5728\u4ea4\u6613\u6240\u8fdb\u884c\u5927\u5b97\u4ea4\u6613\u5f80\u5f80\u9700\u8981\u5408\u89c4\u6258\u7ba1\u670d\u52a1\u3002<\/li>\n<li class=\"ql-align-justify\">\u533a\u5757\u94fe\u57fa\u7840\u8bbe\u65bd\u53ca\u5176\u4ed6\uff1a\u5305\u62ec\u7a33\u5b9a\u5e01\u53d1\u884c\u6d41\u901a\u3001\u533a\u5757\u94fe\u8fd0\u8425\uff08Base\uff09\u3001\u652f\u4ed8\u7ed3\u7b97\u3001\u8d28\u62bc(Staking)\u7b49\u201c\u533a\u5757\u94fe\u91d1\u878d\u201d\u670d\u52a1\u3002\u8fd9\u90e8\u5206\u62d3\u5c55\u4e86\u4ea4\u6613\u6240\u4ee5\u5916\u7684\u6536\u5165\u6765\u6e90\uff0c\u5982Coinbase\u901a\u8fc7USDC\u7a33\u5b9a\u5e01\u3001\u8282\u70b9\u8d28\u62bc\u83b7\u53d6\u5229\u606f\u548c\u624b\u7eed\u8d39\u6536\u5165\u3002<\/li>\n<\/ul>\n<h3 class=\"ql-align-justify\"><strong>3.2 \u5386\u53f2\u89c4\u6a21\u4e0e\u589e\u901f\uff08\u8fd1\u4e94\u5e74\uff09<\/strong><\/h3>\n<p class=\"ql-align-justify\">\u6574\u4f53\u52a0\u5bc6\u5e02\u573a\u662f\u968f\u5468\u671f\u5267\u70c8\u6ce2\u52a8\u7684\u3002\u4ee5\u4ea4\u6613\u91cf\u8861\u91cf\uff0c\u5168\u7403\u52a0\u5bc6\u4ea4\u6613\u603b\u89c4\u6a21\u4ece2017\u5e74\u7684\u7ea622.9\u4e07\u4ebf\u7f8e\u5143\u6fc0\u589e\u81f32021\u5e74\u7684131.4\u4e07\u4ebf\u7f8e\u5143\uff0c\u5e74\u5747\u589e\u901f\u6781\u9ad8\u3002\u968f\u540e2022\u5e74\u53d7\u884c\u60c5\u4e0b\u884c\u4ea4\u6613\u91cf\u56de\u843d\u81f382\u4e07\u4ebf\uff08\u8f83\u4e0a\u5e74-37%\uff09\uff0c2023\u5e74\u7ee7\u7eed\u5c0f\u5e45\u4e0b\u6ed1\u81f375.6\u4e07\u4ebf\u30022024\u5e74\u5728\u65b0\u4e00\u8f6e\u5e02\u573a\u70ed\u6f6e\u5e26\u52a8\u4e0b\uff0c\u5168\u5e74\u603b\u4ea4\u6613\u91cf\u53c8\u6500\u4e0a\u65b0\u9ad8\u7ea6150\u4e07\u4ebf\uff0c\u8f832023\u5e74\u63a5\u8fd1\u7ffb\u500d\u3002<\/p>\n<p class=\"ql-align-justify\">\u884c\u4e1a\u89c4\u6a21\u9ad8\u5ea6\u76f8\u5173\u4e8e\u52a0\u5bc6\u8d44\u4ea7\u4ef7\u683c\u548c\u6ce2\u52a8\u6027\uff1a\u4f8b\u59822021\u5e74\u725b\u5e02\u5404\u79cd\u4ee3\u5e01\u4ef7\u683c\u98d9\u5347\uff0c\u6295\u673a\u4ea4\u6613\u6d3b\u8dc3\uff0c\u5f53\u5e74\u4ea4\u6613\u91cf\u540c\u6bd4\u589e\u901f\u8fd1+196%\uff1b\u800c2022\u5e74\u718a\u5e02\u4ef7\u683c\u4f4e\u8ff7\uff0c\u4ea4\u6613\u91cf\u65ad\u5d16\u5f0f\u4e0b\u8dcc\u8fd1\u56db\u6210\u3002\u5c31\u7528\u6237\u89c4\u6a21\u800c\u8a00\uff0c\u5168\u7403\u52a0\u5bc6\u8d27\u5e01\u6301\u6709\u4eba\u6570\u4e5f\u968f\u884c\u60c5\u53d8\u52a8\uff0c\u4f46\u603b\u4f53\u8d8b\u52bf\u4e0a\u5347\u3002\u636eCrypto.com\u7814\u7a76\u4f30\u8ba1\uff0c\u5168\u7403\u52a0\u5bc6\u7528\u6237\u6570\u4ece2018\u5e74\u7684\u7ea65000\u4e07\u589e\u957f\u52302021\u5e74\u76843\u4ebf\u4ee5\u4e0a\uff0c2022\u5e74\u56de\u843d\u540e\uff0c\u57282023\u5e74\u5e95\u5219\u53c8\u56de\u53474\u4ebf\u5de6\u53f3\u7684\u6c34\u5e73\u3002<\/p>\n<p 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Invest\u5373\u6709\u6b64\u957f\u671f\u5c55\u671b\uff09\uff0c\u5168\u7403\u5e02\u503c\u5e74\u589e\u738720%\u4ee5\u4e0a\uff0c\u4ea4\u6613\u91cf\u5e74\u589e\u7387\u53ef\u8fbe25%\u3002\u6309\u7167\u6b64\u63a8\u6f14\uff0c2030\u5e74\u603b\u4ea4\u6613\u989d\u53ef\u80fd\u9ad8\u8fbe600-800\u4e07\u4ebf\u7f8e\u5143\u3002Coinbase\u7b49\u5408\u89c4\u5de8\u5934\u5728\u7206\u53d1\u5f0f\u589e\u957f\u4e2d\u83b7\u53d6\u5de8\u5927\u5229\u6da6\uff0c\u884c\u4e1a\u5929\u82b1\u677f\u5927\u5e45\u63d0\u9ad8\u3002<\/li>\n<li class=\"ql-align-justify\">\u60b2\u89c2\u60c5\u666f\uff1a\u5047\u8bbe\u5b8f\u89c2\u73af\u5883\u4e0d\u5229\u6216\u76d1\u7ba1\u4e25\u91cd\u63a3\u8098\uff1a\u4f8b\u5982\u4e3b\u8981\u56fd\u5bb6\u51fa\u53f0\u4e25\u82db\u9650\u5236\uff0c\u52a0\u5bc6\u8d44\u4ea7\u957f\u671f\u4f4e\u8ff7\u9707\u8361\u3002\u884c\u4e1a\u89c4\u6a21\u53ef\u80fd\u539f\u5730\u8e0f\u6b65\u6216\u4ec5\u5c0f\u5e45\u589e\u957f\uff0c\u751a\u81f3\u51fa\u73b0\u840e\u7f29\u5e74\u4efd\u3002\u6700\u574f\u60c5\u51b5\u4e0b\u4ea4\u6613\u91cf\u5e74\u589e\u901f\u964d\u81f3\u4e2a\u4f4d\u6570\u751a\u81f3\u505c\u6ede\u548c\u5012\u9000\uff0c\u52302030\u5e74\u603b\u4ea4\u6613\u91cf\u53ef\u80fd\u4ecd\u5728100-150\u4e07\u4ebf\u6c34\u5e73\u5f98\u5f8a\u3002Coinbase\u7b49\u5408\u89c4\u4ea4\u6613\u6240\u5e02\u5360\u7387\u53ef\u80fd\u63d0\u9ad8\uff08\u56e0\u4e3a\u7070\u8272\u5e73\u53f0\u5728\u4e25\u683c\u76d1\u7ba1\u4e0b\u88ab\u6253\u538b\u9000\u51fa\uff0c\u6216\u662f\u4efd\u989d\u7f29\u5c0f\uff09\uff0c\u4f46\u7edd\u5bf9\u4e1a\u52a1\u89c4\u6a21\u589e\u901f\u6709\u9650\u3002<\/li>\n<\/ul>\n<p class=\"ql-align-justify\">\u7efc\u5408\u6765\u770b\uff0c\u7b14\u8005\u503e\u5411\u4e8e\u57fa\u51c6\u7565\u504f\u4e50\u89c2\u7684\u5c55\u671b\uff1a\u672a\u67655-7\u5e74\u52a0\u5bc6\u4ea4\u6613\u884c\u4e1a\u5c06\u6709\u671b\u5ef6\u7eed\u5468\u671f\u6027\u6ce2\u52a8\u4e2d\u7684\u6210\u957f\uff0c\u603b\u4f53\u89c4\u6a21\u9010\u5e74\u62ac\u5347\u3002\u52a0\u5bc6\u7528\u6237\u548c\u4ea7\u4e1a\u8d22\u56e2\u5df2\u7ecf\u6210\u4e3a\u5404\u56fd\u653f\u6cbb\u52bf\u529b\u773c\u4e2d\u4e00\u80a1\u4e0d\u53ef\u5ffd\u89c6\u7684\u529b\u91cf\uff0c\u4e5f\u662f2024\u5e74\u7f8e\u56fd\u5927\u9009\u5171\u548c\u515a\u6380\u7ffb\u6c11\u4e3b\u515a\u7684\u4e3b\u8981\u52a9\u529b\u4e4b\u4e00\u3002\u81ea\u6b64\u4e00\u5f79\uff0c\u6c11\u4e3b\u515a\u5728\u9700\u8981\u4e24\u515a\u5408\u4f5c\u63a8\u52a8\u7684\u52a0\u5bc6\u6cd5\u6848\u4e0a\u6001\u5ea6\u4e5f\u660e\u663e\u8f6c\u5411\u6e29\u548c\uff0c\u5728\u8bae\u4f1a\u901a\u8fc7\u7684Genius\uff08\u4e24\u9662\u5747\u5df2\u751f\u6548\uff09\u548cClarity\u6cd5\u6848\uff08\u4f17\u8bae\u9662\uff09\u4e2d\uff0c\u4e0d\u5c11\u6c11\u4e3b\u515a\u8bae\u5458\u4e5f\u90fd\u6295\u51fa\u4e86\u8d5e\u6210\u7968\u3002<\/p>\n<h2 class=\"ql-align-justify\"><strong>4.\u4e1a\u52a1\u4e0e\u4ea7\u54c1\u7ebf<\/strong><\/h2>\n<p class=\"ql-align-justify\">Coinbase\u76ee\u524d\u4e1a\u52a1\u591a\u5143\uff0c\u4e3b\u8981\u6536\u5165\u6765\u6e90\u53ef\u5206\u4e3a\u4ea4\u6613\u548c\u8ba2\u9605\u53ca\u670d\u52a1\u4e24\u5927\u677f\u5757\uff0c\u4e0b\u8f96\u591a\u6761\u4ea7\u54c1\u7ebf\u3002<\/p>\n<p class=\"ql-align-justify\">\u4ee5\u4e0b\u9010\u4e00\u6982\u8ff0\u5404\u4e3b\u8981\u4e1a\u52a1\u7684\u6a21\u5f0f\u3001\u6838\u5fc3\u6307\u6807\u3001\u6536\u5165\u8d21\u732e\u3001\u76c8\u5229\u80fd\u529b\u53ca\u672a\u6765\u89c4\u5212\uff1a<\/p>\n<ul>\n<li class=\"ql-align-justify\">\u4ea4\u6613\u7ecf\u7eaa\u4e1a\u52a1\uff08\u96f6\u552e\u4ea4\u6613\uff09\uff1a\u8fd9\u662fCoinbase\u6700\u521d\u53ca\u6838\u5fc3\u4e1a\u52a1\uff0c\u5373\u5411\u4e2a\u4eba\u7528\u6237\u63d0\u4f9b\u52a0\u5bc6\u8d44\u4ea7\u4e70\u5356\u670d\u52a1\u3002\u6a21\u5f0f\u4e0a\uff0cCoinbase\u5145\u5f53\u7ecf\u7eaa\u548c\u64ae\u5408\u5e73\u53f0\uff0c\u7528\u6237\u53ef\u4ee5\u901a\u8fc7App\u6216\u7f51\u9875\u4e00\u952e\u4e70\u5356\u52a0\u5bc6\u8d27\u5e01\u3002Coinbase\u5bf9\u96f6\u552e\u4ea4\u6613\u6536\u53d6\u8f83\u9ad8\u7684\u624b\u7eed\u8d39\uff08\u4ee5\u524d\u6309\u4ea4\u6613\u989d0.5%\u52a0\u56fa\u5b9a\u8d39\uff0c2022\u5e74\u540e\u6539\u4e3a\u4ee5\u70b9\u5dee\u548c\u9636\u68af\u8d39\u7387\uff0c\u8be6\u89c1\u4e0b\u65b9PS\uff09\u3002\u56e0\u6b64\u96f6\u552e\u5ba2\u6237\u8d21\u732e\u4e86\u516c\u53f8\u8fc7\u5f80\u7edd\u5927\u90e8\u5206\u4ea4\u6613\u6536\u5165\u3002\u4f8b\u59822021\u5e74\u96f6\u552e\u4ea4\u6613\u91cf\u5360\u603b\u91cf\u7ea632%\u4f46\u8d21\u732e\u6536\u5165\u9ad8\u8fbe\u7ea695%\uff082024\u5e74\u5219\u4e0b\u964d\u523054%\uff09\u3002\u6838\u5fc3\u6307\u6807\u5305\u62ec\u6708\u5ea6\u4ea4\u6613\u7528\u6237\uff08MTU\uff09\u6570\u91cf\u548c\u4eba\u5747\u4ea4\u6613\u91cf\uff0c\u4ee5\u53ca\u4ea4\u6613\u8d39\u7387\u6c34\u5e73\u30022021\u5e74\u725b\u5e02MTU\u66fe\u8fbe1120\u4e07\u5cf0\u503c\uff1b2022-2023\u56e0\u5e02\u573a\u4f4e\u8ff7MTU\u964d\u81f3700\u4e07\u6c34\u5e73\u3002\u96f6\u552e\u4ea4\u6613\u4e1a\u52a1\u76c8\u5229\u80fd\u529b\u5f3a\uff0c\u5728\u725b\u5e02\u4e2d\u4ea4\u6613\u624b\u7eed\u8d39\u6536\u5165\u63a8\u52a8\u516c\u53f8\u51c0\u5229\u7387\u9ad8\u4f01\uff082021\u5e74\u51c0\u5229\u738746%\uff0c\u8fd1\u4e00\u5e74\u5219\u4e3a42.7%\uff09\u3002\u7136\u800c\u718a\u5e02\u4e2d\u4ea4\u6613\u91cf\u840e\u7f29\uff0c\u8be5\u4e1a\u52a1\u6536\u5165\u9510\u51cf\uff082022\u5e74\u96f6\u552e\u4ea4\u6613\u6536\u5165\u540c\u6bd4-~66%\uff09\uff0c\u5bf9\u6574\u4f53\u76c8\u5229\u9020\u6210\u62d6\u7d2f\u3002PS\uff1a\u96f6\u552e\u5ba2\u6237\u4ea4\u6613\u4e2d\u7684\u201c\u70b9\u5dee\u201d\uff0c\u5728\u201c\u4e00\u952e\u4e70\u5356 \/ Simple \/ Convert \/ \u7528\u5361\u6d88\u8d39\u201d\u51e0\u4e2a\u4ea4\u6613\u7c7b\u522b\u4e2d\u6536\u53d6\uff0c\u6307\u628a\u8d39\u7528\u9690\u542b\u5728\u8d44\u4ea7\u62a5\u4ef7\u91cc\u2014\u2014\u4e70\u5165\u7ed9\u4f60\u7684\u4ef7\u683c\u7565\u9ad8\u4e8e\u5e02\u573a\u4ef7\uff0c\u5356\u51fa\u7565\u4f4e\u4e8e\u5e02\u573a\u4ef7\uff0c\u8fd9\u4e2a\u5dee\u989d\u5c31\u662f\u201c\u70b9\u5dee\uff08spread\uff09\u201d\u3002\u800cAdvanced\u4ea4\u6613\uff08\u6302\u5355\/\u5403\u5355\uff09\u7684\u6536\u8d39\u65b9\u5f0f\uff0c\u5219\u662f\u91c7\u7528\u9636\u68af\u8d39\u7387\uff0c\u8fc7\u5f8030\u5929\u4ea4\u6613\u91cf\u8d8a\u5927\uff0cmaker\u548ctaker\u7684\u8d39\u7387\u8d8a\u4f4e\u3002<\/li>\n<li class=\"ql-align-justify ql-indent-1\">\u672a\u6765\u89c4\u5212\uff1aCoinbase\u6b63\u4e30\u5bcc\u96f6\u552e\u4ea7\u54c1\u4ee5\u63d0\u9ad8\u7528\u6237\u7c98\u6027\uff0c\u4f8b\u5982\u63a8\u51faCoinbase One\u4f1a\u5458\u670d\u52a1\uff08\u63d0\u4f9b\u96f6\u624b\u7eed\u8d39\u989d\u5ea6\u7b49\u589e\u503c\u6743\u76ca\uff09\u3001\u6301\u7eed\u4e0a\u67b6\u65b0\u4ee3\u5e01\uff082024\u5e74\u65b0\u589e48\u79cd\u4ea4\u6613\u8d44\u4ea7\uff0c\u5305\u62ec\u70ed\u95e8memecoin\u4ee5\u5438\u5f15\u6d41\u91cf\uff09\uff0c\u4ee5\u53ca\u6539\u8fdb\u7528\u6237\u4f53\u9a8c\uff08\u5982\u66f4\u7b80\u5355\u7684\u754c\u9762\u3001\u6559\u80b2\u5185\u5bb9\uff09\u3002\u516c\u53f8\u8fd8\u5728\u63a2\u7d22\u793e\u4ea4\u4ea4\u6613\u3001\u81ea\u52a8\u5316\u6295\u8d44\u7b49\u529f\u80fd\u3002\u968f\u7740\u5e02\u573a\u56de\u6696\uff0c\u96f6\u552e\u4ea4\u6613\u4ecd\u5c06\u662f\u6536\u5165\u7684\u57fa\u77f3\uff0c\u5176\u589e\u957f\u53d6\u51b3\u4e8e\u52a0\u5bc6\u5e02\u573a\u4eba\u6c14\u548cCoinbase\u5e02\u5360\u7387\u63d0\u5347\u3002<\/li>\n<li 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Pro\uff08\u73b0\u5df2\u6574\u5408\u4e3a\u7edf\u4e00\u5e73\u53f0\uff09\u3002\u6a21\u5f0f\u4e0a\uff0c\u8fd9\u4e9b\u4e13\u4e1a\u5e73\u53f0\u63d0\u4f9b\u6df1\u5ea6\u6d41\u52a8\u6027\u3001\u66f4\u4f4e\u8d39\u7387\u548cAPI\u63a5\u5165\u7b49\uff0c\u4ee5\u5438\u5f15\u5927\u989d\u4ea4\u6613\u8005\u548c\u505a\u5e02\u5546\u3002\u673a\u6784\u4ea4\u6613\u91cf\u5360\u6bd4\u9ad8\u8fbe80-90%\uff08\u4f8b\u59822024\u5e74\u673a\u6784\u4ea4\u6613\u91cf\u8fbe9410\u4ebf\uff0c\u5360\u603b\u91cf81%\uff09\uff0c\u4f46\u8d39\u7387\u4ec5\u4e07\u5206\u4e4b\u51e0\u5230\u5343\u5206\u4e4b\u4e00\uff0c\u6545\u76f4\u63a5\u6536\u5165\u8d21\u732e\u76f8\u5bf9\u6709\u9650\uff082024\u5e74\u673a\u6784\u4ea4\u6613\u6536\u5165\u4ec5\u5360\u4ea4\u6613\u6536\u5165\u7684\u7ea610%\u5de6\u53f3\uff09\u3002\u7136\u800c\uff0c\u673a\u6784\u4e1a\u52a1\u5e26\u6765\u7684\u95f4\u63a5\u6536\u76ca\u663e\u8457\uff1a\u673a\u6784\u5f80\u5f80\u5c06\u5927\u91cf\u8d44\u4ea7\u7559\u5b58Coinbase\u6258\u7ba1\u5e76\u53c2\u4e0e\u8d28\u62bc\u7b49\uff0c\u4ece\u800c\u8d21\u732e\u6258\u7ba1\u8d39\u3001\u5229\u606f\u6536\u5165\u7b49\u3002\u6b64\u5916\uff0c\u62e5\u6709\u6d3b\u8dc3\u673a\u6784\u6709\u52a9\u4e8e\u5e73\u53f0\u6d41\u52a8\u6027\u548c\u62a5\u4ef7\u4f18\u52bf\uff0c\u5229\u4e8e\u96f6\u552e\u5ba2\u6237\u7684\u4ea4\u6613\u4f53\u9a8c\u3002\u6838\u5fc3\u6307\u6807\u65b9\u9762\uff0c\u673a\u6784\u5ba2\u6237\u6570\u53ca\u8d44\u4ea7\u6258\u7ba1\u89c4\u6a21\uff08AUC\uff09\u662f\u5173\u6ce8\u91cd\u70b9\u3002Coinbase\u7684AUC\u57282021\u5e74Q4\u66fe\u9ad8\u8fbe2780\u4ebf\u7f8e\u5143\uff0c\u4e4b\u540e\u968f\u5e02\u573a\u4e0b\u8dcc\u964d\u81f32022\u5e74\u672b\u7684803\u4ebf\uff0c2023\u5e74\u5e95\u56de\u5347\u81f31450\u4ebf\u7f8e\u5143\u5de6\u53f3\uff0c\u8fdb\u51652025\u5e74\uff0c\u673a\u6784\u6258\u7ba1\u4e1a\u52a1\u4fdd\u6301\u5f3a\u52b2\u52bf\u5934\uff1a2025\u5e74\u7b2c\u4e00\u5b63\u5ea6Coinbase\u5e73\u5747\u6258\u7ba1\u8d44\u4ea7\u8fbe2120\u4ebf\u7f8e\u5143\uff0c\u8f83\u4e0a\u4e00\u5b63\u5ea6\u589e\u52a0250\u4ebf\u7f8e\u5143\uff0c\u7b2c\u4e8c\u5b63\u5ea6\u518d\u521b\u65b0\u9ad8\uff0c\u8fbe\u52302457\u4ebf\u3002\u76c8\u5229\u80fd\u529b\u4e0a\uff0c\u673a\u6784\u4ea4\u6613\u672c\u8eab\u5229\u6da6\u76f4\u63a5\u8d21\u732e\u867d\u7136\u4e0d\u9ad8\uff0c\u4f46\u5728\u6258\u7ba1\/\u878d\u8d44\u7b49\u670d\u52a1\u4e0a\u53ef\u4ee5\u5e26\u6765\u5176\u4ed6\u6536\u5165\u3002<\/li>\n<li 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class=\"ql-align-justify ql-indent-1\">2023\u5e74\uff0cCoinbase\u4e0eCircle\u52a0\u5f3a\u4e86\u6218\u7565\u5408\u4f5c\uff0c\u53cc\u65b9\u5bf9\u539f\u6709\u7684Centre\uff08\u53cc\u65b9\u5171\u521b\u7684\u8054\u5408\u6cbb\u7406\u673a\u6784\uff09\u8054\u5408\u8fd0\u8425\u6a21\u5f0f\u8fdb\u884c\u4e86\u91cd\u5927\u8c03\u6574\u3002\u9996\u5148\uff0cCoinbase\u9996\u6b21\u53d6\u5f97\u4e86Circle\u516c\u53f8\u7684\u80a1\u6743\uff0c\u6210\u4e3a\u5176\u5c11\u6570\u80a1\u4e1c\u4e4b\u4e00\u3002\u636e\u62ab\u9732\uff0cCircle\u4ee5\u4ef7\u503c\u7ea62.10\u4ebf\u7f8e\u5143\u7684\u80a1\u7968\u6536\u8d2d\u4e86Coinbase\u6301\u6709\u7684Centre 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class=\"ql-align-justify\">\u53bb\u4e2d\u5fc3\u5316\u4e1a\u52a1\uff1aBase Layer-2 \u7f51\u7edc<\/li>\n<li class=\"ql-align-justify ql-indent-1\">\u5b9a\u4f4d\u4e0e\u613f\u666f\uff1aBase \u662f Coinbase \u4e8e 2023 \u5e74 8 \u6708\u63a8\u51fa\u3001\u57fa\u4e8e Optimism OP Stack \u7684\u4ee5\u592a\u574aL2\uff0c\u76ee\u7684\u662f\u628a 1 \u4ebf\uff0b Coinbase \u7528\u6237\u987a\u6ed1\u5bfc\u6d41\u5230\u94fe\u4e0a\u751f\u6001\u30022025 \u5e74 1 \u6708\u5b98\u65b9\u8def\u7ebf\u56fe\u5f3a\u8c03\u201c\u5230 2025 \u5e74\u5e95\u5b8c\u6210 sequencer \u53bb\u4e2d\u5fc3\u5316\u201d\u5e76\u901a\u8fc7\u793e\u533a\u6cbb\u7406\u5206\u4eab\u7f51\u7edc\u6536\u5165\u3002<\/li>\n<li class=\"ql-align-justify ql-indent-1\">\u5173\u952e\u8fd0\u8425\u6307\u6807\uff1a\u622a\u81f3 2025 \u5e74 8 \u6708\uff0cBase\u94fe\u4e0a\u6c89\u6dc0\u8d44\u4ea7\u4ef7\u503c\u7ea6 154.6\u4ebf\u7f8e\u5143\uff0c\u6708\u6d3b\u8dc3\u5730\u57403070\u4e07\u300124 h \u4ea4\u6613\u6570 924\u4e07\u300124 h 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class=\"ql-align-justify\"><img decoding=\"async\" alt=\"Coinbase\" src=\"https:\/\/hx24-prod.mars-block.com\/image\/crawler\/2025\/08\/27\/1756274014026189.jpg\"><\/p>\n<p class=\"ql-align-justify\"><span>\u4e1a\u52a1\u4e0e\u4ea7\u54c1\u7ebf\u90e8\u5206\u7684\u5c0f\u7ed3<\/span><\/p>\n<p 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class=\"ql-align-justify\"><strong>5.\u7ba1\u7406\u5c42\u4e0e\u6cbb\u7406<\/strong><\/h2>\n<p class=\"ql-align-justify\">\u5728\u516c\u53f8\u7ba1\u7406\u4e0a\uff0c\u6211\u4eec\u91cd\u70b9\u5173\u6ce8\u51e0\u4e2a\u7ef4\u5ea6\uff1a1.\u9ad8\u7ba1\u7684\u80cc\u666f\u548c\u6838\u5fc3\u6210\u5458\u7a33\u5b9a\u7a0b\u5ea6\uff1b2.\u8fc7\u5f80\u7684\u6218\u7565\u51b3\u7b56\u6c34\u5e73\u3002<\/p>\n<h3 class=\"ql-align-justify\"><strong>5.1 \u6838\u5fc3\u7ba1\u7406\u56e2\u961f\u80cc\u666f<\/strong><\/h3>\n<ul>\n<li class=\"ql-align-justify\">\u5e03\u83b1\u6069\u00b7\u963f\u59c6\u65af\u7279\u6717\uff08Brian Armstrong\uff09\u2013 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Capital\uff09CFO\u548cOneWest\u94f6\u884c\u9ad8\u7ba1\uff0c\u5728\u4f20\u7edf\u91d1\u878d\u548c\u8d44\u672c\u5e02\u573a\u6709\u4e30\u5bcc\u7ecf\u9a8c\u3002\u5979\u5e26\u9886\u516c\u53f8\u5b8c\u6210\u4e0a\u5e02\u8d22\u52a1\u51c6\u5907\uff0c\u5f3a\u8c03\u8d22\u52a1\u7eaa\u5f8b\uff0c2022\u5e74\u679c\u65ad\u5b9e\u65bd\u4e24\u8f6e\u88c1\u5458\u63a7\u5236\u6210\u672c\u3002\u54c8\u65af\u8fd8\u517c\u4efbCoinbase\u5b50\u516c\u53f8Coinbase Credit\u7684\u8d1f\u8d23\u4eba\uff0c\u63a2\u7d22\u52a0\u5bc6\u501f\u8d37\u3002<\/li>\n<li class=\"ql-align-justify\">\u695a\u5b9c\uff08Emilie Choi\uff09\u2013 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Chatterjee\uff09\u62c5\u4efb\uff08\u524d\u8c37\u6b4c\u9ad8\u7ba1\uff09\uff0c\u4ed6\u57282020-2022\u5e74\u9886\u5bfc\u4ea7\u54c1\u5f00\u53d1\uff0c\u4e8e2023\u5e74\u521d\u79bb\u804c\uff1b\u4e4b\u540e\u4ea7\u54c1\u56e2\u961f\u7531\u591a\u4e2a\u90e8\u95e8\u8d1f\u8d23\u4eba\u5206\u7ba1\u3002\u9996\u5e2d\u6280\u672f\u5b98\uff08CTO\uff09\u7531\u683c\u96f7\u683c\u00b7\u5854\u65af\uff08Greg Tusar\uff09\u7b49\u62c5\u4efb\u8fc7\uff0c\u73b0\u7531\u5de5\u7a0b\u9ad8\u7ba1\u5171\u540c\u8d1f\u8d23\u3002\u9996\u5e2d\u4eba\u529b\u5b98\uff08CPO, \u4eba\u529b\uff09LJ Brock\u8d1f\u8d23\u4eba\u5458\u62db\u8058\u548c\u6587\u5316\u5efa\u8bbe\uff0c\u4ed6\u5728\u516c\u53f8\u6587\u5316\u8f6c\u578b\u4e2d\u53d1\u6325\u4f5c\u7528\u3002\u503c\u5f97\u4e00\u63d0\u7684\u8fd8\u6709\u9996\u5e2d\u5e02\u573a\u5b98Kate 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class=\"ql-align-justify\"><strong>5.2 \u4eba\u5458\u4e0e\u6218\u7565\u7a33\u5b9a\u6027<\/strong><\/h3>\n<p class=\"ql-align-justify\">Coinbase\u5728\u4eba\u4e8b\u548c\u6218\u7565\u4e0a\u7ecf\u5386\u8fc7\u8d77\u4f0f\uff0c\u4f46\u603b\u4f53\u4fdd\u6301\u8fde\u8d2f\uff1a<\/p>\n<ul>\n<li 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class=\"ql-align-justify\">\u6218\u7565\u4e00\u81f4\u6027\uff1a\u5982\u679c\u5c1d\u8bd5\u91cf\u5316Coinbase\u6218\u7565\u4e0a\u7684\u4e00\u81f4\u6027\uff0c\u4f8b\u5982\u8ffd\u8e2a\u516c\u53f8\u5728\u5173\u952e\u6280\u672f\/\u5e02\u573a\u4e0a\u7684\u63d0\u524d\u5e03\u5c40\u60c5\u51b5\uff0c\u4f1a\u53d1\u73b0\uff0cCoinbase\u57fa\u672c\u5bf9\u5927\u90e8\u5206\u91cd\u8981\u884c\u4e1a\u8d8b\u52bf\u90fd\u6709\u5e03\u5c40\uff1a\u5982\u65e9\u57282015\u5e74\u5c31\u652f\u6301\u4ee5\u592a\u574a\uff08\u770b\u51c6\u667a\u80fd\u5408\u7ea6\u6d6a\u6f6e\uff09\u30012018\u5e74\u63a8\u51fa\u7a33\u5b9a\u5e01\uff08\u62bc\u6ce8\u5408\u89c4\u7a33\u5b9a\u5e01\u524d\u666f\uff09\u30012021\u5e74\u7533\u8bf7\u671f\u8d27\u8bb8\u53ef\uff08\u524d\u77bb\u884d\u751f\u54c1\u5e02\u573a\uff09\uff0c\u540e\u7eed\u4e0b\u573a\u81ea\u8425L2\u7b49\u3002\u8fd9\u4e9b\u51b3\u7b56\u4e0e\u540e\u6765\u884c\u4e1a\u53d1\u5c55\u9ad8\u5ea6\u5951\u5408\uff0c\u8868\u660e\u7ba1\u7406\u5c42\u5177\u5907\u8f83\u597d\u7684\u884c\u4e1a\u5224\u65ad\u529b\u3002\u5f53\u7136\uff0c\u516c\u53f8\u4e5f\u6709\u5931\u8bef\uff0c\u5982\u9519\u8fc7\u4e862019-2020\u5e74DeFi\u53bb\u4e2d\u5fc3\u5316\u4ea4\u6613\u7684\u5174\u8d77\u7ea2\u5229\uff08\u672a\u80fd\u62a2\u5360DEX\u7b49\u53bb\u4e2d\u5fc3\u5316\u91d1\u878d\u5e02\u573a\uff0c\u76f4\u5230\u540e\u7eed\u901a\u8fc7\u53d1\u5c55Base\u6765\u4ecb\u5165\uff09\u3002\u4f46\u9274\u4e8eCoinbase\u770b\u91cd\u5408\u89c4\uff0c\u8fd9\u6216\u8bb8\u662f\u6709\u610f\u4e3a\u4e4b\u7684\u6218\u7565\u53d6\u820d\u3002<\/li>\n<\/ul>\n<h3 class=\"ql-align-justify\"><strong>5.3 \u6218\u7565\u80fd\u529b\u590d\u76d8<\/strong><\/h3>\n<p class=\"ql-align-justify\">\u7ba1\u7406\u5c42\u5728\u5173\u952e\u51b3\u7b56\u4e0a\u7684\u6210\u529f\u4e0e\u5931\u8bef\u7684\u4e3b\u8981\u6848\u4f8b\u6709\uff1a<\/p>\n<ul>\n<li class=\"ql-align-justify\">\u6218\u7565\u6210\u529f\u6848\u4f8b\uff1a \u65e9\u65e9\u5e03\u5c40\u5408\u89c4\u2013 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2021\u5e74\u725b\u5e02\u65f6Coinbase\u5458\u5de5\u89c4\u6a21\u4ece\u7ea61700\u6fc0\u589e\u52302022\u5e74\u521d\u7684\u63a5\u8fd16000\u4eba\uff08\u76ee\u524d3700+\u4eba\u5de6\u53f3\uff09\uff0c\u8bb8\u591a\u90e8\u95e8\u4eba\u6d6e\u4e8e\u4e8b\u3002Armstrong\u516c\u5f00\u627f\u8ba4\u5728\u4eba\u5458\u6269\u5f20\u4e0a\u201c\u8fc7\u4e8e\u4e50\u89c2\u201d\u5bfc\u81f4\u6548\u7387\u4e0b\u964d\u3002\u968f2022\u5e74\u5e02\u573a\u8f6c\u51b7\uff0c\u516c\u53f8\u4e0d\u5f97\u4e0d\u4e24\u6b21\u5927\u89c4\u6a21\u88c1\u5458\uff0c\u5bf9\u58eb\u6c14\u9020\u6210\u5f71\u54cd\u3002\u53e6\u4e00\u4e2a\u632b\u6298\u662f\u65b0\u4ea7\u54c1NFTMarketplace\u8868\u73b0\u4e0d\u4f73\u2013 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class=\"ql-align-justify\">\u6574\u4f53\u800c\u8a00\uff0cCoinbase\u7684\u7ba1\u7406\u6c34\u5e73\u4e0d\u9519\uff0c\u6838\u5fc3\u6210\u5458\u7a33\u5b9a\u5ea6\u8f83\u9ad8\uff0c\u6218\u7565\u5224\u65ad\u5951\u5408\u884c\u4e1a\u8d8b\u52bf\uff0c\u6ca1\u6709\u9519\u8fc7\u8f83\u5927\u7684\u884c\u4e1a\u673a\u4f1a\uff0c\u5c3d\u7ba1\u66fe\u7ecf\u51fa\u73b0\u8fc7\u6210\u672c\u5931\u63a7\u7684\u95ee\u9898\uff0c\u4e5f\u6709\u4e00\u4e9b\u4ea7\u54c1\u63a2\u7d22\u5931\u8d25\uff0c\u4f46\u662f\u7455\u4e0d\u63a9\u745c\u3002<\/p>\n<h2 class=\"ql-align-justify\"><strong>6.\u8fd0\u8425\u4e0e\u8d22\u52a1\u8868\u73b0<\/strong><\/h2>\n<p class=\"ql-align-justify\">\u672c\u5c0f\u8282\u6211\u4eec\u5c06\u91cd\u70b9\u68b3\u7406Coinbase\u7684\u8425\u6536\u3001\u5229\u6da6\u3001\u6210\u672c\u548c\u8d44\u4ea7\u8d1f\u503a\u60c5\u51b5\uff0c\u5bf9\u8be5\u516c\u53f8\u7684\u76c8\u5229\u548c\u7a33\u5065\u5ea6\u8fdb\u884c\u8bc4\u4f30\u3002<\/p>\n<h3 class=\"ql-align-justify\"><strong>6.1 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class=\"ql-align-justify\"><img decoding=\"async\" alt=\"Coinbase\" src=\"https:\/\/hx24-prod.mars-block.com\/image\/crawler\/2025\/08\/27\/1756274014025511.jpg\"><\/p>\n<p class=\"ql-align-justify\"><span>Coinbase\u8425\u6536\uff08TTM\uff09\u8d70\u52bf\uff0c2020.9-2025.6\uff0c\u6765\u6e90\uff1aseekingalpha<\/span><\/p>\n<p class=\"ql-align-justify\"><img decoding=\"async\" alt=\"Coinbase\" src=\"https:\/\/hx24-prod.mars-block.com\/image\/crawler\/2025\/08\/27\/1756274014025867.jpg\"><\/p>\n<p class=\"ql-align-justify\"><span>Coinbase\u5e74\u8425\u6536\uff08\u542b\u9884\u6d4b\uff09\uff0c2020-2026\uff0c\u6765\u6e90\uff1aseekingalpha<\/span><\/p>\n<ul>\n<li 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class=\"ql-align-justify\">\u4eba\u5747\u6548\u7387\uff1a\u7531\u4e8e\u5458\u5de5\u6570\u53d8\u52a8\u5927\uff0c\u6211\u4eec\u7528\u6536\u5165\/\u5458\u5de5\u6765\u8861\u91cf\u6548\u7387\u30022021\u5e74\u725b\u5e02\u65f6\u7531\u4e8e\u4e1a\u52a1\u4e95\u55b7\uff0c\u4eba\u5747\u5e74\u8425\u6536\u8fbe\u7ea6190\u4e07\u7f8e\u91d1\/\u4eba\uff1b2022\u5e74\u9aa4\u964d\u81f350\u4e07\/\u4eba\u4ee5\u4e0b\uff1b\u88c1\u5458\u540e2023\u5e74\u56de\u5347\u81f380-100\u4e07\/\u4eba\u533a\u95f4\u3002\u8fd9\u4ecd\u9ad8\u4e8e\u5927\u90e8\u5206\u4f20\u7edf\u91d1\u878d\u673a\u6784\u7684\u4eba\u5747\u8425\u6536\u6c34\u5e73\uff0c\u5904\u4e8e\u4e2d\u4e0a\u6c34\u5e73\uff0c\u663e\u793a\u5176\u6570\u5b57\u5316\u5e73\u53f0\u6a21\u5f0f\u7684\u89c4\u6a21\u7ecf\u6d4e\u3002\u9884\u671f\u672a\u6765\u5728\u8f83\u5408\u7406\u7684\u5458\u5de5\u7f16\u5236\u4e0b\uff08\u76ee\u524d\u7ea63700\u4eba\uff09\uff0c\u4eba\u5747\u8425\u6536\u53ef\u7a33\u5b9a\u5728100\u4e07\u7f8e\u91d1\u5de6\u53f3\uff0c\u82e5\u518d\u73b0\u8d85\u7ea7\u725b\u5e02\u5219\u4f1a\u8d85\u51fa\u6b64\u6c34\u5e73\u3002<\/li>\n<\/ul>\n<p class=\"ql-align-justify\"><img decoding=\"async\" alt=\"Coinbase\" src=\"https:\/\/hx24-prod.mars-block.com\/image\/crawler\/2025\/08\/27\/1756274014026293.jpg\"><\/p>\n<p class=\"ql-align-justify\"><span>\u4ea4\u6613\u7c7b\u91d1\u878d\u673a\u6784\u4eba\u5747\u8425\u6536\u5bf9\u6bd4\uff082024\u5e74\uff09<\/span><\/p>\n<h3 class=\"ql-align-justify\"><strong>6.3 \u73b0\u91d1\u6d41\u4e0e\u8d44\u672c\u652f\u51fa\uff085\u5e74\uff09<\/strong><\/h3>\n<p class=\"ql-align-justify\">Coinbase\u7684\u7ecf\u8425\u73b0\u91d1\u6d41\u540c\u6837\u5177\u6709\u5468\u671f\u6027\uff0c\u4f46\u603b\u4f53\u7ef4\u6301\u6b63\u5411\uff1a<\/p>\n<ul>\n<li class=\"ql-align-justify\">\u7ecf\u8425\u6d3b\u52a8\u73b0\u91d1\u6d41\uff1a2021\u5e74OCF\u975e\u5e38\u5f3a\u52b2\uff0c\u5168\u5e74\u7ecf\u8425\u51c0\u73b0\u91d1\u6d41\u5165\u7ea6100\u4ebf\uff08\u56e0\u5ba2\u6237\u4ea4\u6613\u91cf\u66b4\u589e\u5e26\u6765\u6b3e\u9879\u6c89\u6dc0\uff09\uff0c\u8fd9\u4e00\u5e74\u81ea\u7531\u73b0\u91d1\u6d41\u5927\u5e45\u4e3a\u6b63\u30022022\u5e74\u5219\u51fa\u73b0\u7ecf\u8425\u73b0\u91d1\u6d41\u51fa\u7ea620\u4ebf\uff0c\u53cd\u6620\u4e8f\u635f\u548c\u8425\u8fd0\u8d44\u91d1\u53d8\u5316\u30022023\u5e74\u901a\u8fc7\u964d\u672c\u548c\u5229\u606f\u6536\u5165\uff0c\u7ecf\u8425\u73b0\u91d1\u6d41\u91cd\u65b0\u8f6c\u6b635.2\u4ebf\u5de6\u53f3\u30022024\u5e74OCF\u6fc0\u589e\uff0c\u636e\u8d22\u62a5\u5168\u5e74\u7ecf\u8425\u51c0\u73b0\u91d1\u6d41\u516525\u4ebf\uff0c\u540c\u6bd4\u589e\u957f\u4e00\u500d\u591a\u3002\u8fd9\u90e8\u5206\u539f\u56e0\u662f\u76c8\u5229\u6062\u590d\u4ee5\u53ca\u5ba2\u6237\u8d44\u91d1\u589e\u957f\u3002<\/li>\n<li class=\"ql-align-justify\">\u6295\u8d44\u6d3b\u52a8\u73b0\u91d1\u6d41\uff1aCoinbase\u4e0d\u5c5e\u4e8e\u91cd\u8d44\u4ea7\u516c\u53f8\uff0c\u8d44\u672c\u652f\u51fa\uff08CapEx\uff09\u8f83\u4f4e\u3002\u4e3b\u8981\u6295\u8d44\u4e3a\u6536\u8d2d\u548c\u5e73\u53f0\u7814\u53d1\u6295\u5165\u30022019-2021\u5e74\uff0c\u8d44\u672c\u5f00\u652f\u5e74\u5747\u4ec5\u51e0\u5343\u4e07\u7f8e\u5143\uff08\u7528\u4e8e\u670d\u52a1\u5668\u3001\u529e\u516c\u7b49\uff09\u30022022\u5e74\u589e\u52a0\u5230\u7ea61.5\u4ebf\uff08\u516c\u53f8\u8d2d\u7f6e\u529e\u516c\u697c\u548c\u6570\u636e\u4e2d\u5fc3\u6269\u5bb9\uff09\u30022023\u5e74\u518d\u6b21\u6536\u7f29CapEx\u7ea65000\u4e07\u3002\u6536\u8d2d\u65b9\u9762\uff0c\u5219\u57282021\u5e74\u524d\u540e\u82b1\u8d39\u8f83\u591a\u73b0\u91d1\uff08\u5982\u6536\u8d2dBison Trails\u3001Skew\u7b49\u5171\u7ea61\u4ebf\uff09\u30022022-2023\u5e74\u6536\u8d2d\u653e\u7f13\u30022024\u5e74\u516c\u53f8\u5c0f\u7b14\u6536\u8d2d\u4e86One River\u8d44\u4ea7\u7ba1\u7406\u7b49\u3002\u6295\u8d44\u73b0\u91d1\u6d41\u6574\u4f53\u4e3a\u51c0\u6d41\u51fa\u4f46\u89c4\u6a21\u4e0d\u5927\uff0c\u4e0d\u5f71\u54cd\u4e3b\u4e1a\u73b0\u91d1\u4f9b\u7ed9\u3002\u6b64\u5916\uff0c2024\u5e74\u5e95\u81f32025\u5e74\u521d\u516c\u53f8\u5ba3\u5e03\u4e86\u5bf9\u884d\u751f\u54c1\u4ea4\u6613\u6240Deribit\u7684\u91cd\u5927\u6536\u8d2d\u8ba1\u5212\uff1a\u4ea4\u6613\u603b\u4ef7\u7ea629\u4ebf\uff0c\u5176\u4e2d\u5305\u542b\u7ea67\u4ebf\u73b0\u91d1\u652f\u4ed8\uff08\u4f59\u4e0b\u4e3a\u53d1\u884c\u7ea61100\u4e07\u80a1\u80a1\u7968\uff09\u3002<\/li>\n<li class=\"ql-align-justify\">\u81ea\u7531\u73b0\u91d1\u6d41\uff1a\u8003\u8651\u8fd0\u8425\u73b0\u91d1\u51cf\u8d44\u672c\u652f\u51fa\uff0cCoinbase\u5728\u76c8\u5229\u5e74\u81ea\u7531\u73b0\u91d1\u6d41\u975e\u5e38\u53ef\u89c2\uff1a2021\u5e74\u4e3a97\u4ebf\uff0c2022\u5e74\u4e3a\u8d1f\uff0c2023\u5e74\u6062\u590d\u6b634\u4ebf\u5de6\u53f3\uff0c2024\u5e74\u4e3a25.6\u4ebf\u5de6\u53f3\uff0c\u663e\u793a\u5145\u88d5\u7684\u9020\u8840\u80fd\u529b\u3002Coinbase\u5c06\u591a\u4f59\u73b0\u91d1\u6295\u5165\u8d2d\u4e70\u5b89\u5168\u8d44\u4ea7\uff08\u77ed\u671f\u56fd\u503a\u7b49\uff09\u6216\u6301\u6709\u90e8\u5206\u52a0\u5bc6\u8d44\u4ea7\u3002<\/li>\n<li class=\"ql-align-justify\">\u878d\u8d44\u73b0\u91d1\u6d41\uff1a2021\u5e74\u516c\u53f8\u901a\u8fc7\u53ef\u8f6c\u503a\u548c\u516c\u53f8\u503a\u7b79\u8d44\u7ea632.5\u4ebf\uff0c\u540c\u65f6\u4e0a\u5e02\u672a\u53d1\u884c\u65b0\u80a1\uff08\u76f4\u63a5\u4e0a\u5e02\u65e0\u52df\u8d44\uff09\u30022022\u5e74\u6ca1\u6709\u91cd\u5927\u878d\u8d44\u52a8\u4f5c\u30022023\u5e74Coinbase\u4e3b\u52a8\u56de\u8d2d\u6216\u6e05\u507f\u4e86\u4e00\u90e8\u5206\u503a\u5238\uff0c\u4ee5\u6298\u4ef7\u8d2d\u56de4.13\u4ebf\u503a\u52a1\uff0c\u51cf\u5c11\u5229\u606f\u652f\u51fa\u3002\u516c\u53f8\u65e0\u5206\u7ea2\u8ba1\u5212\uff0c\u4ec5\u57282022\u5e74\u672b\u548c2023\u5e74\u6267\u884c\u4e86\u5c0f\u89c4\u6a21\u80a1\u7968\u56de\u8d2d\u7528\u4e8e\u80a1\u6743\u6fc0\u52b1\u5bf9\u51b2\u3002\u603b\u4f53\u8d22\u52a1\u653f\u7b56\u662f\u504f\u4fdd\u5b88\u7a33\u5065\u7684\u3002<\/li>\n<li class=\"ql-align-justify\">\u73b0\u91d1\u50a8\u5907\uff1a2025\u5e74Coinbase\u4e00\u5b63\u5ea6\u73b0\u91d1\u548c\u7b49\u4ef7\u7269\u5df2\u7ecf\u8fbe\u523099\u4ebf\u7f8e\u91d1\uff0c\u4e8c\u5b63\u5ea6\u516c\u5e03\u7684\u73b0\u91d1\u53ca\u73b0\u91d1\u7b49\u4ef7\u7269\u5219\u4e3a75.39 \u4ebf\u7f8e\u5143\uff0c\u4e0b\u964d\u8f83\u591a\uff0c\u4f46\u4f9d\u65e7\u6bd4\u8f83\u5145\u88d5\u3002<\/li>\n<\/ul>\n<h3 class=\"ql-align-justify\"><strong>6.4 \u8d44\u4ea7\u8d1f\u503a\u8868\u7a33\u5065\u6027\uff085\u5e74\uff09<\/strong><\/h3>\n<p class=\"ql-align-justify\">Coinbase\u7684\u8d44\u4ea7\u8d1f\u503a\u8868\u76f8\u5bf9\u7a33\u5065\uff0c\u5177\u6709\u9ad8\u6d41\u52a8\u6027\u548c\u4f4e\u6760\u6746\u7279\u5f81\uff1a<\/p>\n<ul>\n<li class=\"ql-align-justify\">\u503a\u52a1\u6c34\u5e73\uff1a\u516c\u53f8\u57282021\u5e74\u725b\u5e02\u671f\u95f4\u4e24\u6b21\u53d1\u503a\uff1a\u4e00\u6b21\u662f2026\u5e74\u5230\u671f12.5\u4ebf\u53ef\u8f6c\u503a\uff0c\u53e6\u4e00\u6b21\u662f2028\u548c2031\u5e74\u5230\u671f\u9ad8\u7ea7\u7968\u636e\u517120\u4ebf\u3002\u56e0\u6b64\u957f\u671f\u503a\u52a1\u5cf0\u503c\u7ea632.5\u4ebf\u30022022-2023\u5e74\u516c\u53f8\u672a\u8fdb\u4e00\u6b65\u4e3e\u503a\uff0c\u4e142023\u5e74\u5e95\u507f\u8fd8\/\u56de\u8d2d\u503a\u5238\u4f7f\u503a\u52a1\u964d\u81f3\u7ea628\u4ebf\u3002\u4ee52024\u5e74\u8c03\u6574\u540e\u7684EBITDA\u7ea6\u4e3a33.5\u4ebf\uff0c\u51c0\u503a\u52a1\/EBITDA\u7ea6\u4e3a0\uff08\u51c0\u73b0\u91d1\u60c5\u51b5\uff09\u6216\u6bdb\u503a\u52a1\/EBITDA &lt;0.9\u500d\uff0c\u6760\u6746\u7387\u6781\u4f4e\u3002\u603b\u4f53\u8d1f\u503a\u7387\u5728\u4e0a\u5e02\u540e\u4fdd\u6301\u4f4e\u6c34\u5e73\u3002\u503c\u5f97\u4e00\u63d0\u7684\u662f\uff0cCoinbase\u622a\u81f32024\u5e74\u6ca1\u6709\u4f7f\u7528\u94f6\u884c\u8d37\u6b3e\uff0c\u503a\u52a1\u5747\u4e3a\u516c\u5f00\u5e02\u573a\u503a\u5238\uff0c\u4e0d\u5b58\u5728\u62bd\u8d37\u98ce\u9669\uff0c\u4e14\u8fdc\u671f\u5230\u671f\uff0c\u77ed\u671f\u507f\u503a\u538b\u529b\u5c0f\u3002<\/li>\n<li class=\"ql-align-justify\">\u6d41\u52a8\u6027\uff1aCoinbase\u62e5\u6709\u5de8\u989d\u73b0\u91d1\u53ca\u7b49\u4ef7\u7269\uff0c\u901f\u52a8\u6bd4\u7387\uff08Quick Ratio\uff09\u6781\u9ad8\u3002\u6487\u9664\u5ba2\u6237\u5b58\u6b3e\u8d1f\u503a\uff08\u8fd9\u90e8\u5206\u6709\u5bf9\u5e94\u7b49\u989d\u5ba2\u6237\u8d44\u4ea7\uff09\uff0c\u516c\u53f8\u6838\u5fc3\u7ecf\u8425\u5c42\u9762\u7684\u6d41\u52a8\u8d44\u4ea7\u8fdc\u9ad8\u4e8e\u6d41\u52a8\u8d1f\u503a\u30022025\u534a\u5e74\u62a5\uff0c\u5176\u901f\u52a8\u6bd4\u7387\uff08\u6263\u9664\u5ba2\u6237\u76f8\u5173\uff09\u8d85\u8fc73.19x\uff0c\u8d27\u5e01\u8d44\u91d1\u5373\u53ef\u8986\u76d6\u6240\u6709\u77ed\u671f\u8d1f\u503a3\u500d\u4ee5\u4e0a\u3002\u5c24\u5176\u503c\u5f97\u5173\u6ce8\u5176\u6301\u6709\u7684USDC\u50a8\u5907\u662f\u9ad8\u5ea6\u6d41\u52a8\u7684\uff08\u6bcf\u65e5\u53ef\u4e0e\u7f8e\u51431:1\u5151\u6362\uff09\u30022023\u5e74\u7ecf\u5386\u4e86\u4e00\u6b21USDC\u77ed\u6682\u8131\u951a\u4e8b\u4ef6\uff0c\u516c\u53f8\u4ecd\u5feb\u901f\u5151\u73b0\u5ba2\u6237\u8d4e\u56de\uff0c\u672a\u51fa\u73b0\u6d41\u52a8\u6027\u6324\u5151\u95ee\u9898\u3002<\/li>\n<li class=\"ql-align-justify\">\u8d44\u4ea7\u8d28\u91cf\uff1a\u8d44\u4ea7\u4e3b\u8981\u4e3a\u73b0\u91d1\u3001\u7b49\u4ef7\u7269\u548c\u77ed\u671f\u6295\u8d44\uff08\u9ad8\u8bc4\u7ea7\u503a\u5238\u7b49\uff09\uff0c\u5360\u6bd4\u8d85\u8fc760%\u3002\u81ea\u6709\u52a0\u5bc6\u8d44\u4ea7\u89c4\u6a21\u5e76\u4e0d\u5927\uff0c25\u5e74Q2\u6301\u6709\u7684\u52a0\u5bc6\u8d44\u4ea7\u516c\u5141\u4ef7\u503c\u4e3a 18.39\u4ebf\uff0c\u6784\u6210\u4e3a\uff1aBTC 11776 \u679a \u5bf9\u5e9412.61\u4ebf\uff0868.6%\uff09\u3001ETH 136782 \u679a 3.4\u4ebf\uff0818.5%\uff09\u3001\u5176\u4ed6\u52a0\u5bc6\u8d44\u4ea7 2.38\u4ebf\uff0812.9%\uff09\u3002\u76f8\u5bf9\u516c\u53f8\u51c0\u8d44\u4ea7\u4f53\u91cf\u53ef\u63a7\uff0c\u5373\u4f7f\u4ef7\u683c\u6ce2\u52a8\u4e5f\u4e0d\u4f1a\u4e25\u91cd\u5f71\u54cd\u507f\u4ed8\u80fd\u529b\u3002<\/li>\n<\/ul>\n<p class=\"ql-align-justify\">\u603b\u4f53\u800c\u8a00\uff0cCoinbase\u8d22\u52a1\u5b89\u5168\u6027\u8f83\u9ad8\uff1a\u6760\u6746\u7387\u4f4e\uff0c\u6d41\u52a8\u6027\u5145\u88d5\uff0c\u591a\u6b21\u538b\u529b\u6d4b\u8bd5\u4e0b\u7ecf\u53d7\u4f4f\u4e86\u8003\u9a8c\u3002\u540c\u65f6\uff0c\u5f3a\u5927\u7684\u8d44\u4ea7\u8d1f\u503a\u8868\u4e5f\u8d4b\u4e88Coinbase\u5728\u5e02\u573a\u4f4e\u8ff7\u65f6\u53cd\u5468\u671f\u6295\u5165\u7684\u80fd\u529b\uff0c\u6bd4\u59822022-2023\u5e74\u884c\u4e1a\u4f4e\u8c37\u65f6\uff0c\u516c\u53f8\u4ecd\u7ef4\u6301\u7814\u53d1\u6295\u5165\u548c\u56fd\u9645\u6269\u5f20\uff0c\u5229\u4e8e\u5176\u957f\u8fdc\u7ade\u4e89\u5730\u4f4d\u3002<\/p>\n<h3 class=\"ql-align-justify\"><strong>6.5 \u540c\u4e1a\u6bd4\u8f83<\/strong><\/h3>\n<p class=\"ql-align-justify\">\u5c06Coinbase\u4e0e\u5176\u4ed6\u4e0a\u5e02\u6216\u53ef\u6bd4\u7684\u4ea4\u6613\u5e73\u53f0\u8fdb\u884c24\u5e74\u548c25\u5e74Q2\u7684\u8d22\u52a1\u6307\u6807\u6bd4\u8f83\u3002<\/p>\n<p class=\"ql-align-justify\">\u6211\u4eec\u5bf9\u6bd4\u6807\u7684\u9009\u53d6Robinhood\u3001Kraken\u548cBinance\uff1a<\/p>\n<ul>\n<li class=\"ql-align-justify\">Robinhood\uff08\u7f8e\u80a1\u5238\u5546 &amp; \u52a0\u5bc6\u4ea4\u6613\u5e73\u53f0\uff09\uff1a2024\u5e74\u51c0\u8425\u6536\u7ea629.51\u4ebf\uff0c\u540c\u6bd4\u589e\u957f58%\uff0c\u5b9e\u73b0\u5386\u53f2\u4e0a\u9996\u6b21\u5168\u5e74\u76c8\u5229\uff0c\u51c0\u5229\u6da614.11\u4ebf\uff082023\u5e74\u4e8f\u635f5.41\u4ebf\uff09\u3002\u5f97\u76ca\u4e8e\u9ad8\u5229\u7387\u63a8\u52a8\u7684\u5229\u606f\u6536\u5165\u548c\u4ea4\u6613\u53cd\u5f39\uff0cRobinhood 2024\u5e74\u6bdb\u5229\u7387\u8fbe94%\uff0c\u51c0\u5229\u7387\u7ea648%\u30022025\u5e74\u7b2c\u4e00\u5b63\u5ea6\u8425\u6536\u4e3a9.27\u4ebf\uff08\u540c\u6bd4\u5927\u589e50%\uff09\uff0c\u51c0\u5229\u6da63.36\u4ebf\u3002\u968f\u7740\u4e1a\u7ee9\u597d\u8f6c\uff0cRobinhood\u80a1\u4ef7\u57282024\u5e74\u5e95\u81f3\u4eca\u5927\u5e45\u4e0a\u6da8\uff0c\u76ee\u524d\u5e02\u503c\u8d85\u8fc7950\u4ebf\u7f8e\u5143\u3002<\/li>\n<li class=\"ql-align-justify\">Kraken\uff08\u7f8e\u56fd\u8001\u724c\u52a0\u5bc6\u4ea4\u6613\u6240\uff0c\u672a\u4e0a\u5e02\uff09\uff1a2024\u5e74\u4ea4\u6613\u91cf\u6fc0\u589e\u63a8\u52a8\u8425\u6536\u7ea615\u4ebf\uff0c\u540c\u6bd4\u589e\u957f128%\uff0c\u63a5\u8fd1\u5386\u53f2\u65b0\u9ad8\u3002\u5168\u5e74\u8c03\u6574\u540eEBITDA\u7ea64\u4ebf\uff0cEBITDA\u5229\u6da6\u7387\u572825%-30%\u4e4b\u95f4\u3002\u622a\u81f32024\u5e74\u5e95\uff0cKraken\u5e73\u53f0\u8d44\u4ea7\u8fbe428\u4ebf\uff0c\u6708\u5ea6\u6d3b\u8dc3\u4ed8\u8d39\u7528\u6237250\u4e07\uff0c\u5355\u7528\u6237\u5e74\u5747\u6536\u5165\u8d85\u8fc7700\u7f8e\u91d1\u30022025\u5e74Q1 Kraken \u5b9e\u73b0\u8425\u65364.72\u4ebf\uff08\u540c\u6bd4+19%\uff0c\u73af\u6bd4\u7565\u964d7%\uff09\uff0c\u800cQ2\u8425\u6536\u7ea6 4.116 \u4ebf\uff0c\u73af\u6bd4\u518d\u964d -13%\u3002\u4f5c\u4e3a\u975e\u4e0a\u5e02\u516c\u53f8\uff0cKraken\u6700\u65b0\u4f30\u503c\u672a\u516c\u5f00\uff0c\u636e\u5a92\u4f53\u62a5\u9053\u51762021\u5e74\u66fe\u5bfb\u6c42\u8d85\u8fc7100\u4ebf\u7f8e\u91d1\u4f30\u503c\u878d\u8d44\u3002\u6839\u636eHiive \u79c1\u52df\u80a1\u6743\u4ea4\u6613\u5e73\u53f0\u4e0a\u7684Kraken\u79c1\u52df\u80a1\u6743\u4ef7\u683c42.8\u7f8e\u91d1\uff0c\u5bf9\u5e94\u4f30\u503c\u4e3a91\u4ebf\u5de6\u53f3\uff0c\u8fd13\u4e2a\u6708\u6da8\u52bf\u8fc5\u731b\uff0c\u63a5\u8fd1\u7ffb\u500d\u30022024\u5e74\u8425\u6536\u7ffb\u756a\u8868\u660e\u5176\u5b9e\u9645\u4e1a\u52a1\u89c4\u6a21\u5df2\u5927\u5e45\u63d0\u5347\uff0c\u4f30\u503c\u76f8\u5bf9\u8425\u6536\u7684\u500d\u6570\u53ef\u80fd\u4f4e\u4e8e\u540c\u4e3a\u4e0a\u5e02\u516c\u53f8\u7684Coinbase\u548cRobinhood\u3002<\/li>\n<li class=\"ql-align-justify\">Binance\uff08\u5168\u7403\u6700\u5927\u52a0\u5bc6\u4ea4\u6613\u6240\uff0c\u672a\u4e0a\u5e02\uff09\uff1a\u4f5c\u4e3a\u884c\u4e1a\u9f99\u5934\uff0cBinance\u4ea4\u6613\u89c4\u6a21\u548c\u7528\u6237\u6570\u8fdc\u8d85\u540c\u4e1a\u3002\u5176\u8d22\u52a1\u6570\u636e\u672a\u5b9a\u671f\u62ab\u9732\uff0c\u4f46\u6b64\u524d\u6709\u884c\u4e1a\u5206\u6790\u4f30\u8ba12023\u5e74\u8425\u6536\u9ad8\u8fbe\u7ea6168\u4ebf\u7f8e\u5143\uff0c\u6bd4\u4e0a\u4e00\u5e74\u589e\u957f40%\uff0c\u7ea6\u4e3a\u540c\u671fCoinbase\u8425\u6536\u76842.7\u500d\u3002Binance\u636e\u79f0\u57282022\u5e74\u5b9e\u73b0\u4e86\u903e120\u4ebf\u7f8e\u5143\u6536\u5165\u548c\u63a5\u8fd1100\u4ebf\u7f8e\u5143\u7684\u5229\u6da6\uff0c\u53cd\u6620\u51fa\u60ca\u4eba\u7684\u76c8\u5229\u80fd\u529b\u548c\u4e1a\u52a1\u89c4\u6a21\uff08\u5229\u6da6\u7387\u7ea680%\uff09\u3002\u7531\u4e8e\u672a\u4e0a\u5e02\uff0cBinance\u6ca1\u6709\u516c\u5f00\u7684\u5e02\u503c\u548c\u4f30\u503c\u500d\u6570\uff1b\u4f46\u4ee5\u5176\u6536\u5165\u548c\u76c8\u5229\u4f53\u91cf\u63a8\u7b97\uff0c\u5373\u4fbf\u7ed9\u4e88\u8f83\u4f4e\u7684\u4f30\u503c\u7cfb\u6570\uff0c\u5176\u9690\u542b\u5e02\u503c\u4ecd\u53ef\u80fd\u8fbe\u5230\u5343\u4ebf\u7f8e\u5143\u91cf\u7ea7\u3002\u5728\u76d1\u7ba1\u73af\u5883\u65b9\u9762\uff0cBinance\u66fe\u9762\u4e34\u7f8e\u56fd\u3001\u6b27\u6d32\u7b49\u591a\u5730\u7684\u5408\u89c4\u538b\u529b\u548c\u8bc9\u8bbc\u6311\u6218\uff0c\u8fd9\u4e3a\u5176\u672a\u6765\u589e\u957f\u548c\u6f5c\u5728\u4e0a\u5e02\u524d\u666f\u589e\u6dfb\u4e86\u4e0d\u786e\u5b9a\u6027\u3002\u603b\u4f53\u800c\u8a00\uff0cBinance\u51ed\u501f\u538b\u5012\u6027\u7684\u5e02\u573a\u4efd\u989d\u5728\u7edd\u5bf9\u89c4\u6a21\u4e0a\u9886\u5148\u4e1a\u754c\uff0c\u4f46Coinbase\u7b49\u5408\u89c4\u4e0a\u5e02\u5e73\u53f0\u5728\u4f30\u503c\u6c34\u5e73\uff08\u5982\u5e02\u9500\u7387\u3001EV\/EBITDA\u7b49\u500d\u6570\uff09\u4e0a\u53cd\u6620\u51fa\u7684\u5e02\u573a\u4fe1\u5fc3\u66f4\u9ad8\uff0c\u8fd9\u4e0e\u76d1\u7ba1\u900f\u660e\u5ea6\u548c\u4e1a\u52a1\u6a21\u5f0f\u5dee\u5f02\u6709\u5173\u3002<\/li>\n<\/ul>\n<p class=\"ql-align-justify\"><img decoding=\"async\" alt=\"Coinbase\" src=\"https:\/\/hx24-prod.mars-block.com\/image\/crawler\/2025\/08\/27\/1756274014025067.jpg\"><\/p>\n<p class=\"ql-align-justify\">\u6211\u4eec\u518d\u5c06Coinbase\u548cRobinhood\u768425\u5e74Q2\u6570\u636e\u8fdb\u884c\u5bf9\u6bd4\uff1a<\/p>\n<p class=\"ql-align-justify\"><img decoding=\"async\" alt=\"Coinbase\" src=\"https:\/\/hx24-prod.mars-block.com\/image\/crawler\/2025\/08\/27\/1756274014023049.jpg\"><\/p>\n<p class=\"ql-align-justify\">\u6574\u4f53\u6765\u770b\uff0c\u4e24\u4e2a\u4f01\u4e1a\u7684\u6536\u5165\u89c4\u6a21\u7b49\u5404\u9879\u6307\u6807\u90fd\u6bd4\u8f83\u63a5\u8fd1\uff0c\u5e02\u503cCoinbase\u76ee\u524d\u4e3a798\u4ebf\uff0cRobinhood\u5219\u4e3a1018\u4ebf\uff0c\u4f46\u4e24\u4e2a\u4f01\u4e1a\u7684\u6536\u5165\u7ed3\u6784\u5b9e\u9645\u4e0a\u5dee\u522b\u8f83\u5927\uff0cCoinbase\u7684\u6536\u5165\u6765\u81ea\uff1a\u4ea4\u6613 + \u8ba2\u9605\/\u6258\u7ba1\/\u7a33\u5b9a\u5e01\/\u884d\u751f\u54c1\uff1bRobinhood\u5219\u662f\uff1a\u7ecf\u7eaa\u8d39 + \u5229\u606f\u6536\u5165\uff08\u7528\u6237\u8d44\u91d1\u5b58\u5165\u94f6\u884c\u8fdb\u884c\u7406\u8d22\u751f\u606f\u7684\u606f\u5dee+\u878d\u8d44\u878d\u5238\u6536\u5165\uff09 + \u8ba2\u9605\/\u671f\u6743\/\u52a0\u5bc6\u4ea4\u6613\u3002\u8fd1\u5e74\u6765\uff0cRobinhood \u5e73\u53f0\u8d44\u4ea7\u4e0e\u7528\u6237\u6269\u5f20\u8fc5\u901f\uff0c\u8fd8\u5e76\u8d2d\u4e86 Bitstamp \u63a8\u52a8\u56fd\u9645\u5316\uff0c\u5c06\u6210\u4e3aCoinabase\u5728\u7f8e\u56fd\u672c\u571f\u548c\u5168\u7403\u7684\u76f4\u63a5\u7ade\u4e89\u5bf9\u624b\u3002<\/p>\n<p class=\"ql-align-justify\">\u7efc\u4e0a\uff0cCoinbase\u7684\u8d22\u52a1\u8868\u73b0\u4f53\u73b0\u51fa\u9ad8\u589e\u957f\u9ad8\u6ce2\u52a8\u7684\u884c\u4e1a\u7279\u70b9\uff0c\u4f46\u51ed\u501f\u826f\u597d\u7684\u6210\u672c\u63a7\u5236\u548c\u7a33\u5065\u8d44\u4ea7\u8d1f\u503a\u8868\uff0c\u516c\u53f8\u5728\u4f4e\u8c37\u4e2d\u4fdd\u6301\u4e86\u751f\u5b58\u5b9e\u529b\uff0c\u5e76\u5728\u9ad8\u5cf0\u4e2d\u5b9e\u73b0\u5353\u8d8a\u76c8\u5229\u3002\u8fd9\u79cd\u4e1a\u7ee9\u5f39\u6027\u65e2\u662f\u6295\u8d44\u4eae\u70b9\u4e5f\u662f\u98ce\u9669\u6240\u5728\uff1a\u672a\u6765\u82e5\u52a0\u5bc6\u5e02\u573a\u6301\u7eed\u5411\u597d\uff0cCoinbase\u6709\u671b\u518d\u521b2021\u5e74\u90a3\u6837\u7684\u76c8\u5229\u9ad8\u5cf0\uff1b\u53cd\u4e4b\u82e5\u5e02\u573a\u4f4e\u8ff7\uff0c\u516c\u53f8\u9700\u66f4\u4e25\u63a7\u652f\u51fa\u4ee5\u907f\u514d\u91cd\u8e482022\u5e74\u4e8f\u635f\uff0c\u76ee\u524d\u6765\u770b\u5373\u4f7f\u91cd\u65b0\u8fdb\u5165\u725b\u5e02\uff0c\u516c\u53f8\u4eba\u5458\u4e5f\u59cb\u7ec8\u4fdd\u6301\u7cbe\u7b80\u7684\u4eba\u5458\u72b6\u6001\uff0c\u8d39\u7528\u63a7\u5236\u8f83\u597d\u3002\u540e\u7eed\u9700\u91cd\u70b9\u5173\u6ce8\u8ba2\u9605\u4e1a\u52a1\u6269\u5f20\u80fd\u5426\u5e73\u6ed1\u5468\u671f\u5f71\u54cd\uff0c\u4f7f\u516c\u53f8\u8d22\u52a1\u8868\u73b0\u66f4\u52a0\u7a33\u5065\u3002<\/p>\n<h2 class=\"ql-align-justify\"><strong>7.\u7ade\u4e89\u4f18\u52bf\u4e0e\u62a4\u57ce\u6cb3<\/strong><\/h2>\n<p class=\"ql-align-justify\">Coinbase\u80fd\u5728\u6fc0\u70c8\u7684\u52a0\u5bc6\u884c\u4e1a\u7ade\u4e89\u4e2d\u7acb\u8db3\u5e76\u6210\u4e3a\u9f99\u5934\uff0c\u4e0e\u5176\u6784\u7b51\u7684\u591a\u91cd\u62a4\u57ce\u6cb3\u5bc6\u5207\u76f8\u5173\uff1a<\/p>\n<p class=\"ql-align-justify\">\u54c1\u724c\u4fe1\u4efb\u4e0e\u5408\u89c4\u4f18\u52bf<\/p>\n<p class=\"ql-align-justify\">Coinbase\u4f5c\u4e3a\u6700\u65e9\u671f\u8fdb\u5165\u5408\u89c4\u8d5b\u9053\u7684\u4ea4\u6613\u6240\uff0c\u79ef\u7d2f\u4e86\u5f3a\u5927\u7684\u54c1\u724c\u516c\u4fe1\u529b\u3002\u5b83\u662f\u5c11\u6570\u5728\u7f8e\u56fd\u83b7\u5f97\u5404\u5dde\u724c\u7167\uff08 \u81ea 2013 \u5e74\u8d77\u9646\u7eed\u53d6\u5f97 46 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2022\u5e74\u67d0\u4e9b\u7528\u6237\u56e0\u8bef\u5bfc\u6027\u5ba3\u4f20\u8d77\u8bc9Coinbase\uff0c\u5c3d\u7ba1\u91d1\u989d\u4e0d\u5927\u4f46\u5360\u7528\u516c\u53f8\u8d44\u6e90\u3002\u8fd9\u7c7b\u6cd5\u5f8b\u7ea0\u7eb7\u53ef\u80fd\u5c42\u51fa\u4e0d\u7a77\u3002Coinbase\u9700\u8981\u5f3a\u5927\u7684\u6cd5\u52a1\u56e2\u961f\uff08\u76ee\u524dCLO\u9886\u5bfc\u4e0b\u5df2\u7ecf\u5f88\u5f3a\uff09\uff0c\u4f46\u6cd5\u5f8b\u98ce\u9669\u65e0\u6cd5\u5b8c\u5168\u907f\u514d\u4e14\u53ef\u80fd\u5e26\u6765\u58f0\u8a89\u9634\u5f71\u3002<\/p>\n<p class=\"ql-align-justify\">\u5e02\u573a\u7ade\u4e89\u52a0\u5267\u98ce\u9669<\/p>\n<p class=\"ql-align-justify\">\u5c3d\u7ba1Coinbase\u5f53\u524d\u5730\u4f4d\u7a33\u56fa\uff0c\u4f46\u7ade\u4e89\u683c\u5c40\u77ac\u606f\u4e07\u53d8\u3002\u5934\u90e8\u7ade\u4e89\u8005\u65b9\u9762\uff0c\u5e01\u5b89\u7b49\u56fd\u9645\u5e73\u53f0\u4ecd\u5728\u90e8\u5206\u5e02\u573a\u5bf9Coinbase\u5f62\u6210\u538b\u529b\uff08\u5982\u8d39\u7387\u66f4\u4f4e\u3001\u5e01\u79cd\u66f4\u591a\uff09\uff0c\u82e5\u5e01\u5b89\u4e5f\u6210\u529f\u5316\u89e3\u76d1\u7ba1\u56f0\u5883\uff0c\u5176\u5e9e\u5927\u7528\u6237\u57fa\u7840\u53ef\u80fd\u518d\u6b21\u5a01\u80c1Coinbase\u7684\u5168\u7403\u4efd\u989d\u3002<\/p>\n<ul>\n<li class=\"ql-align-justify\">\u4f20\u7edf\u91d1\u878d\u5de8\u5934\u8fdb\u5165\u4e5f\u662f\u6f5c\u5728\u7ade\u4e89\uff1a\u4f8b\u5982\u6d32\u9645\u4ea4\u6613\u6240(ICE)\u66fe\u6536\u8d2d\u4e86\u53e6\u4e00\u7f8e\u56fd\u52a0\u5bc6\u4ea4\u6613\u6240Bakkt\uff0cNasdaq\u7b49\u4e5f\u6709\u5e03\u5c40\uff0c\u672a\u6765\u4e0d\u6392\u9664\u5927\u578b\u6295\u884c\u6216\u79d1\u6280\u516c\u53f8\u4e0b\u573a\u63a8\u51fa\u81ea\u5bb6\u52a0\u5bc6\u4ea4\u6613\u670d\u52a1\uff0c\u51ed\u501f\u8d44\u6e90\u548c\u8d44\u91d1\u4f18\u52bf\u62a2\u593a\u5ba2\u6237\u3002<\/li>\n<li class=\"ql-align-justify\">\u521b\u65b0\u6a21\u5f0f\u7ade\u4e89\uff1a\u53bb\u4e2d\u5fc3\u5316\u4ea4\u6613\u6240(DEX)\u548cDeFi\u7684\u5d1b\u8d77\u5bf9\u4e2d\u5fc3\u5316\u5e73\u53f0\u6784\u6210\u957f\u671f\u6311\u6218\u3002\u867d\u7136\u76ee\u524dDEX\u4f53\u9a8c\u8fd8\u4e0d\u53ca\uff0c\u4f46\u6280\u672f\u5728\u8fdb\u6b65\uff0c\u4e00\u4e9b\u8d44\u6df1\u7528\u6237\u5df2\u5728\u8f6c\u5411\u63a7\u5236\u81ea\u5df1\u8d44\u4ea7\u7684\u4ea4\u6613\u65b9\u5f0f\u3002\u4e07\u4e00\u672a\u6765\u51e0\u5e74DEX\u5b9e\u73b0\u5728\u6027\u80fd\u548c\u6d41\u52a8\u6027\u4e0a\u8d76\u8d85\uff0cCoinbase\u53ef\u80fd\u6d41\u5931\u9ad8\u7aef\u7528\u6237\u3002\u6b64\u5916\uff0cFintech\u5238\u5546\uff08\u5982Robinhood\uff09\u7b49\u5728\u52a0\u5bc6\u4ea4\u6613\u4e0a\u589e\u52a0\u652f\u6301\uff0c\u4e5f\u74dc\u5206\u4e86\u4e00\u90e8\u5206\u6563\u6237\u6d41\u91cf\u3002<\/li>\n<\/ul>\n<p class=\"ql-align-justify\">\u5e76\u8d2d\u4e0e\u6574\u5408\u98ce\u9669<\/p>\n<p class=\"ql-align-justify\">Coinbase\u5728\u6269\u5f20\u4e2d\u8fdb\u884c\u4e86\u591a\u7b14\u6536\u8d2d\u548c\u65b0\u4e1a\u52a1\u62d3\u5c55\uff0c\u5982\u524d\u8ff0NFT\u5e73\u53f0\u3001\u4e00\u7cfb\u5217\u521d\u521b\u56e2\u961f\u7b49\u3002\u4f46\u6574\u5408\u65b0\u4e1a\u52a1\u3001\u65b0\u56e2\u961f\u5b58\u5728\u98ce\u9669\uff1a\u6587\u5316\u878d\u5408\u3001\u6280\u672f\u5bf9\u63a5\u548c\u9884\u671f\u672a\u8fbe\u3002NFT\u4e1a\u52a1\u5c31\u662f\u6536\u8d2d\u56e2\u961f\u4e0e\u5185\u90e8\u8d44\u6e90\u6ca1\u6709\u534f\u540c\u597d\u5bfc\u81f4\u6548\u679c\u4e0d\u4f73\u7684\u4f8b\u5b50\u3002\u672a\u6765Coinbase\u53ef\u80fd\u7ee7\u7eed\u901a\u8fc7\u5e76\u8d2d\u52a0\u5feb\u5e03\u5c40\uff08\u4f8b\u5982\u6536\u8d2d\u652f\u4ed8\u516c\u53f8\u3001\u6258\u7ba1\u673a\u6784\u7b49\uff09\uff0c\u6bcf\u6b21\u5e76\u8d2d\u90fd\u53ef\u80fd\u5e26\u6765\u6574\u5408\u4e0d\u987a\u6216\u4e1a\u7ee9\u4e0d\u8fbe\u6807\u7684\u98ce\u9669\uff0c\u66f4\u6709\u53ef\u80fd\u56e0\u4e3a\u4e1a\u52a1\u7684\u5206\u6563\u5bfc\u81f4\u5728\u6838\u5fc3\u4e3b\u4e1a\u4e0a\u7684\u5173\u6ce8\u5ea6\u4e0d\u591f\u3002\u53e6\u5916\uff0c\u5927\u89c4\u6a21\u5e76\u8d2d\u8fd8\u6d89\u53ca\u76d1\u7ba1\u5ba1\u6279\u98ce\u9669\uff0c\u5c24\u5176Coinbase\u5df2\u662f\u5e02\u573a\u9f99\u5934\uff0c\u5176\u4efb\u4f55\u884c\u4e1a\u5185\u6536\u8d2d\u5728\u672a\u6765\u90fd\u53ef\u80fd\u53d7\u5230\u53cd\u5784\u65ad\u5ba1\u67e5\uff08\u4f8b\u5982\u8d2d\u5e76\u53e6\u4e00\u5bb6\u7f8e\u56fd\u4ea4\u6613\u6240\u53ef\u80fd\u88ab\u963b\u6b62\uff09\u3002<\/p>\n<p class=\"ql-align-justify\">\u5168\u7403\u5730\u7f18\u548c\u6cd5\u5f8b\u73af\u5883\u98ce\u9669<\/p>\n<p 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class=\"ql-align-justify\">\u4ee5\u4e0a\u98ce\u9669\u4e2d\uff0c\u76d1\u7ba1\u548c\u5e02\u573a\u5468\u671f\u53ef\u8c13\u6700\u4e3b\u8981\u7684\u4e24\u9879\uff0c\u5c06\u6301\u7eed\u5bf9Coinbase\u672a\u6765\u8868\u73b0\u4ea7\u751f\u91cd\u5927\u5f71\u54cd\u3002\u516c\u53f8\u5df2\u7ecf\u5728\u5e94\u5bf9\u8fd9\u4e9b\u6311\u6218\u65b9\u9762\u91c7\u53d6\u63aa\u65bd\uff0c\u4f46\u4ecd\u6709\u76f8\u5f53\u4e0d\u786e\u5b9a\u6027\u3002<\/p>\n<h2 class=\"ql-align-justify\"><strong>9.\u4f30\u503c<\/strong><\/h2>\n<p class=\"ql-align-justify\">\u6211\u4eec\u5bf9Coinbase\u7684\u4f30\u503c\u91c7\u7528\u76f8\u5bf9\u4f30\u503c\u6cd5\uff0c\u5e76\u8003\u8651\u725b\u3001\u718a\u4e24\u79cd\u6781\u7aef\u573a\u666f\u6765\u8bc4\u4f30\u76ee\u6807\u4ef7\u533a\u95f4\u3002<\/p>\n<p class=\"ql-align-justify\">\u4f30\u503c\u65b9\u6cd5\uff1a<\/p>\n<ul>\n<li class=\"ql-align-justify\">\u5e02\u9500\u7387(P\/S)\uff1a\u7531\u4e8eCoinbase\u4e1a\u7ee9\u6ce2\u52a8\u5927\uff0c\u7528\u5e02\u76c8\u7387\u7b49\u76c8\u5229\u6307\u6807\u4f30\u503c\u4e0d\u7a33\u5b9a\uff0c\u5e02\u9500\u7387\u63d0\u4f9b\u4e86\u76f8\u5bf9\u76f4\u89c2\u7684\u5c3a\u5ea6\u3002\u5728\u5386\u53f2\u4e0a\uff0cCoinbase\u5728\u9ad8\u5cf0\u671f\u66fe\u4ea4\u6613\u4e8e\u8fd120\u500dP\/S\uff0c\u800c\u718a\u5e02\u4f4e\u8c37\u4e0d\u8db33\u500dP\/S\u3002\u76ee\u524d\u80a1\u4ef7\u5bf9\u5e94\u6700\u8fd1\u4e00\u5e74\u5b9e\u9645\u8425\u6536\u7ea611.7\u500d P\/S\uff08\u8fd9\u4e00\u9ad8\u500d\u6570\u53cd\u6620\u6295\u8d44\u8005\u9884\u671f\u672a\u6765\u8425\u6536\u7ee7\u7eed\u5feb\u901f\u589e\u957f\uff09\u3002\u4e0e\u5176\u4ed6\u5927\u90e8\u5206\u4ea4\u6613\u5e73\u53f0\u578b\u7684\u91d1\u878d\u79d1\u6280\u516c\u53f8\u76f8\u6bd4\uff0c\u8fd9\u4e00\u500d\u6570\u5c5e\u4e8e\u5c45\u4e2d\u6c34\u5e73\uff0c\u5c24\u5176\u662f\u8fdc\u4f4e\u4e8e\u540c\u5c5e\u4ea4\u6613\u5e73\u53f0\u7684Robinhood\uff0c\u8003\u8651\u5927\u76d8Coinbase\u9ad8\u6bdb\u5229\u53ca\u9ad8\u589e\u957f\u5f39\u6027\uff0c\u57fa\u51c6\u60c5\u666f\u4e0bP\/S\u533a\u95f4\u572810-15\u500d\u5de6\u53f3\u6bd4\u8f83\u5408\u7406\uff0c\u5bf9\u5e94Coinbase\u5e02\u503c\u5728671-1007\u4ebf\uff0c\u5bf9\u5e94\u80a1\u4ef7232\u2013348\u7f8e\u91d1\uff08\u4ee5\u5b8c\u5168\u7a00\u91ca\u80a1\u672c2.89\u4ebf\u80a1\u8ba1\u7b97\uff0c\u4ee5\u6c42\u4fdd\u5b88\uff09\u3002<\/li>\n<\/ul>\n<p class=\"ql-align-justify\"><img decoding=\"async\" alt=\"Coinbase\" src=\"https:\/\/hx24-prod.mars-block.com\/image\/crawler\/2025\/08\/27\/1756274014027216.jpg\"><\/p>\n<p class=\"ql-align-justify\"><span>Coinbase\u5bf9\u6807\u4ea4\u6613\u5e73\u53f0\u578b\u7f8e\u80a1\u4e0a\u5e02\u516c\u53f8\u7684PS<\/span><\/p>\n<ul>\n<li class=\"ql-align-justify\">\u4f01\u4e1a\u4ef7\u503c\/EBITDA(EV\/EBITDA)\uff1a\u4f20\u7edf\u4ea4\u6613\u6240\u591a\u57fa\u4e8eEBITDA\u4f30\u503c\u3002Coinbase 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330\u7f8e\u91d1\u3002\u5982\u679c\u8981\u7559\u51fa\u6bd4\u8f83\u5145\u5206\u7684\u5b89\u5168\u8fb9\u9645\uff0c\u53ef\u5728EV\/EBITDA 20-30\u500d\u7684\u57fa\u7840\u4e0a\u62537-8\u6298\uff0c\u4f5c\u4e3a\u4e70\u5165\u7684\u533a\u95f4\uff08PS\u540c\u7406\uff09\u3002<\/li>\n<\/ul>\n<p class=\"ql-align-justify\"><img decoding=\"async\" alt=\"Coinbase\" src=\"https:\/\/hx24-prod.mars-block.com\/image\/crawler\/2025\/08\/27\/1756274014024826.jpg\"><\/p>\n<h2 class=\"ql-align-justify\"><strong>10.\u7ed3\u8bba<\/strong><\/h2>\n<p class=\"ql-align-justify\">\u603b\u7ed3\uff1aCoinbase\u4f5c\u4e3a\u5168\u7403\u52a0\u5bc6\u8d44\u4ea7\u4ea4\u6613\u548c\u670d\u52a1\u9f99\u5934\uff0c\u51ed\u501f\u54c1\u724c\u4fe1\u4efb\u3001\u5e7f\u6cdb\u7528\u6237\u57fa\u7840\u4ee5\u53ca\u4ea7\u54c1\u591a\u5143\u5316\uff0c\u5177\u5907\u5728\u52a0\u5bc6\u91d1\u878d\u6d6a\u6f6e\u4e2d\u6301\u7eed\u53d1\u5c55\u7684\u6f5c\u529b\u3002\u516c\u53f8\u8fc7\u53bb\u51e0\u5e74\u7ecf\u5386\u4e86\u8d85\u9ad8\u901f\u589e\u957f\u4e0e\u5267\u70c8\u56de\u8c03\uff0c\u4f46\u7ba1\u7406\u5c42\u79ef\u6781\u5e94\u5bf9\uff0c\u6210\u529f\u7ef4\u6301\u4e86\u8d22\u52a1\u7a33\u5065\u548c\u6218\u7565\u5b9a\u529b\u3002Coinbase\u957f\u8fdc\u4ef7\u503c\u503c\u5f97\u671f\u5f85\uff0c\u57fa\u4e8e\u4ee5\u4e0b\u8981\u70b9\uff1a<\/p>\n<ul>\n<li class=\"ql-align-justify\">\u5b83\u5728\u5408\u89c4\u8fd0\u8425\u548c\u5b89\u5168\u53ef\u9760\u65b9\u9762\u7684\u58f0\u8a89\u5f3a\u5927\uff0c\u6709\u5229\u4e8e\u4f7f\u5176\u6301\u7eed\u5438\u5f15\u4e3b\u6d41\u8d44\u91d1\u548c\u673a\u6784\u8fdb\u5165\u3002<\/li>\n<li class=\"ql-align-justify\">\u8ba2\u9605\u548c\u5229\u606f\u7b49\u591a\u5143\u6536\u5165\u5174\u8d77\uff0c\u4e1a\u52a1\u6a21\u578b\u66f4\u52a0\u591a\u817f\u652f\u6491\uff0c\u6297\u5468\u671f\u80fd\u529b\u8f83\u8fc7\u53bb\u6709\u6240\u589e\u5f3a\u3002<\/li>\n<li class=\"ql-align-justify\">\u5f3a\u5927\u7684\u8d44\u4ea7\u8d1f\u503a\u8868\u548c\u5145\u88d5\u73b0\u91d1\uff0c\u4e3a\u516c\u53f8\u5728\u6280\u672f\u9769\u65b0\u3001\u56fd\u9645\u6269\u5f20\u548c\u9006\u98ce\u73af\u5883\u4e2d\u63d0\u4f9b\u7f13\u51b2\u548c\u8fdb\u653b\u80fd\u529b\u3002<\/li>\n<li class=\"ql-align-justify\">\u957f\u671f\u884c\u4e1a\u8d8b\u52bf\u4ecd\u6307\u5411\u589e\u957f\uff1a\u533a\u5757\u94fe\u548c\u6570\u5b57\u8d44\u4ea7\u6709\u671b\u65e5\u76ca\u878d\u5165\u4e3b\u6d41\u91d1\u878d\uff0cCoinbase\u62e5\u6709\u4e0d\u9519\u7684\u751f\u6001\u5360\u4f4d\u3002<\/li>\n<\/ul>\n<p class=\"ql-align-justify\">\u7136\u800c\uff0c\u5176\u8425\u6536\u548c\u5229\u6da6\u968f\u7740\u884c\u4e1a\u5468\u671f\u6ce2\u52a8\u7684\u5e45\u5ea6\u867d\u7136\u6709\u671b\u8f83\u4e0a\u4e2a\u5468\u671f\u51cf\u7f13\uff0c\u4f46\u662f\u4ecd\u7136\u96be\u4ee5\u907f\u514d\u5927\u8d77\u5927\u843d\uff0c\u8fd9\u4e00\u60c5\u51b5\u5df2\u7ecf\u5728\u6700\u65b0\u4e00\u5b63\u7684\u8d22\u62a5\u4e2d\u521d\u9732\u7aef\u502a\u3002<\/p>\n<p class=\"ql-align-justify\">\u6b64\u5916\uff0cCoinbase\u5904\u5728\u4e00\u4e2a\u7ade\u4e89\u9ad8\u5ea6\u7684\u6fc0\u70c8\u7684\u8d5b\u9053\uff0c\u5728\u7f8e\u56fd\u672c\u571f\u5e02\u573a\u9762\u4e34Robinhood\u3001Kraken\u7684\u76f4\u63a5\u7ade\u4e89\uff0c\u6d77\u5916\u5219\u6709\u5927\u91cf\u79bb\u5cb8\u52a0\u5bc6\u4ea4\u6613\u6240\u767d\u5203\u53ae\u6740\uff0c\u53bb\u4e2d\u5fc3\u5316\u4ea4\u6613\u5e73\u53f0\u5982Uniswap\uff0c\u4ee5\u53ca\u94fe\u4e0a\u4ea4\u6613\u6240Hyperliquid\u4e5f\u53d1\u5c55\u8fc5\u901f\u3002<\/p>\n<p class=\"ql-align-justify\">\u53ef\u4ee5\u8bf4\uff0cCoinbase\u7684\u7ade\u4e89\u6311\u6218\u4e0e\u65f6\u4ee3\u673a\u9047\u5e76\u5b58\u3002<\/p>\n<p class=\"ql-align-justify\">\u50ac\u5316\u5242\u4e0e\u89c2\u5bdf\u6e05\u5355\uff1a\u672a\u6765\u51e0\u4e2a\u5b63\u5ea6\uff0c\u5efa\u8bae\u91cd\u70b9\u5173\u6ce8\u4ee5\u4e0b\u53ef\u80fd\u5f71\u54cdCoinbase\u80a1\u4ef7\u7684\u56e0\u7d20\u548c\u4e8b\u4ef6\uff1a<\/p>\n<ul>\n<li class=\"ql-align-justify\">\u76d1\u7ba1\u8fdb\u5c55\uff1a\u7f8e\u56fd\u56fd\u4f1a\u5173\u4e8e\u52a0\u5bc6\u76d1\u7ba1\u6cd5\u6848\u7684\u52a8\u6001\uff0c\u5982Clarity\u901a\u8fc7\uff0c\u5219\u6709\u5229\u4e8e\u52a0\u5bc6\u548cCoinbase\u7684\u4e1a\u52a1\u53d1\u5c55<\/li>\n<li class=\"ql-align-justify\">\u5b8f\u89c2\u4e0e\u884c\u4e1a\u6307\u6807\uff1a\u6bd4\u7279\u5e01\u4ef7\u683c\u8d70\u52bf\u3001\u6574\u4f53\u4ea4\u6613\u91cf\u53d8\u5316\u3001\u94fe\u4e0a\u6d3b\u52a8\u6570\u636e\u7b49\u3002\u5982\u679c\u4e3b\u6d41\u5e01\u4ef7\u683c\u7a81\u7834\u65b0\u9ad8\uff0c\u5c06\u5e26\u6765\u4ea4\u6613\u91cf\u653e\u5927\u548c\u65b0\u7528\u6237\u6fc0\u589e\uff0c\u662f\u91cd\u5927\u5229\u597d\u3002\u884c\u4e1a\u6210\u4ea4\u91cf\u6708\u5ea6\u8d8b\u52bf\u4e5f\u5e94\u8ddf\u8e2a\uff0c\u63d0\u524d\u6355\u6349\u725b\u718a\u62d0\u70b9\u3002<\/li>\n<li class=\"ql-align-justify\">\u4ea7\u54c1\u53ca\u5e02\u573a\u62d3\u5c55\uff1aCoinbase\u884d\u751f\u54c1\u4e1a\u52a1\u8fdb\u5c55\uff08\u6bd4\u5982\u7f8e\u56fd\u83b7\u6279\u63a8\u51fa\u52a0\u5bc6\u671f\u8d27\u5168\u9762\u670d\u52a1\uff09\u3001\u56fd\u9645\u5e02\u573a\u589e\u957f\uff08\u76d1\u7ba1\u724c\u7167\u843d\u5730\u540e\u7684\u7528\u6237\u589e\u957f\u66f2\u7ebf\uff09\u4ee5\u53ca\u65b0\u4ea7\u54c1\uff08\u5982Base\u94fe\u4e0a\u751f\u6001\u7e41\u8363\u5ea6\uff09\u3002\u8fd9\u4e9b\u90fd\u662f\u62d3\u5bbd\u6536\u5165\u6765\u6e90\u7684\u5173\u952e\u3002\u59822025\u5e74\u51fa\u73b0\u67d0\u5b63\u5ea6\u884d\u751f\u54c1\u4ea4\u6613\u91cf\u5927\u589e\u6216\u6d77\u5916\u6536\u5165\u5360\u6bd4\u660e\u663e\u63d0\u5347\uff0c\u53ef\u9a8c\u8bc1\u516c\u53f8\u589e\u957f\u65b0\u5f15\u64ce\u594f\u6548\u3002<\/li>\n<li class=\"ql-align-justify\">\u540c\u4e1a\u52a8\u5411\uff1a\u7ade\u4e89\u5bf9\u624b\u7684\u7b56\u7565\uff0c\u6bd4\u5982\u5e01\u5b89\u3001Kraken\u7b49\u662f\u5426\u9047\u5230\u76d1\u7ba1\u74f6\u9888\u6216\u6218\u7565\u6536\u7f29\uff0c\u5c06\u5229\u4e8eCoinbase\u4e89\u53d6\u4efd\u989d\u3002\u53e6\u5916\uff0c\u4f20\u7edf\u91d1\u878d\u5de8\u5934\uff08BlackRock\u7b49\uff09\u6d89\u8db3\u52a0\u5bc6\u9886\u57df\u7684\u5408\u4f5c\u673a\u4f1a\uff08\u5982\u6bd4\u7279\u5e01ETF\u5c06Coinbase\u4f5c\u4e3a\u6258\u7ba1\/\u5e02\u573a\u4f19\u4f34\uff09\u4e5f\u503c\u5f97\u7559\u610f\u3002<\/li>\n<li class=\"ql-align-justify\">\u8fd0\u8425\u6307\u6807\uff1a\u6708\u5ea6\u4ea4\u6613\u7528\u6237(MTU)\u53d8\u5316\u3001\u8d44\u4ea7\u7559\u5b58\uff08AUM\uff09\u8d8b\u52bf\u3001\u8d39\u7387\u6c34\u5e73\u7b49\u3002MTU\u56de\u5347\u5c06\u9884\u793a\u6563\u6237\u6d3b\u8dc3\u5ea6\u6539\u5584\uff1bAUM\u4e0a\u5347\u8bf4\u660e\u6709\u8d44\u91d1\u51c0\u6d41\u5165\u5e73\u53f0\u3002\u8d39\u7387\u82e5\u7a33\u4e2d\u6709\u964d\u5219\u4ee3\u8868\u7ade\u4e89\u73af\u5883\u53d8\u5316\uff0c\u9700\u8981\u5206\u6790\u662f\u7b56\u7565\u6027\u964d\u8d39\u6362\u91cf\u8fd8\u662f\u53d7\u538b\u6240\u81f4\u3002<\/li>\n<\/ul>\n<h2 class=\"ql-align-justify\"><strong>11.\u9644\u5f55<\/strong><\/h2>\n<p class=\"ql-align-justify\">\u672f\u8bed\u8868\uff1a<\/p>\n<ul>\n<li class=\"ql-align-justify\">MTU (Monthly Transacting User)\uff1a\u6708\u5ea6\u4ea4\u6613\u7528\u6237\uff0c\u5b9a\u4e49\u4e3a\u5728\u4efb\u610f28\u5929\u5185\u81f3\u5c11\u8fdb\u884c\u8fc7\u4e00\u6b21\u4ea4\u6613\uff08\u4e70\u5356\u6216\u8d28\u62bc\u7b49\uff09\u7684\u96f6\u552e\u7528\u6237\u3002\u5b63\u5ea6MTU\u53d6\u5404\u6708\u5747\u503c\u3002\u8be5\u6307\u6807\u53cd\u6620\u96f6\u552e\u7528\u6237\u6d3b\u8dc3\u5ea6\u3002<\/li>\n<li class=\"ql-align-justify\">Adjusted EBITDA\uff1a\u8c03\u6574\u540e\u606f\u7a0e\u6298\u65e7\u644a\u9500\u524d\u5229\u6da6\uff0c\u4e3aCoinbase\u7ba1\u7406\u5c42\u8861\u91cf\u7ecf\u8425\u4e1a\u7ee9\u7684\u975eGAAP\u6307\u6807\uff0c\u8c03\u6574\u9879\u5305\u62ec\u80a1\u6743\u6fc0\u52b1\u3001\u4e00\u6b21\u6027\u6cd5\u5f8b\u8d39\u7528\u7b49\u30022022\u5e74\u8d1f\u503c\u4ee3\u8868\u7ecf\u8425\u4e8f\u635f\u3002<\/li>\n<li class=\"ql-align-justify\">Coinbase 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