到目前為止,上市后的Coinbase一直表現不佳。
自今年4月中旬直接上市以來,這家大型加密貨幣交易所的股價和它的首輪收盤價相比,已經下跌了近32%——因為它背靠的大型加密貨幣(包括比特幣)近來都在下跌。5月19日,加密貨幣的損失尤其慘重,比特幣(Bitcoin)、以太坊(Ethereum),甚至狗狗幣(Dogecoin)都出現了暴跌,在當天的晚些時候,才又重新回升了一點。
5月19日收盤時,Coinbase的股價下跌了約6%。在某種程度上,這家加密貨幣交易所的股價與加密貨幣的波動性息息相關,券商D.A. Davidson的分析師吉爾?盧里亞指出:“到目前為止,Coinbase的交易幾乎與比特幣保持著步調一致。”
盧里亞告訴《財富》雜志,對那些在本周眼睜睜看著Coinbase的股票一蹶不振的人來說,這一點可能會讓他們感到震驚,但價格下跌“可能恰恰讓人們忽略了重要的一點,那就是,今天可能是Coinbase有史以來表現最好的一天。”
他說,這是因為“波動性才是真正推動Coinbase業績的因素——它關心的是人們買賣比特幣……而不是比特幣的漲跌。我認為今天人們可能依舊忽略了這一點,這就是為什么Coinbase還是繼續和比特幣的價格步調一致,而不是與之相反,與加密貨幣的波動性步調一致,這對Coinbase的命運更為重要。”
確實,Coinbase的絕大部分收入來自交易費。因此,與傳統的證券公司一樣,交易量增加是個好兆頭,意味著Coinbase的主要收入來源有著落了——哪怕以太坊和比特幣之流的價格暴跌也無妨。Coinbase最近報告稱,其在第一季度實現了“穩健的”收益(基本上與它們的初始業績相當),該公司還表示,預計第二季度的交易量將繼續保持良好,或是穩中有進。
盡管如此,困擾著Coinbase的問題卻不止股價下跌這一點。5月19日,當所有加密貨幣都經歷著價格過山車時,Coinbase(還有幣安等其他交易平臺)在交易或登錄時又出現了問題,Coinbase的技術支持部門也于當天的早些時候在推特(Twitter)上回應了這一點。后來,該公司宣布已經“妥善修復問題”,并承諾客戶“在登錄Coinbase和Coinbase Pro時不會再出現問題”。
我們已經修復了這一問題,正在觀察結果,但是,在登錄Coinbase和Coinbase Pro時不會再有問題了。我們對由此帶來的一切不便深表歉意。感謝您今天給予我們的耐心配合。
——Coinbase技術支持(@CoinbaseSupport),2021年5月19日
盧里亞指出,從長遠來看,Coinbase的價值將與“加密貨幣產業的整體性成功有關,而這又與加密貨幣的價格有關”。他說,投資者應該記住,Coinbase的股價與加密貨幣資產本身都遵循同一條規律:即,這是“高度投機性的努力,投資者可以承受的最大損失是多少,就只能夠投到多少。”
但看漲的盧里亞稱,如果幣圈投資者看到更多像5月19日這樣大起大落的日子,“只要人們還對這些火爆的資產有興趣、并活躍地買賣著,Coinbase就會表現得非常好”。(財富中文網)
編譯:陳聰聰
到目前為止,上市后的Coinbase一直表現不佳。
自今年4月中旬直接上市以來,這家大型加密貨幣交易所的股價和它的首輪收盤價相比,已經下跌了近32%——因為它背靠的大型加密貨幣(包括比特幣)近來都在下跌。5月19日,加密貨幣的損失尤其慘重,比特幣(Bitcoin)、以太坊(Ethereum),甚至狗狗幣(Dogecoin)都出現了暴跌,在當天的晚些時候,才又重新回升了一點。
5月19日收盤時,Coinbase的股價下跌了約6%。在某種程度上,這家加密貨幣交易所的股價與加密貨幣的波動性息息相關,券商D.A. Davidson的分析師吉爾?盧里亞指出:“到目前為止,Coinbase的交易幾乎與比特幣保持著步調一致。”
盧里亞告訴《財富》雜志,對那些在本周眼睜睜看著Coinbase的股票一蹶不振的人來說,這一點可能會讓他們感到震驚,但價格下跌“可能恰恰讓人們忽略了重要的一點,那就是,今天可能是Coinbase有史以來表現最好的一天。”
他說,這是因為“波動性才是真正推動Coinbase業績的因素——它關心的是人們買賣比特幣……而不是比特幣的漲跌。我認為今天人們可能依舊忽略了這一點,這就是為什么Coinbase還是繼續和比特幣的價格步調一致,而不是與之相反,與加密貨幣的波動性步調一致,這對Coinbase的命運更為重要。”
確實,Coinbase的絕大部分收入來自交易費。因此,與傳統的證券公司一樣,交易量增加是個好兆頭,意味著Coinbase的主要收入來源有著落了——哪怕以太坊和比特幣之流的價格暴跌也無妨。Coinbase最近報告稱,其在第一季度實現了“穩健的”收益(基本上與它們的初始業績相當),該公司還表示,預計第二季度的交易量將繼續保持良好,或是穩中有進。
盡管如此,困擾著Coinbase的問題卻不止股價下跌這一點。5月19日,當所有加密貨幣都經歷著價格過山車時,Coinbase(還有幣安等其他交易平臺)在交易或登錄時又出現了問題,Coinbase的技術支持部門也于當天的早些時候在推特(Twitter)上回應了這一點。后來,該公司宣布已經“妥善修復問題”,并承諾客戶“在登錄Coinbase和Coinbase Pro時不會再出現問題”。
我們已經修復了這一問題,正在觀察結果,但是,在登錄Coinbase和Coinbase Pro時不會再有問題了。我們對由此帶來的一切不便深表歉意。感謝您今天給予我們的耐心配合。
——Coinbase技術支持(@CoinbaseSupport),2021年5月19日
盧里亞指出,從長遠來看,Coinbase的價值將與“加密貨幣產業的整體性成功有關,而這又與加密貨幣的價格有關”。他說,投資者應該記住,Coinbase的股價與加密貨幣資產本身都遵循同一條規律:即,這是“高度投機性的努力,投資者可以承受的最大損失是多少,就只能夠投到多少。”
但看漲的盧里亞稱,如果幣圈投資者看到更多像5月19日這樣大起大落的日子,“只要人們還對這些火爆的資產有興趣、并活躍地買賣著,Coinbase就會表現得非常好”。(財富中文網)
編譯:陳聰聰
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.