Falanqeeyayaasha Wall Street ayaa casriyeeyay qiimayntooda ku saabsan Coinbase Global, Inc. (COIN) ka dib markii natiijooyinkii labaad ee rubuca ugu horreeyay ee shirkadda oo aan waxba farxad badan lagu arkayn ugu soo bandhigeen Khamiistii. Falanqeeye Rosenblatt Chris Brendler ayaa mar kale ku adkeystay qiimaysigii 'Iibso' oo leh bartilmaameed qiimo oo ah $260, halka Needham falanqeeyaha John Todaro uu sii haystay qiimaysiga Iibso balse qiimihiisii bartilmaameedka ahaa oo ahaa $330 hoos loogu dhigay $270. Rosenblatt ayaa xusey in dhaqaale-soo-saarka Coinbase ee gaadhay $2. 03 bilyan uu ka dhacay qiyaasta guud ee ah $2. 10 bilyan oo qiyaastii ah 3%, inkasta oo ay waxyar ka badatay saadaashii Brendler. Dakhliga macaamilka ayaa ka hoos baxay filashada oo ahaa $1. 26 bilyan iyo qiimaha uu Brendler saadaaliyey oo ahaa $1. 30 bilyan, sabab awgeed qiimaha qaadashadu ayaa hoos u dhacay si ka badan sidii la filayay labadaba qeybta Macmiilka iyo Qaybta Hay’adaha, in kasta oo mugga macaamilka Macmiilka uu joogtey. Si kastaba ha ahaatee, isticmaalayaasha bil kasta ee macaamilka ah (MTUs) ayaa gaaray 9. 7 milyan, taas oo ka sarreysa qiyaasta guud ee ah 9. 2 milyan, taas oo muujineysa in madasha ay si xoog leh u shaqeyneyso inkastoo hoos u dhaca ku yimid mugga ganacsiga spot-ka ee taxan. Brendler ayaa iftiimiyay in balaarinta arrimaha ugu muhiimsan ee ganacsiga ee Coinbase ay tahay in ay ku fidaan meelaha dakhliga soo noqnoqda ah. Rubucan, Dakhliga Qalabka Iyo Adeegyada ayaa muujiyay xoog, iyadoo Stablecoins ay ka wanaagsan yihiin sidii la filayay, iyo adeegyo qiimo sare leh sida Prime oo horseed u ah koror. Dakhliga Blockchain-ka ayaa ahaa yaabka ugu weyn ee wanaagsan — dakhliga staking-ga ayaa hoos u dhacay kaliya 8. 5% taxan, isagoo ka fiican saadaashii Brendler oo ahayd 20%, inkasta oo qiimaha token-ka uu hoos u dhacay in ka badan 35%. Iibsashadii Coinbase ee Deribit, oo la filayo inay dhamaato sanadka gudihiisa, ayaa la filayaa inay si degdeg ah ugu faa’iideysato EBITDA-ga la habeeyey. heshiiska ah $2. 9 bilyan ayaa xoojiyay booska Coinbase ee suuqa derivatives-ka oo si degdeg ah u kori kara iyadoo sidoo kale kor u qaadaya jiritaankeeda is-dhexgalka caalamiga ah. Deribit oo leh in ka badan $1 trillion oo ku ganacsata ayaa gebi ahaanba ka baxsan Maraykanka, iyadoo la filayo sharciyo gudaha ah oo cad, waxaa la filayaa in ay jiraan faa’iidooyin badan oo wada shaqayn ah. Brendler ayaa ugu baaqay mid ka mid ah iibsiyada ugu xiisaha badan ee uu dhawaan arkay.

Wuxuu saadaaliyay in dakhliga rubucka labaad uu gaadhi doono $1. 78 bilyan iyo EPS la hagaajiyay oo ah $2. 48. Todaro oo ka tirsan Needham ayaa sheegay in qiimaha ugu weyn ee Coinbase uu si aad ah ugu dhowaaday qiyaasihii waddanku sameeyay, laakiin uu waxyar ka gudbay saadaashii uu naftiisu sameeyay. Qiimaha qaadashada macaamilka ayaa si yar u dhacay labadaba macaamiisha ganacsiga yar iyo kuwa hay’adaha waaweyn. Qodobbo wanaagsan ayaa sidoo kale ahaa kororka USDC iyo iibsashada Deribit, kuwaas oo uu filayo inay dhameystiraan dhamaadka 2025. Heshiiska $2. 9 bilyan waxa uu ka kooban yahay $700 milyan oo lacag ah iyo 11 milyan oo saami ah oo Coinbase ah, kuwaas oo loo qorsheeyay in si gaar ah loogu isticmaalo suuqyada caalamiga ah si loo aas-aaso Coinbase inay noqoto ciyaaryahan muhiim ah oo ku beegan derivatives-ka adduunka. Coinbase ayaa sidoo kale dhowaan bilaabay 39 heshiis cusub oo joogto ah iyo ballaarinta noocyada iskaashiga hantida collateralka oo laga dhigay 3 ilaa 8. Todaro ayaa arkay isbeddel ku yimaada culeyska mugga ganacsiga oo u wareegaya Bitcoin iyo Ethereum ka badan altcoins, taas oo muujineysa in mugga macaamilka la door bidayo ee hay’adaha waaweyn ee rubuca labaad, taas oo hoos u dhigaysa dakhliyada sababtuna tahay qiimaha qaadashada hay’adaha oo ka hooseeya kuwa macaamiisha yar yar. Mugga Abriil iyo Maajo ayaa noqday kuwo si weyn uga hooseeya celceliska bil kasta ee Rubucii Koowaad. Si kastaba ha ahaatee, iyadoo qiimaha crypto-ga uu soo kabanayo — Bitcoin oo dhaafaya $100, 000 iyo qaabab kale oo altcoins ah oo xoog leh — Todaro ayaa rumeysan in muggu uu hoos ugu dhici doono hal ilaa laba bilood maadaama qiimaha hantida ay caadi ahaan soo kabato ka hor inta aan la gaarin mugga. Inkasta oo ay sidaas tahay, wuxuu hoos u dhigay saadaashii sanadka 2025 iyo 2026 si loo waafajiyo in mugga uu yahay mid hooseeya oo la filayo. Todaro ayaa saadaaliyay in dakhliga rubucka labaad uu noqon doono $1. 56 bilyan iyo EPS oo ah $0. 80. Markii la daabacay Isniinta, saamiyada Coinbase ayaa kor u kacday 5. 74% oo gaadhay $210. 76. Macnaha dheeraadka ah: Falanqeeyayaashu waxay ka digayaan in qiimaha cashuuraha uu kordhin karo kharashka macdanta Bitcoin ee Maraykanka ilaa 20%. [Saarka sawirka: Shutterstock]