智通财经APP获悉，投行伯恩斯坦首次覆盖Coinbase Global (COIN.US) ，并给予其“跑赢大盘”评级，因为分析师 Gautam Chhugani 认为，得益于特朗普政府想要将美国打造为世界加密货币之都的愿望，这家加密货币交易所将从中受益。
分析师Chhugani表示：“Coinbase空头担心竞争加剧和费用压力，但他们忽视了全球加密货币市场回流美国带来的巨大TAM(总潜在市场)扩张。”
Chhugani 指出，Coinbase 拥有超过 4000 亿美元的资产和约 1000 万活跃用户，仍然是占据美国市场份额约 66% 的主导平台。他估计，该公司的 EPS (加密货币的公允价值收益) 将以约 38% 的年复合增长率增长，比 2025 年 EPS 共识高出 30%，比 2026 年 EPS 共识高出 61%。
他补充道，总体而言，强劲的牛市和美国在岸市场主导地位的上升预计将抵消任何竞争性市场份额和定价压力。此外，分析师预计 Coinbase 的非交易收入将在 2024-2206 年期间以约 31% 的复合年增长率增长，为交易收入的周期性提供稳定剂。
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