华夏时报（www.chinatimes.net.cn）记者 赵奕 胡金华 上海报道
Reporter of the Summer Times (www.chinatimes.net.cn)
近日，美国最大加密货币交易所Coinbase发布了截至2023年6月30日的第二季度业绩。数据显示，Coinbase今年第二季度的营收为7.079亿美元，与上年同期的8.08亿美元相比同比下滑12%。其净亏损从一年前创纪录的11亿美元（即每股4.98美元）收窄至9700万美元（即每股42美分）。
In recent days, Coinbase, the largest encrypted currency exchange in the United States, released its second quarter performance as at 30 June 2023. The data show that Coinbase earned $707.9 million in the second quarter of this year, down 12 per cent from $808 million in the same period the previous year. Its net loss fell from a record $1.1 billion a year ago (US$ 498 per unit) to $97 million (US$ 42 per unit).
值得注意的是，这也是连续第六个季度亏损。尽管如此，Coinbase在致股东的信中依旧表示：“过去几个季度既充满挑战又充满活力，通过强化健康的财务状况，我们有能力获得继续投资所需的资源，打造加密货币的未来，并帮助推动监管清晰度以更新金融体系。”
It is worth noting that this is also the sixth consecutive quarter loss. Nevertheless, Coinbase, in a letter to shareholders, said: “The past few quarters have been challenging and dynamic. By strengthening our healthy financial situation, we have been able to secure the resources needed to continue investing, build the future of encrypted currencies, and help promote regulatory clarity to update the financial system.”
今年6月，Coinbase被美国证券交易委员会SEC起诉，一度让市场情绪变得紧张。一位交易所联合创始人向《华夏时报》记者表示，在美国的强监管下，加密交易所的生存愈发困难，虽然目前来看Coinbase的财务状况比较乐观，但如果后续SEC或其他监管机构限制Coinbase的正常代币质押，便很有可能通过交易量限制影响其财务状况。
Coinbase was sued by the SEC of the United States Securities and Exchange Commission in June this year, which made the market mood tense. One of the co-founders of the exchange told the Washington Times that the survival of the encrypted exchange was becoming more difficult under the strong supervision of the United States. Although Coinbase’s financial situation was currently optimistic, it was likely that it would be affected by trade volume restrictions if the subsequent SEC or other regulatory body limited Coinbase’s normal currency pledge.
交易量显著下滑
记者通过注意到，今年第二季度，加密货币价格的持续低迷对Coinbase的交易量已经产生了影响。财报显示，每月交易用户同比下降19%至730万，与预期中的788万有较大差距。交易量从一年前的2170亿美元下降至920亿美元。其中消费者交易量下降70%至140亿美元，机构交易量下降54%至780亿美元。 Journalists note that the continuing decline in the price of encrypted currency has already had an impact on the volume of Coinbase’s transactions in the second quarter of this year. The financial statements show a decline of 19% to 7.3 million users per month, a significant difference from the projected 7.8 billion. 由于交易量的减少，Coinbase的交易收入也从一年前的6.55亿美元下降50%至3.27亿美元。 As a result of the decline in the volume of transactions, Coinbase's transaction revenue also fell from $655 million a year ago to $327 million. 从业务方面来看，财报显示，订阅和服务业务是Coinbase的主要收入来源，为Coinbase贡献了3.35亿美元收入，占净收入的51%。值得注意的是，本次财报中该业务首次包含了USDC的托管费、利息收入，其中本季度USDC市值下降约150亿美元后，利息收入从2.41亿美元降至2.01亿美元。 On the operational side, the report shows that subscriptions and services are the main source of revenue for Coinbase, contributing $335 million, or 51 per cent of net income, to Coinbase. It is noteworthy that for the first time in the present report, the business included hosting fees for UNDC and interest income, of which interest income decreased from $241 million to $201 million after the market value of UNDC declined by some $15 billion during the quarter. 关于第三季度的前景，Coinbase表示7月份已产生约1.1亿美元的交易收入，并表示预计第三季度的订阅和服务收入将至少达到3亿美元。 With regard to the outlook for the third quarter, Coinbase indicated that approximately $110 million in transactional income had been generated in July and that subscription and service income was expected to reach at least $300 million in the third quarter. 对此，Berenberg Capital Markets的分析师Mark Palmer表示，仔细研究报告的细节会发现该公司的业务情况很脆弱。他指出，来自USDC的利息收入和质押收入分别达到1.51亿美元和8700万美元，约占Coinbase二季度净收入的36%。这两个来源都面临风险，USDC的市值持续下跌，而质押已成为美国证券交易委员会和美国10个州监管机构的目标，作为发行未注册证券的一种手段。 In response, Berenberg Capital Markets’ analyst, Mark Palmer, said that detailed studies would reveal the company’s weak business performance. He noted that interest income and pledge revenue from USDC amounted to $151 million and $87 million, respectively, representing about 36% of Coinbase’s net income for the second quarter. Palmer还表示，国防授权法案（NDAA）可能会对USDC提出新的合规要求，从而减少稳定币的使用，这也将使Coinbase的情况进一步复杂化。 Palmer also indicated that the Defence Authorization Act (NDAA) could further complicate Coinbase's situation by imposing new compliance requirements on USAID, thereby reducing the use of stable currencies. 最值得关注的是，今年6月，Coinbase被SEC起诉，并面临10个州监管机构的审查，其中许多监管机构对该交易所的质押服务发出了停止令。8月4日，Coinbase提交了驳回SEC诉讼申请文件，称该监管机构起诉加密交易所的行为远远超出了其管辖权。“关于与 SEC 的诉讼，我想非常明确地表示，我们确实认为我们能够获胜。”Coinbase首席法律官Paul Grewal在财报后的电话会议中表示。 Most interestingly, in June this year Coinbase was prosecuted by the SEC and is under review by 10 state regulators, many of whom issued a stay order against the exchange’s pledge service. On August 4, Coinbase submitted an application to dismiss the SEC proceedings, stating that the regulatory authority had gone far beyond its jurisdiction to prosecute the encrypted exchange. “In the case of the proceedings with the SEC, I want to make it very clear that we do think we can win.” Coinbase Chief Legal Officer Paul Grewal said in a post-fission conference. 记者注意到，随着美国监管机构以涉嫌违反联邦法律为由对Coinbase进行审查， Coinbase平台似乎正在迅速失去市场份额。根据区块链分析公司Kaiko发布的报告，Coinbase现货市场份额已从今年年初的8%跌至5.5%。另据TD Cowen的数据显示，Coinbase在美国零售加密货币市场的份额较第一季度下降了6.4%，而Robinhood和Block分别上涨了3.3%和3.1%。 Journalists note that the Coinbase platform appears to be rapidly losing its market share as United States regulators examine Coinbase for alleged violations of federal law. According to a report issued by the block chain analysis company Kaiko, Coinbase's spot market share has dropped from 8% to 5.5% at the beginning of the year. And according to TD Cowen, Coinbase's share in the United States retail encrypted currency market has decreased by 6.4% compared to the first quarter, while Robinood and Block have increased by 3.3% and 3.1%, respectively. 在监管的压力下，Coinbase首席执行官Brian Armstrong曾在一场活动上公开表示，由于缺乏监管明确性，该交易所可能会考虑将其总部从美国迁至一个对加密更加友好的国家。但近期，其在接受媒体采访时表示，尽管许多其他加密公司考虑离开美国，并面临联邦监管机构采取法律行动的潜在威胁，“但Coinbase至少目前不可能离开美国市场”。 Under regulatory pressure, Coinbase’s CEO, Brian Armstrong, publicly stated at an event that, due to lack of regulatory clarity, the exchange might consider moving its headquarters from the United States to a country more friendly to encryption. Recently, however, in an interview with the media, he said that despite the fact that many other encryption companies were considering leaving the United States and faced the potential threat of legal action by federal regulators, “Coinbase would not be able to leave the United States market at least for the time being.” 尽管宣称不会放弃美国市场，但Coinbase明显加快了在其他地区的布局。今年5月，该公司推出了Coinbase国际交易所，美国以外的一些投资者可以在该交易所交易加密衍生品。数据显示，过去30天，该交易所的交易额达到21亿美元。Coinbase在财报中表示，已经有50多家机构加入了该平台，该公司计划在今年下半年增加一些功能，比如额外的资产交易账簿和现货交易。 Although Coinbase claims that it will not abandon the United States market, it has clearly accelerated its placement elsewhere. In May this year, the company launched the Coinbase International Exchange, where a number of investors outside the United States can trade encrypted derivatives. 记者了解到，除Coinbase外，美国其他交易所的日子也并不好过，日前，在线交易平台Robinhood最新财报显示，第二季度加密货币交易收入为3100万美元，较第一季度的3800万美元环比下降18%，第二季度加密货币交易收入为3100万美元，占所有类别交易收入1.93亿美元的16%，该收入环比下降7%。 Journalists have learned that, in addition to Coinbase, the days of other United States exchanges have not been easy, as the latest financial report of the online trading platform Robinhood shows a decline of $31 million in the second quarter, 18 per cent from the $38 million ring in the first quarter, and $31 million in the second quarter, or 16 per cent of the $193 million in all categories of transactions, a decline of 7 per cent in the ring. 或成比特币ETF热潮背后的最大赢家 or the biggest winner behind the ETF boom in Bitcoin 今年第二季度，加密市场最热闹的事件，莫过于包括贝莱德（BlackRock）在内的多家金融机构相继提交比特币现货ETF产品申请。 In the second quarter of this year, there were no more lively incidents in the encryption market than successive applications from financial institutions, including Black Rock, for spot ETF products in Bitcoin. “ETF作为一种流动性较高、交易成本较低的投资工具，可以吸引更多的资金进入虚拟资产市场，为市场带来更多的流动性和稳定性，促进市场健康发展。”全联并购公会信用管理委员会专家安光勇向《华夏时报》记者表示，对于虚拟资产市场而言，ETF可以为投资者提供更加便捷、透明的投资方式，从而进一步促进市场的发展。但虚拟资产市场波动性较大，投资风险较高，投资者需要谨慎评估自己的风险承受能力和投资目的。 “ETF, as an investment tool with higher liquidity and lower transaction costs, can attract more money into the virtual asset market, bringing more liquidity and stability to the market and promoting healthy market development.” An expert from the UNMCP's Credit Management Committee, Xin Guangyong, has stated to the Summer Times that for the virtual asset market, ETF can further facilitate market development by providing investors with a more accessible and transparent way of investing. But virtual asset markets are more volatile, with higher investment risks, and investors need to be careful to assess their risk tolerance and investment objectives. 记者注意到，在这场热潮背后，Coinbase或成为最大赢家。 Journalists noted that, behind the tide, Coinbase was either the biggest winner. 日前，Global X提交了一份上市现货比特币交易所交易基金 (ETF) 产品的申请，并指定Coinbase作为其监控共享合作伙伴，以获得监管机构的批准。 Earlier, Global X had submitted an application for the listed spot Bitcoin Exchange Trading Fund (ETF) products and had designated Coinbase as its monitoring and sharing partner for approval by the regulatory body. 6月15日，贝莱德宣布将与 Coinbase 合作推出自己的现货比特币 ETF 产品。这家资产规模达8.5万亿美元的资产管理公司指定Coinbase作为该比特币基金的托管人，并在申报文件中表示，Coinbase还将提供监控共享服务，允许双方共享有关交易、清算活动和客户身份的信息，以降低市场操纵的风险。 On 15 June, Beled announced that it would work with Coinbase to launch its own spot bitcoin ETF product. The asset management company, with $8.5 trillion in assets, designated Coinbase as the trustee of the Bitcoin Fund and stated in its declaration that Coinbase would also provide surveillance and shared services that would allow the sharing of information on transactions, liquidation activities and customer identification to reduce the risk of market manipulation. 除上述两家机构外，所有与芝加哥交易所合作的五家现货ETF比特币申请者——富达、VanEck、Ark Invest旗下的21Shares、Valkyrie和Invesco都在修订后的申请中指定Coinbase为其合作伙伴。 In addition to the two institutions mentioned above, all five active ETF bitco applicants working with the Chicago Exchange — Fuda, Van Eck, Ark Invest — 21 Shares, Valkyrie and Invesco — have designated Coinbase as their partners in the revised application. 一位加密货币交易所从业者向《华夏时报》记者表示，在美国市场，Coinbase从上市之初便以合规作为重要方向，这也是为什么机构选择Coinbase成为首选合作交易所的原因。尽管SEC对Coinbase的指控结果还尚不明确，但这并不影响其在ETF产品发行方面的能力与影响。 An encrypt currency exchange operator told a Washington Times reporter that in the United States market, Coinbase had been in the important direction of compliance from the beginning of the market, which is why the agency chose Coinbase as the preferred cooperative exchange. Although the results of the SEC’s accusations against Coinbase are not yet clear, this does not affect its ability and impact on the distribution of ETF products. “但值得注意的是，加密市场若要繁荣，需要的是百花齐放，而不是一家独大，一旦有风险发生，那么后果将十分严重。”该人士如是说。 “It is worth noting, however, that if the encryption market is to prosper, it will require flowers, not a single one, and the consequences will be severe if there is a risk.” The same person said. 对此，美国交易分析平台The Tie的分析师也表示，即便一直以值得信赖的态度开展业务，但市场对Coinbase既是加密货币托管方也是交易所的“多重人格”的依赖是极度不健康的，尤其是在FTX崩盘之后，对市场来讲，发展更多的参与者比严重依赖任何一家公司都更加健康。 In response, the analysts of the United States Trade Analysis Platform The Tie also stated that, even though they had been operating in a trustworthy manner, the market's reliance on Coinbase as both an encrypted currency custodian and on the “multi-personality” of the exchange was extremely unhealthy, especially after the collapse of FTX, and that more participants in the development of the market were healthier than any other company. 责任编辑：徐芸茜 主编：公培佳 查看更多华夏时报文章，参与华夏时报微信互动（微信搜索「华夏时报」或「chinatimes」） Read more of the summer Times articles and participate in the summer Times micro-interactions ("/span" or "chinatimes
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