2025年11月28日, Argus 将Coinbase降级为“Hold”, 指出在增长和市场风险中,Coinbase的P/E前期估值高达39x倍。 Argus downgraded Coinbase to "Hold" on Nov. 28, 2025, citing its high 39x forward P/E valuation amid growth and market risks.

2025年11月28日, Argus Research将Coinbase(COIN)降级为“Hold”, 以前期收入39倍的高价值表示。 Argus Research downgraded Coinbase (COIN) to "Hold" on November 28, 2025, citing its high valuation at 39 times forward earnings. Argus在承认Coinbase的强势市场地位、强劲的收入以及美国加密交易的领导权的同时警告说,在近期增长限制、宏观经济压力和持续部门波动的情况下,股价的多重溢价可能无法持续。 While acknowledging Coinbase’s strong market position, robust revenue, and leadership in U.S. crypto trading, Argus warned the stock’s premium multiple may not be sustainable amid near-term growth limits, macroeconomic pressures, and ongoing sector volatility. 该公司强调监管审查和投资者情绪转变的风险,敦促投资者根据更广泛的市场平均数权衡估值差距。 The firm emphasized the risk of regulatory scrutiny and shifting investor sentiment, urging investors to weigh the valuation gap against broader market averages. 此举反映了对定价的谨慎,而不是对Coinbase的基本面或长期潜力的负面看法。 The move reflects caution on pricing, not a negative view on Coinbase’s fundamentals or long-term potential.