Coinbase全球公司：黑客攻击与调查，不过反应可能过度

Restricted - External COINEQUAL WEIGHTU.S. Brokers, AssetManagers & ExchangesPOSITIVEPrice TargetUSD 202.00Price (14-May-25)USD 263.41Potential Upside/Downside-23.3%Source: Bloomberg, Barclays ResearchU.S. Brokers, Asset Managers &ExchangesBenjamin Budish, CFA+1 212 526 2418benjamin.budish@barclays.comBCI, USMason Fleming+1 212 526 7025mason.fleming@barclays.comBCI, USChris O'Brien+1 212 526 9284chris.obrien@barclays.comBCI, USAmericas Payments, Processors & ITServicesRamsey El-Assal+1 212 526 7144ramsey.el-assal@barclays.comBCI, US Whether Coinbase Misstated Its User Numbers, New York Times, 5/15/25). This investigation hasreportedly been ongoing since the Biden administration, and is specifically in regard to the 100million "verified users" figure the company reported in their S-1 filing when they went public in2021. We note while this investigation had not previously been publicly reported, it has beenongoing for some time, and does not have to do with figures that the company currentlyreports. With that said, we are somewhat surprised to see such a sharp reaction to this news inparticular (note intraday underperformance fell to -8.9%), and believe the reaction is somewhatoverblown.2 Analyst(s) Certification(s):We, Benjamin Budish, CFA and Ramsey El-Assal, hereby certify (1) that the views expressed in this research report accurately reflect our personal viewsabout any or all of the subject securities or issuers referred to in this research report and (2) no part of our compensation was, is or will be directly orindirectly related to the specific recommendations or views expressed in this research report.Important Disclosures:Barclays Research is produced by the Investment Bank of Barclays Bank PLC and itsaffiliates(collectively and each individually, "Barclays"). Allauthors contributing to this research report are Research Analysts unless otherwise indicated. The publication date at the top of the report reflects thelocal time where the report was produced and maydifferfrom the release date provided in GMT.Availability of Disclosures:Where any companies are the subject of this research report, for current important disclosures regarding those companies please refer to https://publicresearch.barclays.com or alternatively send a written request to: Barclays Research Compliance, 745 Seventh Avenue, 13th Floor, New York, NY10019 or call +1-212-526-1072.The analysts responsible for preparing this research report have received compensation based upon various factors including the firm's total revenues,a portion of which is generated by investment banking activities, the profitability and revenues of the Markets business and the potential interest of thefirm's investing clients in research with respect to the asset class covered by the analyst.Analysts regularly conduct site visits to view the material operations of covered companies, but Barclays policy prohibits them from accepting paymentor reimbursement by any covered company of their travel expenses for such visits.Barclays Research Department produces various types of research including, but not limited to, fundamental analysis, equity-linked analysis,quantitative analysis, and trade ideas. Recommendations contained in one type of Barclays Research maydifferfrom those contained in other types ofBarclays Research, whether as a result ofdifferingtime horizons, methodologies, or otherwise.In order to access Barclays Statement regarding Research Dissemination Policies and Procedures, please refer to https://publicresearch.barclays.com/S/RD.htm. In order to access Barclays Research Conflict Management Policy Statement, please refer to: https://publicresearch.barclays.com/S/CM.htm.Primary Stocks (Ticker, Date, Price)Coinbase Global, Inc.(COIN, 14-May-2025, USD 263.41), Equal Weight/Positive, CD/CE/FA/JUnless otherwise indicated, prices are sourced from Bloomberg and reflect the closing price in the relevant trading market, which may not be the lastavailable closing price at the time of publication.Disclosure Legend:A:Barclays Bank PLC and/or anaffiliatehas been lead manager or co-lead manager of a publicly disclosedofferof securities of the issuer in theprevious 12 months.B:An employee or non-executive director of Barclays PLC is a director of this issuer.CD:Barclays Bank PLC and/or anaffiliateis a market-maker in debt securities issued by this issuer.CE:Barclays Bank PLC and/or anaffiliateis a market-maker in equity securities issued by this issuer.CH:Barclays Bank PLC and/or its group companies makes, or will make, a market in the securities (as defined under paragraph 16.2 (k) of the HK SFCCode of Conduct) in respect of this issuer.D:Barclays Bank PLC and/or anaffiliatehas received compensation for investment banking services from this issuer in the past 12 months.E:Barclays Bank PLC and/or anaffiliateexpects to receive or intends to seek compensation for investment banking services from this issuer within thenext 3 months.FA:Barclays Bank PLC and/or ana