加密货币交易所作为数字金融领域的一种新兴业务，近年来取得了快速发展。在这样的形势下，加密货币交易所需要知道自己的优劣势，才能在这个新兴的行业站稳脚步。正是基于这样的背景，本文选取美国最大的加密货币交易所进行基于哈佛框架的财务分析。哈佛分析框架从四个角度层层递进的对一家企业进行分析，依次是从战略、会计、财务、前景四个角度，并且在传统的会计分析上加入更多非会计因素，能更好的反映企业当前的经营成果和财务状况，同时能更加全面的对企业的发展前景进行分析。本文从战略的角度出发，首先采用PEST分析和波特五力模型对coinbase所处的行业竞争地位和宏观经济环境进行分析。在了解了企业的基本发展战略及行业所处的环境之后，通过会计分析识别公司主要的财务报表。在前述分析的基础上，本文还对coinbase的营运能力、盈利能力、偿债能力、成长能力进行基本的财务分析，最后通过分析结果对coinbase的发展前景进行预测分析。总体而言，加密货币行业还处于发展，相关的法律监管以及财务信息的披露还有待完善，coinbase加密货币交易所的发展还有很长的一段路要走。

As an emerging business in the field of digital finance, cryptocurrency exchanges have achieved rapid development in recent years. In such a situation, cryptocurrency exchanges need to know their strengths and weaknesses in order to stand firm in this emerging industry. It is against this background that this article selects the largest cryptocurrency exchange in the United States for financial analysis based on the Harvard framework. The Harvard Analysis Framework analyzes a company from four perspectives, one by one, including strategy, accounting, finance, and prospects. By adding more non accounting factors to traditional accounting analysis, it can better reflect the current operating results and financial situation of the company, and also provide a more comprehensive analysis of the company's development prospects. From a strategic perspective, this article first uses PEST analysis and Porter's Five Forces model to analyze the competitive position and macroeconomic environment of Coinbase in the industry. After understanding the basic development strategy of the enterprise and the industry environment, identify the company's main financial statements through accounting analysis. On the basis of the aforementioned analysis, this article also conducts a basic financial analysis of Coinbase's operational ability, profitability, debt repayment ability, and growth ability. Finally, based on the analysis results, the development prospects of Coinbase are predicted and analyzed. Overall, the cryptocurrency industry is still in development, and relevant legal regulations and financial information disclosure still need to be improved. The development of the Coinbase cryptocurrency exchange still has a long way to go.