Coinbase, often viewed as a crypto exchange, is often analyzed through the lens of Wall Street analysts via earnings and multiple estimates that, even though might be accurate, fail to capture the second and third order effects that certain initiatives can have on its valuation.
Source: TradingView as per of 2024/04/24 – Coinbase Global, Inc daily prices since April 2021
Our thesis poses that most quantifiable metrics fail to fully capture the evolving business dynamics of Coinbase. We posit that Coinbase is transitioning towards a “crypto super app,” strategically positioning itself beyond its exchange roots.
We argue that $COIN is a way to express a bullish outlook on the total market cap of crypto. Coinbase dominance is still far from ATH when the past bull market crypto peaked at $3T in 2021. Since then Coinbase has largely diversified its revenue streams, expanded its user base and operations globally through Base and an international derivatives platform, and served a key role as the custodian for multiple spot ETFs.
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