Independent in-depth research from Finimize, Finimize

Finimize Research

Independent in-depth research from Finimize

Finimize

Finimize is the #1 information platform for modern investors. We empower people to become smarter investors with bitesize insights from world-class analysts. 1 million+ strong community, 250 partners.

Equity Bottom-Up

<ul>
<li>Coinbase's recent plunge might make this crypto exchange look like a tempting buy, but don’t assume it’s a bargain just yet.</li>
<li>Regulatory clarity is key for wider crypto adoption,  and the new administration is likely to approve stablecoin and market structure laws later this year.</li>
<li>To justify a higher valuation, the firm needs to build a more diverse and stable revenue stream that's less dependent on transaction fees from trading.</li>
</ul>


Coinbase's recent plunge might make this crypto exchange look like a tempting buy, but don’t assume it’s a bargain just yet.
Regulatory clarity is key for wider crypto adoption,  and the new administration is likely to approve stablecoin and market structure laws later this year.
To justify a higher valuation, the firm needs to build a more diverse and stable revenue stream that's less dependent on transaction fees from trading.


Coinbase’s Steep Drop Might Make It Interesting, But It Hasn’t Made It Cheap

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

<ul><li>Coinbase Global, Inc. reported substantial growth in its 2024 financial results, showing significant strategic progress and adaptability in the rapidly evolving cryptocurrency landscape.</li><li>The company achieved over $6.6 billion in total revenue, more than doubling from the previous year, along with $3.3 billion in adjusted EBITDA.</li><li>This affirmative financial trajectory marks two consecutive years of positive adjusted EBITDA, reinforcing its transition into a resilient company that performs in diverse market conditions.</li></ul>

Coinbase Global, Inc. reported substantial growth in its 2024 financial results, showing significant strategic progress and adaptability in the rapidly evolving cryptocurrency landscape.The company achieved over $6.6 billion in total revenue, more than doubling from the previous year, along with $3.3 billion in adjusted EBITDA.This affirmative financial trajectory marks two consecutive years of positive adjusted EBITDA, reinforcing its transition into a resilient company that performs in diverse market conditions.

Coinbase Global Inc.: The Bitcoin ETF Boom That’s Reshaping Crypto Investing!

Fintech & EM-focused Analyst, KT Capital Group

Alec Tseung

Fintech & EM-focused Analyst

KT Capital Group

Principal investments and advisory firm that focuses on connecting the CIS countries with East Asia.

Principal investments and advisory firm

<ul>
<li>Coinbase has managed to weather the crypto winter well by reporting net profits consecutively for 4 quarters.</li>
<li>Its share price has shot up recently as the whole crypto market became exuberant, thanks to Trump's re-election, but still below the IPO debut price of $381.</li>
<li>Our thesis remains the same as when the stock was trading as low as ~$68 in May 2022: Coinbase to become an indispensable platform for Web 3, esp. first-time users.</li>
</ul>


Coinbase has managed to weather the crypto winter well by reporting net profits consecutively for 4 quarters.
Its share price has shot up recently as the whole crypto market became exuberant, thanks to Trump's re-election, but still below the IPO debut price of $381.
Our thesis remains the same as when the stock was trading as low as ~$68 in May 2022: Coinbase to become an indispensable platform for Web 3, esp. first-time users.


2025 High Conviction: Coinbase - What Doesn't Kill You, Makes You Stronger

<ul><li>Coinbase has reported its third quarter 2024 financial results, detailing its performance during what has been described as a period of 'softer market conditions.' Despite these challenges, the company has achieved remarkable financial health, posting its seventh consecutive quarter of positive adjusted EBITDA and its fourth consecutive quarter of positive net income.</li><li>These achievements underscore Coinbase's adaptability and strategic financial management, even in a fluctuating market environment.</li><li>Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.</li></ul>

Coinbase has reported its third quarter 2024 financial results, detailing its performance during what has been described as a period of 'softer market conditions.' Despite these challenges, the company has achieved remarkable financial health, posting its seventh consecutive quarter of positive adjusted EBITDA and its fourth consecutive quarter of positive net income.These achievements underscore Coinbase's adaptability and strategic financial management, even in a fluctuating market environment.Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.

Coinbase Global Inc.: Expansion of Revenue Streams through Subscription Products and Services & Other Major Drivers

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

<ul><li>Coinbase is a leading provider of end-to-end financial infrastructure and technology for the crypto economy, with average monthly transacting users of 7mn in 2023.</li><li>As of 30 Sep 2024, the company operated business in over 100 countries, with total safeguarded asset of US$273bn and 3Q24 quarterly trading volume of US$185bn.</li><li>Coinbase, currently as the first and only listed crypto exchange, has a high level of compliance and emphasizes asset security. </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Coinbase is a leading provider of end-to-end financial infrastructure and technology for the crypto economy, with average monthly transacting users of 7mn in 2023.As of 30 Sep 2024, the company operated business in over 100 countries, with total safeguarded asset of US$273bn and 3Q24 quarterly trading volume of US$185bn.Coinbase, currently as the first and only listed crypto exchange, has a high level of compliance and emphasizes asset security. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Coinbase (COIN US) - Leading Financial Infrastructure for the Crypto Economy; Initiate at BUY

United States

Coinbase Global, Inc. provides financial solutions. The Company offers platform to buy and sell cryptocurrencies. Coinbase Global serves clients worldwide.

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Coinbase Global (COIN US)

Coinbase’s Steep Drop Might Make It Interesting, But It Hasn’t Made It Cheap

Coinbase's share price has tumbled over the past month – dropping alongside US stocks and crypto. Despite the fall, the crypto market will need to...

Finimize Research

Coinbase Global Inc.: The Bitcoin ETF Boom That’s Reshaping Crypto Investing!

Coinbase Global, Inc. reported substantial growth in its 2024 financial results, showing significant strategic progress and adaptability in the...

Baptista Research

2025 High Conviction: Coinbase - What Doesn't Kill You, Makes You Stronger

Coinbase has weathered the crypto winter extremely well. Our thesis remains more or less the same as when we were equally bullish on the stock when...

Alec Tseung

Coinbase Global Inc.: Expansion of Revenue Streams through Subscription Products and Services & Other Major Drivers

Coinbase has reported its third quarter 2024 financial results, detailing its performance during what has been described as a period of 'softer...

Baptista Research

Coinbase (COIN US) - Leading Financial Infrastructure for the Crypto Economy; Initiate at BUY

Coinbase is a leading provider of end-to-end financial infrastructure and technology for the crypto economy, with average monthly transacting users...

CMB International

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