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.

Equity Bottom-Up

<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

<ul><li>Coinbase's Q2 2024 earnings presentation revealed several vital insights into the company’s current financial health and its strategic initiatives moving forward.</li><li>As an investment consideration, the company disclosed robust endeavors in regulatory clarity, product development, and a diversified revenue stream along with advances in subscription and services reaching an all-time high despite a decline in transaction revenue from the previous quarter.</li><li>On the regulatory front, Coinbase continues to emphasize significant advancements, noting active participation in shaping cryptocurrency legislation—an undertaking likely to have profound effects on not only the company’s operations but also the broader crypto ecosystem.</li></ul>

Coinbase's Q2 2024 earnings presentation revealed several vital insights into the company’s current financial health and its strategic initiatives moving forward.As an investment consideration, the company disclosed robust endeavors in regulatory clarity, product development, and a diversified revenue stream along with advances in subscription and services reaching an all-time high despite a decline in transaction revenue from the previous quarter.On the regulatory front, Coinbase continues to emphasize significant advancements, noting active participation in shaping cryptocurrency legislation—an undertaking likely to have profound effects on not only the company’s operations but also the broader crypto ecosystem.

Coinbase Global: These Are The 4 Biggest Factors Driving Our Bullish Thesis! - Major Drivers

<ul><li>Coinbase Global Inc., under the leadership of Co-Founder and CEO Brian Armstrong, reported a strong first quarter for 2024 in the latest earnings call.</li><li>Significant progress has been made on the 2024 priorities shared on a previous call, and these include revenue expansion through the improvement of core trading, growth in stablecoins, dominance in the derivatives space both domestically and internationally, and growth through key market investments.</li><li>Coinbase has developed a low-cost Layer 2 solution named Base and is striving to drive regulatory clarity through court disputes, policy collaborations globally, and procrypto candidate support.</li></ul>

Coinbase Global Inc., under the leadership of Co-Founder and CEO Brian Armstrong, reported a strong first quarter for 2024 in the latest earnings call.Significant progress has been made on the 2024 priorities shared on a previous call, and these include revenue expansion through the improvement of core trading, growth in stablecoins, dominance in the derivatives space both domestically and internationally, and growth through key market investments.Coinbase has developed a low-cost Layer 2 solution named Base and is striving to drive regulatory clarity through court disputes, policy collaborations globally, and procrypto candidate support.

Coinbase Global: Increased Adoption and Expansion of Base! - Major Drivers

Crypto Research and Data, Delphi Digital

Delphi Digital

Crypto Research and Data

Institutional-Grade Crypto Research & Data

Delphi Digital seeks to produce unbiased, actionable content for our clients on critical themes affecting digital assets and distributed ledger technology. Our team is committed to providing investors and institutions with key insights through a diverse suite of products including individual project analysis, bespoke research, and tailored consulting services.

<ul>
<li>Coinbase sees the looming opportunity in the global crypto futures &amp; derivatives market. It's positioning itself to capitalize on a market that’s been hollowed out over last 12-18 months.</li>
<li>We explore 3 key areas of Coinbase’s business that we believe Wall Street is overlooking. These include: Coinbase International, ETF Spot approvals, and Base Chain</li>
<li>We estimate Coinbase has the potential to realize<strong> additional top-line revenue in the range of 15-20% on the low-end to +150% increase on the high-end</strong> over the next few years.</li>
</ul>


Coinbase sees the looming opportunity in the global crypto futures &amp; derivatives market. It's positioning itself to capitalize on a market that’s been hollowed out over last 12-18 months.
We explore 3 key areas of Coinbase’s business that we believe Wall Street is overlooking. These include: Coinbase International, ETF Spot approvals, and Base Chain
We estimate Coinbase has the potential to realize additional top-line revenue in the range of 15-20% on the low-end to +150% increase on the high-end over the next few years.


Coinbase: From Sleeping Giant To Industry Leader

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 reported strong Q4 results mainly driven by a significant increase in its transaction revenue.</li>
<li>Bearish outlook in Q1'22 and FY22 due to the higher expense guidance from the management and declining crypto asset price and volatility in Q1.</li>
<li>Albeit the bearish outlook, we continue to view that Coinbase represents one of the best ways for public equity investors to gain exposure to the growing crypto economy. </li>
</ul>


Coinbase reported strong Q4 results mainly driven by a significant increase in its transaction revenue.
Bearish outlook in Q1'22 and FY22 due to the higher expense guidance from the management and declining crypto asset price and volatility in Q1.
Albeit the bearish outlook, we continue to view that Coinbase represents one of the best ways for public equity investors to gain exposure to the growing crypto economy. 


United States

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

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Coinbase Global (COIN US)

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 Global: These Are The 4 Biggest Factors Driving Our Bullish Thesis! - Major Drivers

Coinbase's Q2 2024 earnings presentation revealed several vital insights into the company’s current financial health and its strategic initiatives...

Baptista Research

Coinbase Global: Increased Adoption and Expansion of Base! - Major Drivers

Coinbase Global Inc., under the leadership of Co-Founder and CEO Brian Armstrong, reported a strong first quarter for 2024 in the latest earnings...

Baptista Research

Coinbase: From Sleeping Giant To Industry Leader

Coinbase plans to seize the opportunity in the crypto futures market, with potential for significant revenue growth in the coming years. Wall...

Delphi Digital

Coinbase: Q4 Results KPI Deck

Coinbase continues to represent one of the best ways for public equity investors to gain exposure to the growing global crypto economy.

Alec Tseung

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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 Global: These Are The 4 Biggest Factors Driving Our Bullish Thesis! - Major Drivers

Coinbase's Q2 2024 earnings presentation revealed several vital insights into the company’s current financial health and its strategic initiatives...

Baptista Research

Coinbase Global: Increased Adoption and Expansion of Base! - Major Drivers

Coinbase Global Inc., under the leadership of Co-Founder and CEO Brian Armstrong, reported a strong first quarter for 2024 in the latest earnings...

Baptista Research

Coinbase: From Sleeping Giant To Industry Leader

​Coinbase plans to seize the opportunity in the crypto futures market, with potential for significant revenue growth in the coming years. Wall...

Delphi Digital

Coinbase: Q4 Results KPI Deck

Coinbase continues to represent one of the best ways for public equity investors to gain exposure to the growing global crypto economy.

Alec Tseung

Coinbase plans to seize the opportunity in the crypto futures market, with potential for significant revenue growth in the coming years. Wall...