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

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/coinbase-global-inc" target="_blank" data-smartkarma-citation="entities:32227:1" rel="noopener">Coinbase (COIN US)</a> has significant growth potential in non-transaction revenue with its crypto platform strategy and various initiatives underway.</li>
<li>This would also help the company move away from competing just on fees in the long run, although fee compression is unlikely to materialize in the medium term.</li>
<li>Using P/S ignores the company's profitability. On a P/E basis, the company's valuation looks reasonable compared to other major Fintech/payments peers.  </li>
</ul>



Coinbase (COIN US) has significant growth potential in non-transaction revenue with its crypto platform strategy and various initiatives underway.
This would also help the company move away from competing just on fees in the long run, although fee compression is unlikely to materialize in the medium term.
Using P/S ignores the company's profitability. On a P/E basis, the company's valuation looks reasonable compared to other major Fintech/payments peers.  


2022 High Conviction: Coinbase Is More Than Trading Coins

SPAC Deep Dive, subSPAC

subSPAC

SPAC Deep Dive

Each week we’ll identify and break down for you SPACs that are capturing market share and making an impact.

Thematic (Sector/Industry)

<ul>
<li>We identify and break down for you SPACs that are capturing market share and making an impact.</li>
<li>SPACs have thrived for the better part of the last eighteen months because it has filled a void for both investors and companies looking to raise capital.</li>
<li>Early Stage Companies also benefit from SPAC deals as they have access to a large pool of capital, can accelerate the process of going public, and even provide forward-looking guidance</li>
</ul>


We identify and break down for you SPACs that are capturing market share and making an impact.
SPACs have thrived for the better part of the last eighteen months because it has filled a void for both investors and companies looking to raise capital.
Early Stage Companies also benefit from SPAC deals as they have access to a large pool of capital, can accelerate the process of going public, and even provide forward-looking guidance


China and US Equity Analyst

Roger Xie

Cross Asset Strategy

<ul>
<li>The proposed bank license for stablecoin issuers will be long-term positive to crypto industry and appealing to institutional investors. This is further step for US consumer protection.</li>
<li>For crypto wallet providers, they generally experienced weaker Q3 trading activities but expected strong rebound in Q4.  Coinbase and Robinhood engagement metrics (MAU) have also reflected the greater interest.</li>
<li>The overall outlook for the crypto-ecosystem is getting better as more institutions started to see <a href="https://www.smartkarma.com/entities/bitcoin-usd" target="_blank" data-smartkarma-citation="entities:25895:1" rel="noopener">Bitcoin (XBTUSD CURNCY)</a>  as more than digital gold and a hedge on fiat inflation. </li>
</ul>


The proposed bank license for stablecoin issuers will be long-term positive to crypto industry and appealing to institutional investors. This is further step for US consumer protection.
For crypto wallet providers, they generally experienced weaker Q3 trading activities but expected strong rebound in Q4.  Coinbase and Robinhood engagement metrics (MAU) have also reflected the greater interest.
The overall outlook for the crypto-ecosystem is getting better as more institutions started to see Bitcoin (XBTUSD CURNCY)  as more than digital gold and a hedge on fiat inflation. 


Crypto: Banking License for Stablecoin Issuers and Better Crypto Trading Volume in Q4

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Event-Driven

<div class="content-highlight">
<p><strong>In the past several days, it was noted in the local media that <a href="http://www.investchosun.com/site/data/html_dir/2021/11/03/2021110380005.html" target="_blank" rel="noopener">Dunamu</a> is currently in the process of selling at least 200 billion won in the private markets at a valuation of about 10 trillion won.</strong> The sellers are the existing financial investors (mostly <a href="https://www.smartkarma.com/entities/hanwha-investment-securiti" target="_blank" data-smartkarma-citation="entities:10558:1" rel="noopener">Hanwha Securities (003530 KS) </a>and other local VC investors) in Dunamu that want to realize fat profits. </p>
<p>The value of 10 trillion won would be nearly 7x higher than in February 2021 when Dunamu was last valued at 1.5 trillion won (by DSC Investment and Hanwha Investment &amp; Securities). Although Dunamu has yet to make its official announcement on a IPO, we believe that it is highly likely to occur sometime in 2022. At a value of 10 trillion won or more, it could raise more than 1 trillion won through an IPO. </p>
</div><p>At a value of 10 trillion won for Dunamu, Hanwha Investment &amp; Securities' 6.15% stake would be worth 615 billion won. <a href="https://www.smartkarma.com/entities/hanwha-investment-securiti" target="_blank" data-smartkarma-citation="entities:10558:1" rel="noopener">Hanwha Securities (003530 KS)</a> currently has a market cap of 1.3 trillion won so its stake in Dunamu would be worth 48% of its market cap. </p>


In the past several days, it was noted in the local media that Dunamu is currently in the process of selling at least 200 billion won in the private markets at a valuation of about 10 trillion won. The sellers are the existing financial investors (mostly Hanwha Securities (003530 KS) and other local VC investors) in Dunamu that want to realize fat profits. 
The value of 10 trillion won would be nearly 7x higher than in February 2021 when Dunamu was last valued at 1.5 trillion won (by DSC Investment and Hanwha Investment &amp; Securities). Although Dunamu has yet to make its official announcement on a IPO, we believe that it is highly likely to occur sometime in 2022. At a value of 10 trillion won or more, it could raise more than 1 trillion won through an IPO. 
At a value of 10 trillion won for Dunamu, Hanwha Investment &amp; Securities' 6.15% stake would be worth 615 billion won. Hanwha Securities (003530 KS) currently has a market cap of 1.3 trillion won so its stake in Dunamu would be worth 48% of its market cap. 

An Update on the Dunamu IPO & Sale of 200 Billion Won in the Private Market At 10 Trillion Won Value

<ul>
<li>Crypto trading volume has rebounded shocking 70% in October from the level in 3Q21, fueled by the first-ever regulatory approval of bitcoin future ETF and the rise of bitcoin price. Download data software Apptopia also suggested renewed interest for broad range of cryptocurrency trade app, such as <a href="https://www.smartkarma.com/entities/coinbase-global-inc" target="_blank" data-smartkarma-citation="entities:32227:1" rel="noopener">Coinbase (COIN US)</a> and <a href="https://www.smartkarma.com/entities/robinhood-markets-inc" target="_blank" data-smartkarma-citation="entities:33532:1" rel="noopener">Robinhood Markets (HOOD US)</a>. Those engagement metrics DAU and MAU have also reflected the greater interest.</li>
<li>Bitcoin price has been volatile this year. It briefly peaked at $64000 in April. Then China started to clamp down on crypto mining and transaction activities, bitcoin price was down by half from the peak in May. However, blockchain technology, by its nature, has been proven to be flexible to expand the network and relocate the computing nodes as supply/demand changes. We have observed the mining and computing power has been shifted from China to other places in the world. </li>
<li>The much-awaited bitcoin-linked ETF has received green light from US market watchdog Securities and Exchange Commission (SEC) recently. The listed funds from Proshares and Valkyrie offer investor exposure not to crypto itself but to bitcoin future. SEC has signaled that it would prefer ETFs that track bitcoin future due to easy regulation. But investors believe the ETF holding bitcoin directly will received SEC approval in next step. </li>
</ul>


Crypto trading volume has rebounded shocking 70% in October from the level in 3Q21, fueled by the first-ever regulatory approval of bitcoin future ETF and the rise of bitcoin price. Download data software Apptopia also suggested renewed interest for broad range of cryptocurrency trade app, such as Coinbase (COIN US) and Robinhood Markets (HOOD US). Those engagement metrics DAU and MAU have also reflected the greater interest.
Bitcoin price has been volatile this year. It briefly peaked at $64000 in April. Then China started to clamp down on crypto mining and transaction activities, bitcoin price was down by half from the peak in May. However, blockchain technology, by its nature, has been proven to be flexible to expand the network and relocate the computing nodes as supply/demand changes. We have observed the mining and computing power has been shifted from China to other places in the world. 
The much-awaited bitcoin-linked ETF has received green light from US market watchdog Securities and Exchange Commission (SEC) recently. The listed funds from Proshares and Valkyrie offer investor exposure not to crypto itself but to bitcoin future. SEC has signaled that it would prefer ETFs that track bitcoin future due to easy regulation. But investors believe the ETF holding bitcoin directly will received SEC approval in next step. 


Crypto: Trading Activities Rebound as Investors Rush for Inflation Hedging

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)

2022 High Conviction: Coinbase Is More Than Trading Coins

The fast development in the broader crypto economy could present significant growth potential to Coinbase (non-transaction revenue). This will...

Alec Tseung

Three SPAC Sectors to Look at in 2022

We identify and break down for you SPACs that are capturing market share and making an impact. SPACs have thrived for the better part of the last...

subSPAC

Crypto: Banking License for Stablecoin Issuers and Better Crypto Trading Volume in Q4

The overall outlook for the crypto-ecosystem is getting better as more institutions started to see crypto ($bitcoin) as more than digital gold and...

Roger Xie

An Update on the Dunamu IPO & Sale of 200 Billion Won in the Private Market At 10 Trillion Won Value

In the past several days, it was noted in the local media that Dunamu is currently in the process of selling at least 200 billion won in the...

Douglas Kim

Crypto: Trading Activities Rebound as Investors Rush for Inflation Hedging

The much-awaited bitcoin-linked ETF BITO and BTF have received green light from SEC recently. But investors believe the ETF holding bitcoin...

Roger Xie

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)