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.

Equity Bottom-Up

<ul><li>The recent regulatory development and Circle IPO have boosted investor sentiment on stablecoin business outlook and valuation.</li><li>Coinbase has also taken initiatives since June, such as introducing Coinbase Payments and reportedly seeking SEC approval for tokenized equities, which we expect to further accelerate USDC adoption.</li><li>Looking ahead, we expect ample opportunities and vast TAM for the stablecoin business (15% of Coinbase total revenue in 1Q25), including crypto assets, cross-border payment, consumer payment, and the tokenization of traditional assets. </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>

The recent regulatory development and Circle IPO have boosted investor sentiment on stablecoin business outlook and valuation.Coinbase has also taken initiatives since June, such as introducing Coinbase Payments and reportedly seeking SEC approval for tokenized equities, which we expect to further accelerate USDC adoption.Looking ahead, we expect ample opportunities and vast TAM for the stablecoin business (15% of Coinbase total revenue in 1Q25), including crypto assets, cross-border payment, consumer payment, and the tokenization of traditional assets. 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) - Favourable Regulatory Environment and Improving Utility Fuel Stablecoin Outlook

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 delivered notable results in the first quarter of 2025, showcasing both strengths and areas for potential growth.</li><li>The company reported a robust financial performance with a top-line revenue of $2 billion and an adjusted EBITDA of $930 million, indicating a strong operational capability even amidst a challenging macroeconomic environment.</li><li>This quarter also saw Coinbase making a strategic acquisition of Deribit, positioning it as the leading global crypto derivative platform by open interest, which is significant as it seeks to expand its footprint in international markets.</li></ul>

Coinbase delivered notable results in the first quarter of 2025, showcasing both strengths and areas for potential growth.The company reported a robust financial performance with a top-line revenue of $2 billion and an adjusted EBITDA of $930 million, indicating a strong operational capability even amidst a challenging macroeconomic environment.This quarter also saw Coinbase making a strategic acquisition of Deribit, positioning it as the leading global crypto derivative platform by open interest, which is significant as it seeks to expand its footprint in international markets.

Coinbase Global: USDC & Stablecoin Strategy Can Help Enhance Revenue Streams But What Is Its Future?

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.

<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

<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

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 (COIN US) - Favourable Regulatory Environment and Improving Utility Fuel Stablecoin Outlook

We revise up our valuation multiple for the stablecoin business and our SOTP-derived target price to US$413.0. Maintain BUY.

CMB International

Coinbase Global: USDC & Stablecoin Strategy Can Help Enhance Revenue Streams But What Is Its Future?

Coinbase delivered notable results in the first quarter of 2025, showcasing both strengths and areas for potential growth. The company reported a...

Baptista Research

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

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