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>Using SOTP is likely the best way to value COIN going forward as its subscription and services revenue is now more substantial and Circle has just gone public.</li>
<li>Non-Transaction revenue is being valued at a much higher multiple than transaction revenue. SOTP valuation indicates limited near-term upside from COIN's current market capitalization.</li>
<li>Circle's impact on Coinbase is now twofold: 1) driving its revenue mix shift toward non-transaction revenue; 2) acting as a key benchmark for its non-transaction revenue valuation.</li>
</ul>


Using SOTP is likely the best way to value COIN going forward as its subscription and services revenue is now more substantial and Circle has just gone public.
Non-Transaction revenue is being valued at a much higher multiple than transaction revenue. SOTP valuation indicates limited near-term upside from COIN's current market capitalization.
Circle's impact on Coinbase is now twofold: 1) driving its revenue mix shift toward non-transaction revenue; 2) acting as a key benchmark for its non-transaction revenue valuation.


Coinbase 2025 High Conviction Call Update: Limited Near-Term Upside from Current Valuation

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!

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

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 2025 High Conviction Call Update: Limited Near-Term Upside from Current Valuation

COIN's evolution to non-transaction revenue commands premium multiples, but SOTP analysis shows current market capitalization offers limited near...

Alec Tseung

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

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

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52-week Range

Market Cap (USDm)

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Dividend (Yield)

Coinbase 2025 High Conviction Call Update: Limited Near-Term Upside from Current Valuation

COIN's evolution to non-transaction revenue commands premium multiples, but SOTP analysis shows current market capitalization offers limited near...

Alec Tseung

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

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