Insurance & Central Asia-focused Analyst, KT Capital Group

Alec Tseung

Insurance & Central Asia-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

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Capital Markets

<ul>
<li>Figma Inc., a VC-backed collaborative design software maker, filed for long-awaited IPO. Morgan Stanley and Goldman Sachs are the lead bankers on the offering.</li>
<li>The San Francisco-based company was valued at $12.5B in a 2024 tender offer. Figma is well-positioned with a strong brand among designers and a growing footprint in enterprise segment.</li>
<li>With strong financial profile and network effects, driven by large scale and efficient GTM strategy, the company remains the leader in collaborative design software market.</li>
</ul>


Figma Inc., a VC-backed collaborative design software maker, filed for long-awaited IPO. Morgan Stanley and Goldman Sachs are the lead bankers on the offering.
The San Francisco-based company was valued at $12.5B in a 2024 tender offer. Figma is well-positioned with a strong brand among designers and a growing footprint in enterprise segment.
With strong financial profile and network effects, driven by large scale and efficient GTM strategy, the company remains the leader in collaborative design software market.


Figma IPO Preview: Fast-Growing Disruptor In The Design Software Market

US-EU Index Rebalances / Quantitative Researcher

Dimitris Ioannidis

Global Financial Data and Analytics Platform

ORTEX

ORTEX is a global financial data and analytics platform providing real-time securities lending and short interest data, index rebalance data, holdings and insider transactions, trading signals, corporate actions and news,  stock machine learning and factor scores and other analytics. The majority of the data are downloadable and accessible through APIs.

Index Rebalance

Interactive Brokers Group, Inc / Index Rebalance

<ul>
<li>
<a href="https://www.smartkarma.com/entities/interactive-brokers-group-inc" target="_blank" data-smartkarma-citation="entities:13335:1" rel="noopener">Interactive Brokers (IBKR US),</a><a href="https://www.smartkarma.com/entities/duolingo-inc" target="_blank" data-smartkarma-citation="entities:33531:1" rel="noopener">Duolingo (DUOL US)</a> and <a href="https://www.smartkarma.com/entities/emcor-group-inc" target="_blank" data-smartkarma-citation="entities:20703:1" rel="noopener">EMCOR (EME US)</a> are the main candidates for addition at review to replace <a href="https://www.smartkarma.com/entities/enphase-energy-inc" target="_blank" data-smartkarma-citation="entities:8872:1" rel="noopener">Enphase Energy (ENPH US)</a> and <a href="https://www.smartkarma.com/entities/caesars-entertainment-corp" target="_blank" data-smartkarma-citation="entities:15532:1" rel="noopener">Caesars Entertainment (CZR US)</a>. </li>
<li>
<a href="https://www.smartkarma.com/entities/cheniere-energy-inc" target="_blank" data-smartkarma-citation="entities:16683:1" rel="noopener">Cheniere Energy (LNG US)</a> and <a href="https://www.smartkarma.com/entities/applovin-corp" target="_blank" data-smartkarma-citation="entities:32989:1" rel="noopener">AppLovin (APP US)</a> are the main candidates for the replacement of the acquisition of <a href="https://www.smartkarma.com/entities/ansys-inc" target="_blank" data-smartkarma-citation="entities:15473:1" rel="noopener">Ansys (ANSS US)</a> which is anticipated end of June.</li>
<li>There is a possibility of zero S&amp;P500 changes at the review due to candidates scoring low in market cap and sector balance.</li>
</ul>



Interactive Brokers (IBKR US),Duolingo (DUOL US) and EMCOR (EME US) are the main candidates for addition at review to replace Enphase Energy (ENPH US) and Caesars Entertainment (CZR US). 

Cheniere Energy (LNG US) and AppLovin (APP US) are the main candidates for the replacement of the acquisition of Ansys (ANSS US) which is anticipated end of June.
There is a possibility of zero S&amp;P500 changes at the review due to candidates scoring low in market cap and sector balance.


S&P500 June 2025 Review Forecast: Weak but Interactive, Time for Duolingo?

US IPOs and Secondary Offerings, IPO Boutique

IPO Boutique

US IPOs and Secondary Offerings

For more than 20 years, we have been providing research, analysis, commentary and ratings on US Equity Capital Markets to institutional investors (US IPOs and Secondary Offerings). Our vast network of contacts across the Equity Capital Markets and attention-to-detail sets us apart from our competitors.

Since 2012, we have achieved a successful hit rating on 89% of Buy-rated IPOs. The collective “Buy” ratings averaged a first trade of 16.3% above issue.Our Neutral Rated Deals averaged just 2% above the issue price at first trade.

Our written research includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

In addition, we provide a high-touch premium desk access which includes analyst access, as well as real time insights on US IPOs as well as secondary offerings.

IPOs and Secondary Offerings

Circle Internet Group / Equity Capital Markets

<ul>
<li>Circle Internet locked down a pair of anchor orders ahead of next week's IPO which is already oversubscribed.</li>
<li>Circle posted $122m of adjusted Ebitda in Q12025 while growing revenue by 58% to $579m. </li>
<li>The combination of anchor orders, an attractive valuation, growing metrics and a tailwind from the Trump administration all tilt the risk-reward profile in a positive direction.</li>
</ul>


Circle Internet locked down a pair of anchor orders ahead of next week's IPO which is already oversubscribed.
Circle posted $122m of adjusted Ebitda in Q12025 while growing revenue by 58% to $579m. 
The combination of anchor orders, an attractive valuation, growing metrics and a tailwind from the Trump administration all tilt the risk-reward profile in a positive direction.


Circle Internet Group (CRCL): Ark, BlackRock to Anchor Oversubscribed Stablecoin IPO

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?

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

Figma IPO Preview: Fast-Growing Disruptor In The Design Software Market

Figma Inc., a VC-backed collaborative design software maker, files for an IPO with strong financials and market leadership. Morgan Stanley and...

Andrei Zakharov

S&P500 June 2025 Review Forecast: Weak but Interactive, Time for Duolingo?

No index changes materialized, and the candidates are weak indeed. Nonetheless, I still expected eligible midcap constituents to replace CZR and/or...

Dimitris Ioannidis

Circle Internet Group (CRCL): Ark, BlackRock to Anchor Oversubscribed Stablecoin IPO

Circle Internet secures anchor orders and strong financials ahead of oversubscribed IPO, with positive outlook due to growing metrics and...

IPO Boutique

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

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52-week Range

Market Cap (USDm)

P/E

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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

Figma IPO Preview: Fast-Growing Disruptor In The Design Software Market

​Figma Inc., a VC-backed collaborative design software maker, files for an IPO with strong financials and market leadership. Morgan Stanley and...

Andrei Zakharov

S&P500 June 2025 Review Forecast: Weak but Interactive, Time for Duolingo?

No index changes materialized, and the candidates are weak indeed. Nonetheless, I still expected eligible midcap constituents to replace CZR and/or...

Dimitris Ioannidis

Circle Internet Group (CRCL): Ark, BlackRock to Anchor Oversubscribed Stablecoin IPO

​Circle Internet secures anchor orders and strong financials ahead of oversubscribed IPO, with positive outlook due to growing metrics and...

IPO Boutique

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

Figma Inc., a VC-backed collaborative design software maker, files for an IPO with strong financials and market leadership. Morgan Stanley and...

Circle Internet secures anchor orders and strong financials ahead of oversubscribed IPO, with positive outlook due to growing metrics and...