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>Coinbase reported 2Q25 results: total net revenue declined by 28% QoQ to US$1.42bn, below Bloomberg consensus estimate of US$1.52bn, primarily due to low volatility and price headwinds of non-Bitcoin crypto assets; adjusted EBITDA was down by 45% QoQ to US$512mn, versus consensus estimate of US$601mn.</li><li>Nonetheless, crypto market sentiment has started to recover since July.</li><li>Management anticipated July transaction revenue of c.US$360mn, and guided 3Q25 subscription &amp; services revenue of US$665-745mn (+1-14% QoQ), mainly driven by higher average crypto prices and stablecoin revenue. </li></ul>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 reported 2Q25 results: total net revenue declined by 28% QoQ to US$1.42bn, below Bloomberg consensus estimate of US$1.52bn, primarily due to low volatility and price headwinds of non-Bitcoin crypto assets; adjusted EBITDA was down by 45% QoQ to US$512mn, versus consensus estimate of US$601mn.Nonetheless, crypto market sentiment has started to recover since July.Management anticipated July transaction revenue of c.US$360mn, and guided 3Q25 subscription &amp; services revenue of US$665-745mn (+1-14% QoQ), mainly driven by higher average crypto prices and stablecoin revenue. 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) - Soft Crypto Market Sentiment Impacted 2Q25 Results...

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>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

<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>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.

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?

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 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.</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 (COIN US) - Soft Crypto Market Sentiment Impacted 2Q25 Results...

Management anticipated July transaction revenue of c.US$360mn, and guided 3Q25 subscription & services revenue of US$665-745mn (+1-14% QoQ)...

CMB International

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 (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: 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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Coinbase (COIN US) - Soft Crypto Market Sentiment Impacted 2Q25 Results...

Management anticipated July transaction revenue of c.US$360mn, and guided 3Q25 subscription & services revenue of US$665-745mn (+1-14% QoQ)...

CMB International

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 (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: 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...