Fintech & EM-focused Analyst, KT Capital Group

Alec Tseung

Alec is currently a partner in KT Capital Group and serving as the Chinese shareholder representative of a public P&C insurer in Kazakhstan/Central Asia. 

Previously, he served as the Research & Investments Partner at Re:base Ventures (rebase.vc), a Web3 and DeFi investment firm with a strong focus on building and incubation. 

Before that, he spent time with Tencent, where he was responsible for the group's investments in the overseas markets (Southeast Asia, the Middle East, and Europe). 

Prior to Tencent, he was in the Principal Investments team at Swiss Re, where he focused on driving the group's investments into financial services and Fintech sectors in APAC. 

He has been responsible for a wide range of investments and transactions (venture/growth, buyout, direct secondaries, etc.) totaling >$5 billion. Alec started his career with Bank of America Merrill Lynch.

Fintech & EM-focused Analyst

2025 High Conviction: Coinbase - What Doesn't Kill You, Makes You Stronger

Coinbase Q1’22: A Deeper Look Into the Operating Expenses

2022 High Conviction: Coinbase Is More Than Trading Coins

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

Coinbase Global

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