COIN

Coinbase Global Inc - Ordinary Shares - Class A

Finance/Real Estate, TMT


Presented:05/07/2021
Price:$263.70
Cap:$52.53B
Current Price:$196.34
Cap:$48.79B

Presented

Date05/07/2021
Price$263.70
Market Cap$52.53B
Ent ValueN/A
P/E Ratio162.97x
Book Value$4.84
Div Yield0%
Shares O/S199.20M
Ave Daily Vol13,393,684
Short IntN/A

Current

Price$196.34
Market Cap$48.79B
Coinbase Global, Inc. operates as a secure hosted bitcoin wallet to purchase and use bitcoin. It provides merchant tools that enable companies to accept payments in bitcoin by incorporating a single button. The company was founded by Brian Armstrong in 2012 and is headquartered in San Francisco, CA.

Publicly traded companies mentioned herein: Coinbase Global Inc (COIN), Facebook Inc (FB), PayPal Holdings Inc (PYPL), Square Inc (SQ)

Highlights

The presenter is long shares of Coinbase Global Inc (COIN), which he considers a generational asset. The stock has been volatile yet flattish overall since direct listing at $250 per share in April, reaching highs of ~$425 and trading back down to its current ~$260 per share. He considers this a strong growth space and sees COIN as the best-positioned player. This is his favorite asset based on its strong leadership, global presence, and best-in-class branding. It reminds him of Facebook’s trajectory post-IPO, as investors were focused on the wrong aspects of the business and did not see the massive growth potential. Due to the market’s misunderstanding of the business, investor interest has been tepid. Meanwhile, he sees an opportunity to pay ~20x his EBITDA estimate for an asset that generates >$1B of EBITDA per quarter, grows revenues >100%, and is still in the very early innings of its growth cycle. 

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Idea Discussion

Commentor 1 - 2 weeks ago

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