NatalieLopez
8 Jan 24
*Cavenagh Research* In a recent review of Coinbase, Cavenagh Research highlights the factors underpinning the cryptocurrency exchange's strong outperformance relative to Bitcoin. The research study identifies Coinbase's revenue potential from transaction fees and the worldwide adoption of cryptoc...
*Cavenagh Research*
In a recent review of Coinbase, Cavenagh Research highlights the factors underpinning the cryptocurrency exchange's strong outperformance relative to Bitcoin. The research study identifies Coinbase's revenue potential from transaction fees and the worldwide adoption of cryptocurrencies as primary drivers. It expects the sustained surge in crypto prices, attributing the phenomenon to a global demand for an inflation hedge and anticipation of 2024's rate cuts, rendering Coinbase an attractive investment. Additionally, the report underscores Coinbase's pioneering position in the crypto exchange sector, largely attributed to its user-friendly interface and expanding suite of services and products. The overall assessment of Coinbase signals commercial promise. However, the report subtly edges that COIN stock is being traded at a comparatively cheap 12x EBIT/EV (FWD).
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