Fun

Coinbase shares slump, but Base revenue signals it’s undervalued — Analyst

News Feed - 2024-04-19 03:04:32

Ciaran Lyons2 hours agoCoinbase shares slump, but Base revenue signals it’s undervalued — AnalystCrypto analyst Will Clemente believes Coinbase is “the biggest kind of venture style bet in public markets” since Tesla.722 Total views3 Total sharesListen to article 0:00Markets NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksCoinbase (COIN) shares have plummeted 16% over the past five days, mirroring broader volatility in the crypto and stock markets, though one analyst suggests that investors may not be seeing the potential buying opportunity.


“The street isn’t really pricing in the crypto native revenue that I think a lot of the crypto natives understand,” crypto analyst Will Clemente said in a recent Unchained Crypto podcast.


“I think Coinbase is the biggest kind of venture-style bet in public markets since maybe Tesla about five years ago,” Clemente added.


Clemente claimed that traditional investors still view Coinbase “purely as an exchange” despite it making many changes to its business structure over the past 12 months.


“Throughout the bear market, they made a lot of strategic pivots to shift toward what I’m calling a crypto super app,” he declared.


In particular, he noted Coinbase’s Ethereum layer-2 network, Base, which now has a total value locked (TVL) of $5.35 billion and oversees 30.81 daily transactions per second.


“Over the last 30 days, Base has done $30 million of top-line revenue for Coinbase just based on the sequencer fees, which annualizes out to like $360 million a year,” he explained while suggesting that traditional investors are overlooking the significant activity taking place on-chain.“The street doesn’t even know what Base is, and they’re definitely not extrapolating out the potential of a ton of activity taking place there and the sequencer fees that Coinbase may benefit from that.”


At the time of publication, COIN is currently trading at $218.08, down almost 16% over the past five days, per Google Finance data.COIN has plummeted 15.96% over the past five days. Source: Google Finance


Coinbase is expected to release its earnings report for the first quarter of 2024 in the next few weeks.


Over the past five days, the S&P 500 is down 3.12%, while Bitcoin (BTC) has declined approximately 4.67%.


Meanwhile, more downside is expected for both markets as geopolitical tensions escalate in the Middle East after there were reports of explosions at Isfahan airport in central Iran.


Related:Coinbase cleared in lawsuit over crypto transactions


The news comes amid Cathie Wood’s ARK Invest continuing its selling spree of COIN.


On April 15, it was reported that ARK sold 3,689 COIN shares worth approximately $824,000.


It was only a month ago that ARK sold off a staggering amount of the stock amid its price seeing a year-to-date increase at the time of approximately 54%.


On March 21, Cointelegraph reported that ARK sold 199,526 Coinbase shares from its exchange-traded funds.


Magazine:Get Bitcoin or die tryin’: Why hip hop stars love crypto# Blockchain# Coinbase# Adoption# Cryptocurrency Exchange# Stocks# S&P 500Add reaction

News Feed

New $3 Trillion Coronavirus Relief Bill: Second Stimulus Checks Could Be Coming to Americans
New $3 Trillion Coronavirus Relief Bill: Second Stimulus Checks Could Be Coming to AmericansAmericans could be getting their second stimulus checks as a new coronavirus relief bill
Bitcoin Consolidation Continues: 2 Key Support Levels To Watch
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
India’s Central Bank RBI Reiterates ‘Serious Concerns’ About Crypto — Governor Doubts Reports on Indian Crypto Investors
India"s Central Bank RBI Reiterates "Serious Concerns" About Crypto — Governor Doubts Reports on Indian Crypto Investors India’s central bank, the Reserve Bank of India (R
Dubai virtual asset regulator wants to lift burden on small crypto firms
Ezra Reguerra25 minutes agoDubai virtual asset regulator wants to lift burden on small crypto firmsMatthew White, the CEO of VARA, explained that being regulated is costly, and they are looking for ways to reduce the fin
Venom Blockchain Partners with DAO Maker to Incubate Web3 Startups Focused on Real-world Use Cases
Venom Blockchain Partners with DAO Maker to Incubate Web3 Startups Focused on Real-world Use Cases press release PRESS RELEASE.Abu Dhabi, 13 February 2023—Venom Foundation, the fi
Egyptian Banks Set to Launch Multi-Million Dollar Fintech Fund
Egyptian Banks Set to Launch Multi-Million Dollar Fintech Fund Egyptian banks are reportedly on course to launch a $69.6 million fund which is earmarked to support the country
Cryptocurrency Is Losing Popularity as Investment Vehicle in US, According to Bankrate Survey
Cryptocurrency Is Losing Popularity as Investment Vehicle in US, According to Bankrate Survey The popularity of cryptocurrency as an investment vehicle is dwindling in the U.S., ac
BIS: 9 out of 10 Central Banks Worldwide Are Exploring Digital Currencies — Driven by Crypto Market
BIS: 9 out of 10 Central Banks Worldwide Are Exploring Digital Currencies — Driven by Crypto Market Nine out of 10 central banks globally are exploring central bank digital curre
Peafarm – NFT Crypto Games on Tron 4.0 Platform, Airdrop Is Now Live
Peafarm – NFT Crypto Games on Tron 4.0 Platform, Airdrop Is Now Live PRESS RELEASE. NFT (non-fungible token) had been used in the construction of decentralized
Marcel Pechman6 hours agoBuffett and Ackman take opposing sides on Treasury yields — What does it mean for Bitcoin?Two investment moguls are betting on different directions for inflation and Treasury yields, with poten
Turner Wright2 hours agoUS authorities monitor China-linked Bitcoin miners amid national security concerns: ReportA crypto mining operation near a Microsoft facility that supported the Pentagon was reportedly under scrut
Aave contemplates fee distribution in DeFi shake-up
Amaka Nwaokocha53 minutes agoAave contemplates fee distribution in DeFi shake-upThe fee switch will allow governance to control and adjust fee-related policies based on the platform’s needs and objectives.260 Total vie