All the rage about Coinbase listing
Signs of mature markets and many more listings to come - Bullish?
This is THE CRYPTO EVENT - destined for tomorrow
The first major “proper” crypto company lists on NASDAQ. The ticker is COIN. It is going to be volatile. CT (“Crypto Twitter”) is split as to markets might consolidate for a while after the listing but the macro bullish stance for crypto in general and major coins specifically should continue. Given its size and stature in the industry, many see a volatile week ahead due to the listing. The company is currently valued at $90-100 billion according to the last week of private trading on the Nasdaq and various other estimates. However, some figures have recently begun reaching levels of $120-130 billion and more, and many analysts are expecting the listing event to potentially lift the rest of the cryptocurrency markets significantly. All eyes will be on the performance of the company’s stock on April 14 as it breaks new barriers for the cryptocurrency industry, establishes a precedent for future events, and signals the maturation of digital assets in the public eye.
John Street Capital recently published a great thread on listing of $COIN here and presented some wow insights into how a few years old crypto company is already one of the largest financial institutions in the world. Lets dissect that further with our own few comparisons.
So what does it mean for the broader market? What does it mean for other Exchange tokens / coins? Let’s start with a comparison by Maple Leaf on top centralised and decentralised exchange tokens out here. A very interesting comparison indeed. The summary take away for us was:
BNB & BNT seem to be undervalued although there is some ambiguity on the BNB numbers (BNB is up like 20X this quarter on back of this COIN news)
CAKE - which has a great UI / UX combed with 80% yields on teh BNB CAKE pool, is also very attractive vs UNI or SUSHI that have had a good run
FTT with all its might, US branch, & innovation is my favourite
Insane valuations for Coinbase & we are seeing the Coinbase effect for last couple of weeks - markets might consolidate post this
Coinbase, with insane 56mn users, has 4 times the users of likes of Robinhood & did more revenue in Q1 of 2021 than ALL of 2020 (largely due to BTC rally) and made a whopping 1 billion+ EBITDA. Now valuing at almost 75X EBITDA. Phew
Other DEX coins are also pumping - UNI, SUSHI, ZRX even
A $200 billion Coinbase would be bigger than Wells Fargo, Citigroup, Morgan Stanley, and Blackrock. A 9-year old crypto company that’s already bigger than the banks. And you are still not invested in crypto?
All this is very bullish for Bitcoin. especially in a dwindling supply scenario for BTC and we could possibly see 70K sooner than later along with other alt coins especially the exchange tokens and their affiliates. This is not financial advise.