I am pretty fascinated by the Coinbase IPO and watched it closely today. I did not trade it or buy or sell it. I just watched. The market is really something else today. AirBnB and Coinbase are $100 billion companies. They are suddenly 1/7th the size of Tesla or roughly 1/15th the size of Google. I have no doubt these are amazing companies, but the valuations are jaw-dropping.
Or maybe Google and Tesla are still undervalued? I tweeted this stat the other day:
"Dogecoin currently has a market cap of $14 billion. It's now the 13th largest cryptocurrency in the world. Its market cap is bigger than companies like GameStop $GME, Factset FDS, Davita DVA, Kohl's KSS, and Coors Light TAP. It's possible equity markets are TOO efficient compared to other markets." - Tweet here
So to answer that question and to dive in, here are some facts I found about Coinbase. Enjoy - by the way these facts come from a various list of sources and official documentation from Coinbase itself:
• 56 million users in the most recent quarter, which is compared to 32 million in 2019.
• The Coinbase IPO was a direct listing, actually not an IPO, which means there was no money raised.
• Coinbase gets 95%+ of its revenue from transaction fees and that needs to change
• The company wants to soon move into credit cards, which make up 50% of sales in the next 5-10 years
• Coinbase revenue has apparently climbed nine-fold from over the last 12 months to $1.8 billion
• Net income has jumped somewhere to $730 million and $800 million and only last year it was $32.
• Coinbase is larger than the NYSE and Nasdaq COMBINED.
So that's it.
Curious to hear your thoughts below. Thanks for reading.
Or maybe Google and Tesla are still undervalued? I tweeted this stat the other day:
"Dogecoin currently has a market cap of $14 billion. It's now the 13th largest cryptocurrency in the world. Its market cap is bigger than companies like GameStop $GME, Factset FDS, Davita DVA, Kohl's KSS, and Coors Light TAP. It's possible equity markets are TOO efficient compared to other markets." - Tweet here
So to answer that question and to dive in, here are some facts I found about Coinbase. Enjoy - by the way these facts come from a various list of sources and official documentation from Coinbase itself:
• 56 million users in the most recent quarter, which is compared to 32 million in 2019.
• The Coinbase IPO was a direct listing, actually not an IPO, which means there was no money raised.
• Coinbase gets 95%+ of its revenue from transaction fees and that needs to change
• The company wants to soon move into credit cards, which make up 50% of sales in the next 5-10 years
• Coinbase revenue has apparently climbed nine-fold from over the last 12 months to $1.8 billion
• Net income has jumped somewhere to $730 million and $800 million and only last year it was $32.
• Coinbase is larger than the NYSE and Nasdaq COMBINED.
So that's it.
Curious to hear your thoughts below. Thanks for reading.
I work at TradingView helping to build charts, tools, and software for everyone interested in financial markets.
Twitter: twitter.com/scheplick
Blog: scheplick.com/
Twitter: twitter.com/scheplick
Blog: scheplick.com/
Coinbase has a larger market cap than them both.