Just glad to see investors are not sufficiently blinded by inflation, interest hikes, unnecessary US-China tensions to abandon $Coinbase Global, Inc.(COIN)$. While some bitter investors and bank analysts would say it's a meme stock squeeze and my response would be you're absolutely right but meme traders or investors have the right to make monies too. Back to why it's a great stock to see if the rally is sustainable. Reputaional wise, it's one of the digital asset exchanges that is highly efficient in managing its platform & lifecycle. It's teaming up with Blackrock to offer coinbase prime to institutional clients. Kudos to Blackrock for soughting partnerships to get into a space that it's not extremely familiar. No doubt coinbase earnings that will be impacted recently because digital currencies came off in value resulting lower traded volume; thus, lower fees.
On the bright side it's still trying hard to maintain strong revenue growth & hopefully it is still able to show earnings this year by tapping into new sets of investors. FYI, the platform needs to be established (coinbase invested heavily on this) to be considered by Blackrock institutional clients. At current p/e of about 6, price to free cash flows of about 2 & most importantly it has a robust business model in the crypto space, the future is bright on this one.
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