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b0bz

Getting some tendies

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2021-04-15

Nice

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2021-04-19

to the moon

GameStop Options Can Be An Amazing Place To Park Cash

2021-04-13

Nice

Can You Make Coin Investing In Coinbase?

2021-04-12

weeeeeee

Aphria shares drop 13% as results trail consensus; top line hit by lockdowns across Canada

2021-04-12

to the moon... or maybe mars.

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src=\"https://static.tigerbbs.com/bb51507c51fe594ee6dd13db3612a750\" tg-width=\"708\" tg-height=\"500\" referrerpolicy=\"no-referrer\">Nvidia&nbsp;(<b>NVDA</b>) -Get Report&nbsp;shares rose Thursday after Raymond James upgraded the graphics-chip maker to strong buy from outperform and raised its price target to $750 from $700.</p><p>“Our call is not really new, as we’ve been positive on NVDA for some time,” Raymond James analyst Chris Caso wrote in a commentary.</p><p>Caso also downgraded Intel&nbsp;(<b>INTC</b>) -Get Report&nbsp;to underperform from market perform.</p><p>Regarding Nvidia, “Our call today rather is meant to express our conviction in both the short and long term. In the short term, we think results will be more dependent on supply than demand given widespread shortages. 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charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Nvidia reached record high of $640.95</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; 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height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nNvidia reached record high of $640.95\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time\">2021-04-15 21:57</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>(April 15)&nbsp;Nvidia rose more than 4%, reached record high of $640.95.&nbsp;Nvidia upgraded to strong buy from outperform at Raymond James.</p><p><img src=\"https://static.tigerbbs.com/c5b189e6efe0640b2dcc24dd9e17d1ae\" tg-width=\"979\" tg-height=\"111\" referrerpolicy=\"no-referrer\"></p><p><img src=\"https://static.tigerbbs.com/bb51507c51fe594ee6dd13db3612a750\" tg-width=\"708\" tg-height=\"500\" referrerpolicy=\"no-referrer\">Nvidia&nbsp;(<b>NVDA</b>) -Get Report&nbsp;shares rose Thursday after Raymond James upgraded the graphics-chip maker to strong buy from outperform and raised its price target to $750 from $700.</p><p>“Our call is not really new, as we’ve been positive on NVDA for some time,” Raymond James analyst Chris Caso wrote in a commentary.</p><p>Caso also downgraded Intel&nbsp;(<b>INTC</b>) -Get Report&nbsp;to underperform from market perform.</p><p>Regarding Nvidia, “Our call today rather is meant to express our conviction in both the short and long term. In the short term, we think results will be more dependent on supply than demand given widespread shortages. And we do expect incremental supply to become available as the year progresses.”</p><p>Further, “we think improvement in enterprise, driven by a return to the office as well as the A10 launch, could drive better data-center growth in the second half of the year, which is important for the stock,” Caso said.</p><p>Nvidia recently traded at $625.16, up 2.3%, and has gained 8% over the past six months.</p><p>“Our longer-term conviction is driven by the fact that NVDA has more shots on goal than&nbsp;anyone else in our coverage, and their success in [artificial intelligence] has earned them a permanent seat at the table in both hyperscale and enterprise computing.”</p><p>Nvidia said Monday thatit is offering its first server microprocessors, a move that will further heat up its rivalry with Intel.</p><p>“Intel’s stock has risen of late due to optimism that new leadership from their very capable new CEO will allow them to turn around their manufacturing issues and return to their former dominance,” he said.</p><p>“Our underperform rating reflects not just the risk that Intel won’t reach that goal, but also the pain they will likely endure in pursuit of that goal.”</p><p>Intel recently traded at $63.82, down 0.6%.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NVDA":"英伟达"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1113708244","content_text":"(April 15) Nvidia rose more than 4%, reached record high of $640.95. Nvidia upgraded to strong buy from outperform at Raymond James.Nvidia (NVDA) -Get Report shares rose Thursday after Raymond James upgraded the graphics-chip maker to strong buy from outperform and raised its price target to $750 from $700.“Our call is not really new, as we’ve been positive on NVDA for some time,” Raymond James analyst Chris Caso wrote in a commentary.Caso also downgraded Intel (INTC) -Get Report to underperform from market perform.Regarding Nvidia, “Our call today rather is meant to express our conviction in both the short and long term. In the short term, we think results will be more dependent on supply than demand given widespread shortages. And we do expect incremental supply to become available as the year progresses.”Further, “we think improvement in enterprise, driven by a return to the office as well as the A10 launch, could drive better data-center growth in the second half of the year, which is important for the stock,” Caso said.Nvidia recently traded at $625.16, up 2.3%, and has gained 8% over the past six months.“Our longer-term conviction is driven by the fact that NVDA has more shots on goal than anyone else in our coverage, and their success in [artificial intelligence] has earned them a permanent seat at the table in both hyperscale and enterprise computing.”Nvidia said Monday thatit is offering its first server microprocessors, a move that will further heat up its rivalry with Intel.“Intel’s stock has risen of late due to optimism that new leadership from their very capable new CEO will allow them to turn around their manufacturing issues and return to their former dominance,” he said.“Our underperform rating reflects not just the risk that Intel won’t reach that goal, but also the pain they will likely endure in pursuit of that goal.”Intel recently traded at $63.82, down 0.6%.","news_type":1},"isVote":1,"tweetType":1,"viewCount":316,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":345697668,"gmtCreate":1618307279754,"gmtModify":1704708878041,"author":{"id":"3568279728363006","authorId":"3568279728363006","name":"b0bz","avatar":"https://static.tigerbbs.com/18c91d693b55406f6ea6e7ddc0bc17db","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3568279728363006","authorIdStr":"3568279728363006"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/345697668","repostId":"1194635432","repostType":4,"repost":{"id":"1194635432","pubTimestamp":1618236146,"share":"https://ttm.financial/m/news/1194635432?lang=&edition=fundamental","pubTime":"2021-04-12 22:02","market":"us","language":"en","title":"Can You Make Coin Investing In Coinbase?","url":"https://stock-news.laohu8.com/highlight/detail?id=1194635432","media":"seekingalpha","summary":"SummaryCoinbase's current valuation is unjustified due to 2 fundamental risks: the hostility of the ","content":"<p><b>Summary</b></p><ul><li>Coinbase's current valuation is unjustified due to 2 fundamental risks: the hostility of the US regulatory landscape towards centralized exchanges, and the widening gap in a winner-takes-all market.</li><li>With coin listings being one of the core competitive advantages of an exchange, Coinbase has the 2nd smallest coin listings among the top 10 exchanges as a result of regulations.</li><li>Widening gap between Coinbase (ranked 2nd) and Binance (ranked 1st) in terms of coin listings and trading volume is evidence of a winner-takes-all market, Coinbase is on the losing side.</li><li>Marginal revenue growth, decline in profitability, and decline in the overall growth stock valuations further plague Coinbase's investment value proposition.</li></ul><p>I remember the early days of cryptocurrency when Binance andCoinbase (COIN) were competing for the top spot as an exchange. If you've traded cryptocurrencies in the US, you have probably used or heard ofCoinbase. Now thatCoinbase is going public, should you invest in the company?</p><p>At first glance, this investment value proposition seemed compelling since the overall cryptocurrency industry is growing rapidly. However, I have found evidence of 2 fundamental risks toCoinbase's growth that could not justify its current valuation and could even undermine its future growth. Recentreportsmay also express agreement asCoinbase's IPO valuation dropped from $100bn to $68bn.</p><p><b>Fundamental Risks 1: The US Regulatory Landscape</b></p><p>The US regulatory landscape is not friendly to centralized exchanges in a way that massively dampenedCoinbase's competitive advantages, one of which is coin listings.</p><p>Coinbase has the 2nd smallest coin listings</p><p>Coin listing is one of the most crucial criteria for a trader/investor when choosing an exchange. Traders/investors require a large number of coin listings to speculate on small-cap altcoins for 10x-100x return. The more coins listed, the more opportunities and choices. I personally use several exchanges for this very reason other than unique features such as staking and etc. The 6 exchanges I use are Binance, Crypto.com, KuCoin, Bkex, PoloniEx, and MXC Pro.</p><p>Why do I use multiple exchanges? Let me illustrate via an example. KuCoin listed Orion(NYSE:ORN)in July 2020 at $1, about 2 months earlier than Binance in October 2020. I bought ORN through KuCoin on its first day at $1.1 and staked it at &gt;20% APY interest. When Binance announced it was listing ORN, its priced spiked upwards. On ORN's first trading day on Binance, ORN's price spiked up as high as $4++ (it is a common occurrence for a token to spike when it is listed in a new exchange). I redeemed my ORN from staking and sold it at $3.60. This transaction earned me more than 300% return. Therefore, the more coins listed, the more opportunities I'll have to replicate this particular transaction to other small-cap altcoins.</p><p>SinceCoinbase's coin listing is small, traders/investors like myself will find it difficult to find these kinds of opportunities. Furthermore, many of the largest-cap coins are not listed onCoinbase. This is one of the main reasons why I did not useCoinbase; I theorize that many traders/investors like myself feel that way. (Let me know in the comments.)</p><p>In a recent lawsuit, a man claiming to beCoinbase's client capitalized on the legal battle between Ripple Labs’ battle and U.S. Securities and Exchange Commission (SEC), suedCoinbase for selling XRP tokens and sought compensations and other relief. According to CoinMarketCap.com, XRP is no longer listed onCoinbase. However, it is listed on more than500 other centralized exchanges(excluding decentralized exchanges) that are much smaller thanCoinbase outside the US.</p><p>XRP is the 7th biggest cryptocurrency by market cap as of the time of writing. Many other top cryptocurrencies are also not found onCoinbase, such as BNB (ranked 3rd), ADA (ranked 4th), DOT (ranked 6th). Amongthe 10 highest-rated centralized exchanges(refer to Table 1), only Bitstamp (18) offers fewer cryptocurrencies thanCoinbase (49), while the market leader (Binance) ledCoinbase by 700% in coin listings.</p><p>Since regulation can directly affect coin listings, a competitive advantage of an exchange,Coinbase already faces overwhelming challenges to compete on this front alone.</p><p>Table 1: Top 10 Spot Exchange Ranked by CoinMarketCap Ratings.</p><p><img src=\"https://static.tigerbbs.com/5bf68da62452a794c5daaa60ac989840\" tg-width=\"554\" tg-height=\"576\" referrerpolicy=\"no-referrer\">Source: Table created by Author fromCoinMarketCap</p><p><b>Other Regulatory Risks</b></p><p>Regulatory risks extend beyond coin listings and the US.Coinbase offers its services to52 countries. If any of the 52 countries ban crypto assets, its revenue would be adversely affected. It is not uncommon for centralized exchanges to relocate to another country due to regulations. While India isplotting a move to ban cryptocurrencies, many exchanges apply forlicenses to move out from India.</p><p>Statistically speaking, 108 exchangesshut downin 2020, compared to 81 in 2019. At least 3 are shut down by government(s) in 2020, and at least 2 in 2019.</p><p>Although it seems unlikely for the US to follow China's and India's footsteps to drastically ban crypto-assets now, regulatory risks remain major risks toCoinbase.</p><p><b>Fundamental Risk 2: Losing a Winner-Takes-All Market</b></p><p>There are 2 types of crypto exchanges: centralized and decentralized. Both have pros and cons. The best known centralized exchange is Binance, while the best known decentralized exchange is Uniswap. Although centralized exchanges may require a license by a governing body, decentralized exchanges might not, as decentralized exchanges can have avarying degree of centralized components. Both centralized and decentralized exchanges have their respective roles in the crypto ecosystem, hence I think that both are here to stay.</p><p>Many of the decentralized exchange source codes are open source (full listshere). In other words, virtually anyone can develop and host a decentralized exchange. This implies a shallow barrier to entry. Uniswap is the market leader in the decentralized exchange space. Itrecordedmore than $58bn volume in 2020, up 15,000% from 2019. Note that Uniswap wasfirst launchedin November 2018, compared toCoinbase in 2012.</p><p>On the other hand, Binance, the market leader in the centralized exchange space, recorded a total of$1.417 trillion spot trading volume in 2020, an increase of 36% from 2019. This figure does not even include other trading volumes, such as options, futures, margin, and other services, which amounted to $1.7 trillion, a 2800% increase from 2019.</p><p>In comparison,Coinbase only recorded $445bn total trading volume in 2020, a 39% increase in 2019. This is evidence that the market leader is pulling away, implying a winner-takes-all market. This becomes evident by referring to Table 1, where the market leader has more than 10 times the trading value than the 2nd place (Coinbase).</p><p>Furthermore, many traditional financial, non-financial international corporations and fintech companies are also participating in the competition. One of the latest addition is ApplePay.ApplePaynow has official support for cryptocurrencies, with GooglePay and SamsungPay to follow suit. Other note-worthy companies include Square, Paypal, and Visa.</p><p>In my opinion,Coinbase looks to be on the losing side if this market is indeed a winner-takes-all market. Further,Coinbase could be losing market more market share as more competition arises.</p><p><img src=\"https://static.tigerbbs.com/01ca6dafd2b567bd920c5e9f8edc8fbb\" tg-width=\"640\" tg-height=\"202\" referrerpolicy=\"no-referrer\">Source:BusinessofApps</p><p><b>Valuation</b></p><p>The tables below showed thatCoinbase's profit margin is healthy at 28% in 2020. Revenue growth rate compounds at approximately 7% annually from 2017-2020, but profits declined.</p><p>Coinbase's valuation in 2017 remains the most attractive, at 1.725 P/S (Price-to-Sales ratio) and 4.21 P/E (Price-to-Earnings ratio). Earlier this month,Coinbase's IPO valuation is pegged at$100bn. However, recent reports indicated a decrease inCoinbase's IPO valuation to$68bn.At a valuation of $100bn and $68bn,Coinbase is valued at approximately 333 P/E and 211 P/E respectively, or approximately 87.7 P/S and 59.65 P/S respectively.</p><p>Coinbase's valuation in 2020 is a far cry from 2017. Perhaps,Coinbase is pushing for its IPO to cash in on the overall stock market's high valuation.</p><p>Nevertheless, considering the 2 fundamental risks outlined above, marginal revenue growth and declined profits,Coinbase is overvalued at the current valuation in my opinion. The current decline in growth stocks further deterioratesCoinbase's investment value proposition.</p><p>Table 3:Coinbase's Revenue from 2016-2020<img src=\"https://static.tigerbbs.com/de8396c363230e04130e43f63d653956\" tg-width=\"640\" tg-height=\"231\" referrerpolicy=\"no-referrer\">Source:BusinessofApps</p><p>Table 4:Coinbase's Profit from 2016-2020<img src=\"https://static.tigerbbs.com/be2327ad800bd3524a3aaa57e3a0b17f\" tg-width=\"640\" tg-height=\"208\" referrerpolicy=\"no-referrer\">Source:BusinessofApps</p><p>Table 5:Coinbase's Historical Valuations<img src=\"https://static.tigerbbs.com/4b1fd86395ee1b0e38f1f6fd472f84bd\" tg-width=\"640\" tg-height=\"159\" referrerpolicy=\"no-referrer\">Source:BusinessofApps</p><p><b>Verdict</b></p><p>In my opinion, the current valuation ofCoinbase couldn't be justified even though the crypto industry is growing rapidly in general. This is down toCoinbase's 2 fundamental risks outlined in this article, marginal growth, sky-high valuation, and the decline in the growth stocks.</p><p>The reason I retain a neutral outlook onCoinbase is the overall outlook of the industry. On the other hand, we can participate in Binance, the market leader in the centralized exchange space, to maximize investment growth. Although Binance is not publicly traded, we can participate in its growth by buying its platform token (BNB).Binance uses part of its profitsto buy back its platform token (BNB)periodically. This results in a gradual increase in its token's price, a similar effect of shares buyback. Hence, I participate in Binance's growth by buying BNB, which saw a 670% YTD return.</p>","source":"seekingalpha","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Can You Make Coin Investing In Coinbase?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCan You Make Coin Investing In Coinbase?\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-04-12 22:02 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4416527-coinbase-path-to-moon-will-be-bumpy-one><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>SummaryCoinbase's current valuation is unjustified due to 2 fundamental risks: the hostility of the US regulatory landscape towards centralized exchanges, and the widening gap in a winner-takes-all ...</p>\n\n<a href=\"https://seekingalpha.com/article/4416527-coinbase-path-to-moon-will-be-bumpy-one\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"COIN":"Coinbase Global, Inc."},"source_url":"https://seekingalpha.com/article/4416527-coinbase-path-to-moon-will-be-bumpy-one","is_english":true,"share_image_url":"https://static.laohu8.com/5a36db9d73b4222bc376d24ccc48c8a4","article_id":"1194635432","content_text":"SummaryCoinbase's current valuation is unjustified due to 2 fundamental risks: the hostility of the US regulatory landscape towards centralized exchanges, and the widening gap in a winner-takes-all market.With coin listings being one of the core competitive advantages of an exchange, Coinbase has the 2nd smallest coin listings among the top 10 exchanges as a result of regulations.Widening gap between Coinbase (ranked 2nd) and Binance (ranked 1st) in terms of coin listings and trading volume is evidence of a winner-takes-all market, Coinbase is on the losing side.Marginal revenue growth, decline in profitability, and decline in the overall growth stock valuations further plague Coinbase's investment value proposition.I remember the early days of cryptocurrency when Binance andCoinbase (COIN) were competing for the top spot as an exchange. If you've traded cryptocurrencies in the US, you have probably used or heard ofCoinbase. Now thatCoinbase is going public, should you invest in the company?At first glance, this investment value proposition seemed compelling since the overall cryptocurrency industry is growing rapidly. However, I have found evidence of 2 fundamental risks toCoinbase's growth that could not justify its current valuation and could even undermine its future growth. Recentreportsmay also express agreement asCoinbase's IPO valuation dropped from $100bn to $68bn.Fundamental Risks 1: The US Regulatory LandscapeThe US regulatory landscape is not friendly to centralized exchanges in a way that massively dampenedCoinbase's competitive advantages, one of which is coin listings.Coinbase has the 2nd smallest coin listingsCoin listing is one of the most crucial criteria for a trader/investor when choosing an exchange. Traders/investors require a large number of coin listings to speculate on small-cap altcoins for 10x-100x return. The more coins listed, the more opportunities and choices. I personally use several exchanges for this very reason other than unique features such as staking and etc. The 6 exchanges I use are Binance, Crypto.com, KuCoin, Bkex, PoloniEx, and MXC Pro.Why do I use multiple exchanges? Let me illustrate via an example. KuCoin listed Orion(NYSE:ORN)in July 2020 at $1, about 2 months earlier than Binance in October 2020. I bought ORN through KuCoin on its first day at $1.1 and staked it at >20% APY interest. When Binance announced it was listing ORN, its priced spiked upwards. On ORN's first trading day on Binance, ORN's price spiked up as high as $4++ (it is a common occurrence for a token to spike when it is listed in a new exchange). I redeemed my ORN from staking and sold it at $3.60. This transaction earned me more than 300% return. Therefore, the more coins listed, the more opportunities I'll have to replicate this particular transaction to other small-cap altcoins.SinceCoinbase's coin listing is small, traders/investors like myself will find it difficult to find these kinds of opportunities. Furthermore, many of the largest-cap coins are not listed onCoinbase. This is one of the main reasons why I did not useCoinbase; I theorize that many traders/investors like myself feel that way. (Let me know in the comments.)In a recent lawsuit, a man claiming to beCoinbase's client capitalized on the legal battle between Ripple Labs’ battle and U.S. Securities and Exchange Commission (SEC), suedCoinbase for selling XRP tokens and sought compensations and other relief. According to CoinMarketCap.com, XRP is no longer listed onCoinbase. However, it is listed on more than500 other centralized exchanges(excluding decentralized exchanges) that are much smaller thanCoinbase outside the US.XRP is the 7th biggest cryptocurrency by market cap as of the time of writing. Many other top cryptocurrencies are also not found onCoinbase, such as BNB (ranked 3rd), ADA (ranked 4th), DOT (ranked 6th). Amongthe 10 highest-rated centralized exchanges(refer to Table 1), only Bitstamp (18) offers fewer cryptocurrencies thanCoinbase (49), while the market leader (Binance) ledCoinbase by 700% in coin listings.Since regulation can directly affect coin listings, a competitive advantage of an exchange,Coinbase already faces overwhelming challenges to compete on this front alone.Table 1: Top 10 Spot Exchange Ranked by CoinMarketCap Ratings.Source: Table created by Author fromCoinMarketCapOther Regulatory RisksRegulatory risks extend beyond coin listings and the US.Coinbase offers its services to52 countries. If any of the 52 countries ban crypto assets, its revenue would be adversely affected. It is not uncommon for centralized exchanges to relocate to another country due to regulations. While India isplotting a move to ban cryptocurrencies, many exchanges apply forlicenses to move out from India.Statistically speaking, 108 exchangesshut downin 2020, compared to 81 in 2019. At least 3 are shut down by government(s) in 2020, and at least 2 in 2019.Although it seems unlikely for the US to follow China's and India's footsteps to drastically ban crypto-assets now, regulatory risks remain major risks toCoinbase.Fundamental Risk 2: Losing a Winner-Takes-All MarketThere are 2 types of crypto exchanges: centralized and decentralized. Both have pros and cons. The best known centralized exchange is Binance, while the best known decentralized exchange is Uniswap. Although centralized exchanges may require a license by a governing body, decentralized exchanges might not, as decentralized exchanges can have avarying degree of centralized components. Both centralized and decentralized exchanges have their respective roles in the crypto ecosystem, hence I think that both are here to stay.Many of the decentralized exchange source codes are open source (full listshere). In other words, virtually anyone can develop and host a decentralized exchange. This implies a shallow barrier to entry. Uniswap is the market leader in the decentralized exchange space. Itrecordedmore than $58bn volume in 2020, up 15,000% from 2019. Note that Uniswap wasfirst launchedin November 2018, compared toCoinbase in 2012.On the other hand, Binance, the market leader in the centralized exchange space, recorded a total of$1.417 trillion spot trading volume in 2020, an increase of 36% from 2019. This figure does not even include other trading volumes, such as options, futures, margin, and other services, which amounted to $1.7 trillion, a 2800% increase from 2019.In comparison,Coinbase only recorded $445bn total trading volume in 2020, a 39% increase in 2019. This is evidence that the market leader is pulling away, implying a winner-takes-all market. This becomes evident by referring to Table 1, where the market leader has more than 10 times the trading value than the 2nd place (Coinbase).Furthermore, many traditional financial, non-financial international corporations and fintech companies are also participating in the competition. One of the latest addition is ApplePay.ApplePaynow has official support for cryptocurrencies, with GooglePay and SamsungPay to follow suit. Other note-worthy companies include Square, Paypal, and Visa.In my opinion,Coinbase looks to be on the losing side if this market is indeed a winner-takes-all market. Further,Coinbase could be losing market more market share as more competition arises.Source:BusinessofAppsValuationThe tables below showed thatCoinbase's profit margin is healthy at 28% in 2020. Revenue growth rate compounds at approximately 7% annually from 2017-2020, but profits declined.Coinbase's valuation in 2017 remains the most attractive, at 1.725 P/S (Price-to-Sales ratio) and 4.21 P/E (Price-to-Earnings ratio). Earlier this month,Coinbase's IPO valuation is pegged at$100bn. However, recent reports indicated a decrease inCoinbase's IPO valuation to$68bn.At a valuation of $100bn and $68bn,Coinbase is valued at approximately 333 P/E and 211 P/E respectively, or approximately 87.7 P/S and 59.65 P/S respectively.Coinbase's valuation in 2020 is a far cry from 2017. Perhaps,Coinbase is pushing for its IPO to cash in on the overall stock market's high valuation.Nevertheless, considering the 2 fundamental risks outlined above, marginal revenue growth and declined profits,Coinbase is overvalued at the current valuation in my opinion. The current decline in growth stocks further deterioratesCoinbase's investment value proposition.Table 3:Coinbase's Revenue from 2016-2020Source:BusinessofAppsTable 4:Coinbase's Profit from 2016-2020Source:BusinessofAppsTable 5:Coinbase's Historical ValuationsSource:BusinessofAppsVerdictIn my opinion, the current valuation ofCoinbase couldn't be justified even though the crypto industry is growing rapidly in general. This is down toCoinbase's 2 fundamental risks outlined in this article, marginal growth, sky-high valuation, and the decline in the growth stocks.The reason I retain a neutral outlook onCoinbase is the overall outlook of the industry. On the other hand, we can participate in Binance, the market leader in the centralized exchange space, to maximize investment growth. Although Binance is not publicly traded, we can participate in its growth by buying its platform token (BNB).Binance uses part of its profitsto buy back its platform token (BNB)periodically. This results in a gradual increase in its token's price, a similar effect of shares buyback. Hence, I participate in Binance's growth by buying BNB, which saw a 670% YTD return.","news_type":1},"isVote":1,"tweetType":1,"viewCount":310,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":342478673,"gmtCreate":1618239413892,"gmtModify":1704708033012,"author":{"id":"3568279728363006","authorId":"3568279728363006","name":"b0bz","avatar":"https://static.tigerbbs.com/18c91d693b55406f6ea6e7ddc0bc17db","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3568279728363006","authorIdStr":"3568279728363006"},"themes":[],"htmlText":"weeeeeee","listText":"weeeeeee","text":"weeeeeee","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/342478673","repostId":"1132530538","repostType":4,"isVote":1,"tweetType":1,"viewCount":378,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":342442302,"gmtCreate":1618239137906,"gmtModify":1704708022128,"author":{"id":"3568279728363006","authorId":"3568279728363006","name":"b0bz","avatar":"https://static.tigerbbs.com/18c91d693b55406f6ea6e7ddc0bc17db","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3568279728363006","authorIdStr":"3568279728363006"},"themes":[],"htmlText":"to the moon... or maybe mars.&nbsp;","listText":"to the moon... or maybe mars.&nbsp;","text":"to the moon... or maybe mars.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/342442302","repostId":"1115379832","repostType":4,"repost":{"id":"1115379832","pubTimestamp":1618239034,"share":"https://ttm.financial/m/news/1115379832?lang=&edition=fundamental","pubTime":"2021-04-12 22:50","market":"us","language":"en","title":"Buy Tesla Because It Could Be the Next Apple. Here’s How.","url":"https://stock-news.laohu8.com/highlight/detail?id=1115379832","media":"Barron's","summary":"Tesla picked up another Buy rating on Monday from an analyst who sees Apple-like potential in the el","content":"<p>Tesla picked up another Buy rating on Monday from an analyst who sees Apple-like potential in the electric-vehicle pioneer.</p>\n<p>Cannacord analyst Jonathan Dorsheimer upgraded Tesla (ticker: TSLA) shares to Buy and increased his price target from $419 to $1,071. That represents a 124% boost to his previous target price.</p>\n<p>The upgrade sent Tesla stock up about 1.5% in premarket trading. S&amp;P 500 and Dow Jones Industrial Average futures, for comparison, were both down about 0.1%.</p>\n<p>Dorsheimer’s case is built around all of the different businesses Tesla is now involved in. He believes the auto maker is similar to a platform company like Apple (AAPL). Apple sells hardware such as phones and computers. It also offers music, entertainment, cloud, and other services on a subscription basis. Tesla, for its part, sells more expensive hardware–namely vehicles–and sells solar roofs and battery storage. It sells software and services such as self-driving upgrades for its vehicles and electricity via its nationwide charging network, too.</p>\n<p>Many analysts have focused on the potential of Tesla’s self-driving software and its future robotaxi service. Dorsheimer, however, believes energy storage is a large opportunity as well. He projects $8 billion in energy storage sales by 2025.</p>\n<p>After Dorsheimer’s upgrade, about 43% of analysts who cover Tesla stock rate shares Buy. The average Buy-rating ratio for stocks in the Dow is about 60%. Still, 43% is high for Tesla shares. The Buy-rating ratio for Tesla shares was roughly 20% one year ago.</p>\n<p>Dorsheimer’s $1,000-plus target is the seventh four-digit price target from the Street. The average analyst price target is at about $660 a share, just below where Tesla stock trades now.</p>\n<p>A $1,000 price target values Tesla at roughly $1.2 trillion based on shares outstanding as well as things such as management stock options that are likely to become stock in coming years.</p>\n<p>Tesla stock has stalled out in recent weeks. Shares are down about 4% year to date after an epic 743% rise in 2020. Analysts and investors will be looking toward first-quarter earnings, due out April 26, to get a sense of where the stock will head for the remainder of 2021.</p>\n<p>For the first quarter, analysts project 76 cents in per-share earnings. Tesla earned 80 cents a share in the fourth quarter. The fourth-quarter number was short of analyst projections, but Tesla delivered more vehicles in the first quarter of 2021 than it did in the final quarter of 2020, making the first-quarter earnings estimate look reachable.</p>","source":"lsy1610680873436","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Buy Tesla Because It Could Be the Next Apple. Here’s How.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBuy Tesla Because It Could Be the Next Apple. Here’s How.\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-04-12 22:50 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/buy-tesla-because-it-could-be-the-next-apple-heres-how-51618232801?mod=hp_LATEST><strong>Barron's</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Tesla picked up another Buy rating on Monday from an analyst who sees Apple-like potential in the electric-vehicle pioneer.\nCannacord analyst Jonathan Dorsheimer upgraded Tesla (ticker: TSLA) shares ...</p>\n\n<a href=\"https://www.barrons.com/articles/buy-tesla-because-it-could-be-the-next-apple-heres-how-51618232801?mod=hp_LATEST\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉"},"source_url":"https://www.barrons.com/articles/buy-tesla-because-it-could-be-the-next-apple-heres-how-51618232801?mod=hp_LATEST","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1115379832","content_text":"Tesla picked up another Buy rating on Monday from an analyst who sees Apple-like potential in the electric-vehicle pioneer.\nCannacord analyst Jonathan Dorsheimer upgraded Tesla (ticker: TSLA) shares to Buy and increased his price target from $419 to $1,071. That represents a 124% boost to his previous target price.\nThe upgrade sent Tesla stock up about 1.5% in premarket trading. S&P 500 and Dow Jones Industrial Average futures, for comparison, were both down about 0.1%.\nDorsheimer’s case is built around all of the different businesses Tesla is now involved in. He believes the auto maker is similar to a platform company like Apple (AAPL). Apple sells hardware such as phones and computers. It also offers music, entertainment, cloud, and other services on a subscription basis. Tesla, for its part, sells more expensive hardware–namely vehicles–and sells solar roofs and battery storage. It sells software and services such as self-driving upgrades for its vehicles and electricity via its nationwide charging network, too.\nMany analysts have focused on the potential of Tesla’s self-driving software and its future robotaxi service. Dorsheimer, however, believes energy storage is a large opportunity as well. He projects $8 billion in energy storage sales by 2025.\nAfter Dorsheimer’s upgrade, about 43% of analysts who cover Tesla stock rate shares Buy. The average Buy-rating ratio for stocks in the Dow is about 60%. Still, 43% is high for Tesla shares. The Buy-rating ratio for Tesla shares was roughly 20% one year ago.\nDorsheimer’s $1,000-plus target is the seventh four-digit price target from the Street. The average analyst price target is at about $660 a share, just below where Tesla stock trades now.\nA $1,000 price target values Tesla at roughly $1.2 trillion based on shares outstanding as well as things such as management stock options that are likely to become stock in coming years.\nTesla stock has stalled out in recent weeks. Shares are down about 4% year to date after an epic 743% rise in 2020. Analysts and investors will be looking toward first-quarter earnings, due out April 26, to get a sense of where the stock will head for the remainder of 2021.\nFor the first quarter, analysts project 76 cents in per-share earnings. Tesla earned 80 cents a share in the fourth quarter. The fourth-quarter number was short of analyst projections, but Tesla delivered more vehicles in the first quarter of 2021 than it did in the final quarter of 2020, making the first-quarter earnings estimate look reachable.","news_type":1},"isVote":1,"tweetType":1,"viewCount":252,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":347202718,"gmtCreate":1618495609634,"gmtModify":1704711764391,"author":{"id":"3568279728363006","authorId":"3568279728363006","name":"b0bz","avatar":"https://static.tigerbbs.com/18c91d693b55406f6ea6e7ddc0bc17db","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3568279728363006","authorIdStr":"3568279728363006"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":3,"repostSize":0,"link":"https://ttm.financial/post/347202718","repostId":"1113708244","repostType":4,"isVote":1,"tweetType":1,"viewCount":316,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":373347576,"gmtCreate":1618826131495,"gmtModify":1704715417938,"author":{"id":"3568279728363006","authorId":"3568279728363006","name":"b0bz","avatar":"https://static.tigerbbs.com/18c91d693b55406f6ea6e7ddc0bc17db","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3568279728363006","authorIdStr":"3568279728363006"},"themes":[],"htmlText":"to the moon","listText":"to the moon","text":"to the moon","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/373347576","repostId":"1118040582","repostType":4,"repost":{"id":"1118040582","pubTimestamp":1618825940,"share":"https://ttm.financial/m/news/1118040582?lang=&edition=fundamental","pubTime":"2021-04-19 17:52","market":"us","language":"en","title":"GameStop Options Can Be An Amazing Place To Park Cash","url":"https://stock-news.laohu8.com/highlight/detail?id=1118040582","media":"seekingalpha","summary":"SummaryGameStop options represent an amazing place to park cash given the recent volatility in the c","content":"<p><b>Summary</b></p><ul><li>GameStop options represent an amazing place to park cash given the recent volatility in the company's options.</li><li>Investors can earn a more than 6% yield annualized on their cash for the next 21 months.</li><li>There is a chance of bankruptcy with a larger net cash position than the options strike price, and we view this chance as near 0.</li></ul><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1f963c480ab9aca8a75f578a9d705bd7\" tg-width=\"1536\" tg-height=\"1024\" referrerpolicy=\"no-referrer\"><span>Photo by FinkAvenue/iStock Editorial via Getty Images</span></p><p>GameStop (NYSE:GME) has rocketed over the past 6 months towards a valuation of almost $11 billion. The company has seen massive volatility extending to its options, which means across the options chain they have high prices. As we'll see throughout this article, this, combined by the decisions that can be made by the company since the collapse, means that GameStop offers some unique opportunities to park cash.</p><p><b>GameStop Debt</b></p><p>One of GameStop's largest risks before its share price rocketed was the company's debt load.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f1daf2fd9e10580bfada44b2b18b5f53\" tg-width=\"640\" tg-height=\"197\" referrerpolicy=\"no-referrer\"><span>Source: GameStop Long-Term Debt - YCharts</span></p><p>GameStop's long-term issue has been its significant long-term debt. It was more than $800 million going into 2019 before decreasing to just over $360 million in early-2021. That's a significant amount of debt for a company with a market cap of roughly $250 million based on its 52-week low. That was the debt that led to the original shorting and threatened to crush the company.</p><p>However, the company has been able to address this debt with the new recovery in its share price. The company has&nbsp;recently announced a voluntary $216.4 million 10% senior notes. That's enough to cut the company's debt by 70% and save the company $10s of millions worth of annual interest expenditures.</p><p><b>GameStop Equity Offering</b></p><p>GameStop is earning the money to fund this with an equity offering. This isn't surprising, it's an announcement the company made on the back of its elevated share price. The company has filed&nbsp;to sell no more than 3.5 million shares for aggregate proceeds not more than $1 billion. The company currently&nbsp;has 70 million shares&nbsp;so this is ~5% dilution maximum.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d5b81a0201e808416a2a9ab0baba3e8b\" tg-width=\"640\" tg-height=\"167\" referrerpolicy=\"no-referrer\"><span>Source: GameStop Outstanding Shares - YCharts</span></p><p>GameStop repurchased ~30% of its outstanding shares in late-2019. The growth in the company's share price since then is a great return for the company. At current share prices that dilution for the company will be sufficient for it to raise almost $550 million. That's a significant capital raise for minimum cost.</p><p>GameStop will be able to use that capital raise to paydown its entire debt and still have ~$200 million leftover. For reference, that means, after the company's capital raise, it'll have ~$3 / share leftover in cash. That's a significant and respectable cash position.</p><p><b>GameStop Business Restructure</b></p><p>At the same time, GameStop has been able to restructure and improve its business. The company has performed well, partially due to increased pressure from COVID-19, to&nbsp;see sales increase by 11% YoY.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/87fabf0aeaeceb519eb3adb77e9ce8f7\" tg-width=\"640\" tg-height=\"364\" referrerpolicy=\"no-referrer\"><span>Source: GameStop Stabilize, Optimize, Transform - GameStop Investor Presentation</span></p><p>GameStop has stabilized since 2019 by closing 800 stores worldwide and they anticipate closing over 1000 by YE 2020. The company's Nordic country wind down was expected to provide a $15 million EBITDA contribution and the company reduced $440 million in SG&amp;A expenses, roughly 67% of which is expected to be permanent.</p><p>The company's improved liquidity and asset sales are expected to help its business along with long-term debt reductions and share repurchases. Given the company's share repurchases that average price is incredibly intelligent. The takeaway here is that GameStop has great growth potential and its done a great job of reorienting its business.</p><p><b>GameStop Option Trade and Cash</b></p><p>Of course the title of GameStop being a great place to park cash must have turned some heads. Here's the trade we recommend.</p><p>GameStop Jan. 20, 2023 cash secured PUT options, expiring in 21 months, are currently trading from $0.21-0.22/share. These options come with a $2 strike price and, at $0.22/share, have an 11% premium for 21 months. From an annualized perspective, that comes out to an annualized premium of 6.3%.</p><p>That's an incredible return on cash. However, as visible from the discussion above, the company will have more than $2/share in cash. That means the chance of bankruptcy, when adding the restructuring and future income potential, in our view, is nearly 0. Given the additional premium, that makes it a respectable place to park cash.</p><p><b>GameStop Risk</b></p><p>It's worth highlighting that there's significant risk worth paying attention to. In our view, the company has a near 0 chance of going bankrupt, supported by its new cash position after its equity raise. Given the only 5% equity raise, the company has significant room with equity raises supported if its share price remains strong.</p><p>We see the volatility in the company's share price as causing current option prices and we see current option prices as a great deal. If something were to happen during this time, causing the company to go bankrupt, you would lose your entire investment. This is a risk worth paying close attention to.</p><p><b>Conclusion</b></p><p>GameStop has focused on an impressive reorganization of its business. The company has closed numerous stores and improved its overall portfolio significantly and its used that cash to buy back shares and repay debt. At the same time, the rapid increase in the company's share price means it's been able to issue equity and pay off even more debt.</p><p>That has combined with the overall streamlining of the company's operations allowing it to improve its portfolio. Interested investors can get a more than 6% yield in a company that'll have a net cash position higher than the strike price. GameStop will be able to utilize this to drive strong long-term shareholder rewards.</p>","source":"seekingalpha","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>GameStop Options Can Be An Amazing Place To Park Cash</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nGameStop Options Can Be An Amazing Place To Park Cash\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-04-19 17:52 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4419738-gamestop-options-can-be-amazing-place-to-park-cash><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>SummaryGameStop options represent an amazing place to park cash given the recent volatility in the company's options.Investors can earn a more than 6% yield annualized on their cash for the next 21 ...</p>\n\n<a href=\"https://seekingalpha.com/article/4419738-gamestop-options-can-be-amazing-place-to-park-cash\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GME":"游戏驿站"},"source_url":"https://seekingalpha.com/article/4419738-gamestop-options-can-be-amazing-place-to-park-cash","is_english":true,"share_image_url":"https://static.laohu8.com/5a36db9d73b4222bc376d24ccc48c8a4","article_id":"1118040582","content_text":"SummaryGameStop options represent an amazing place to park cash given the recent volatility in the company's options.Investors can earn a more than 6% yield annualized on their cash for the next 21 months.There is a chance of bankruptcy with a larger net cash position than the options strike price, and we view this chance as near 0.Photo by FinkAvenue/iStock Editorial via Getty ImagesGameStop (NYSE:GME) has rocketed over the past 6 months towards a valuation of almost $11 billion. The company has seen massive volatility extending to its options, which means across the options chain they have high prices. As we'll see throughout this article, this, combined by the decisions that can be made by the company since the collapse, means that GameStop offers some unique opportunities to park cash.GameStop DebtOne of GameStop's largest risks before its share price rocketed was the company's debt load.Source: GameStop Long-Term Debt - YChartsGameStop's long-term issue has been its significant long-term debt. It was more than $800 million going into 2019 before decreasing to just over $360 million in early-2021. That's a significant amount of debt for a company with a market cap of roughly $250 million based on its 52-week low. That was the debt that led to the original shorting and threatened to crush the company.However, the company has been able to address this debt with the new recovery in its share price. The company has recently announced a voluntary $216.4 million 10% senior notes. That's enough to cut the company's debt by 70% and save the company $10s of millions worth of annual interest expenditures.GameStop Equity OfferingGameStop is earning the money to fund this with an equity offering. This isn't surprising, it's an announcement the company made on the back of its elevated share price. The company has filed to sell no more than 3.5 million shares for aggregate proceeds not more than $1 billion. The company currently has 70 million shares so this is ~5% dilution maximum.Source: GameStop Outstanding Shares - YChartsGameStop repurchased ~30% of its outstanding shares in late-2019. The growth in the company's share price since then is a great return for the company. At current share prices that dilution for the company will be sufficient for it to raise almost $550 million. That's a significant capital raise for minimum cost.GameStop will be able to use that capital raise to paydown its entire debt and still have ~$200 million leftover. For reference, that means, after the company's capital raise, it'll have ~$3 / share leftover in cash. That's a significant and respectable cash position.GameStop Business RestructureAt the same time, GameStop has been able to restructure and improve its business. The company has performed well, partially due to increased pressure from COVID-19, to see sales increase by 11% YoY.Source: GameStop Stabilize, Optimize, Transform - GameStop Investor PresentationGameStop has stabilized since 2019 by closing 800 stores worldwide and they anticipate closing over 1000 by YE 2020. The company's Nordic country wind down was expected to provide a $15 million EBITDA contribution and the company reduced $440 million in SG&A expenses, roughly 67% of which is expected to be permanent.The company's improved liquidity and asset sales are expected to help its business along with long-term debt reductions and share repurchases. Given the company's share repurchases that average price is incredibly intelligent. The takeaway here is that GameStop has great growth potential and its done a great job of reorienting its business.GameStop Option Trade and CashOf course the title of GameStop being a great place to park cash must have turned some heads. Here's the trade we recommend.GameStop Jan. 20, 2023 cash secured PUT options, expiring in 21 months, are currently trading from $0.21-0.22/share. These options come with a $2 strike price and, at $0.22/share, have an 11% premium for 21 months. From an annualized perspective, that comes out to an annualized premium of 6.3%.That's an incredible return on cash. However, as visible from the discussion above, the company will have more than $2/share in cash. That means the chance of bankruptcy, when adding the restructuring and future income potential, in our view, is nearly 0. Given the additional premium, that makes it a respectable place to park cash.GameStop RiskIt's worth highlighting that there's significant risk worth paying attention to. In our view, the company has a near 0 chance of going bankrupt, supported by its new cash position after its equity raise. Given the only 5% equity raise, the company has significant room with equity raises supported if its share price remains strong.We see the volatility in the company's share price as causing current option prices and we see current option prices as a great deal. If something were to happen during this time, causing the company to go bankrupt, you would lose your entire investment. This is a risk worth paying close attention to.ConclusionGameStop has focused on an impressive reorganization of its business. The company has closed numerous stores and improved its overall portfolio significantly and its used that cash to buy back shares and repay debt. At the same time, the rapid increase in the company's share price means it's been able to issue equity and pay off even more debt.That has combined with the overall streamlining of the company's operations allowing it to improve its portfolio. Interested investors can get a more than 6% yield in a company that'll have a net cash position higher than the strike price. GameStop will be able to utilize this to drive strong long-term shareholder rewards.","news_type":1},"isVote":1,"tweetType":1,"viewCount":327,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":345697668,"gmtCreate":1618307279754,"gmtModify":1704708878041,"author":{"id":"3568279728363006","authorId":"3568279728363006","name":"b0bz","avatar":"https://static.tigerbbs.com/18c91d693b55406f6ea6e7ddc0bc17db","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3568279728363006","authorIdStr":"3568279728363006"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/345697668","repostId":"1194635432","repostType":4,"repost":{"id":"1194635432","pubTimestamp":1618236146,"share":"https://ttm.financial/m/news/1194635432?lang=&edition=fundamental","pubTime":"2021-04-12 22:02","market":"us","language":"en","title":"Can You Make Coin Investing In Coinbase?","url":"https://stock-news.laohu8.com/highlight/detail?id=1194635432","media":"seekingalpha","summary":"SummaryCoinbase's current valuation is unjustified due to 2 fundamental risks: the hostility of the ","content":"<p><b>Summary</b></p><ul><li>Coinbase's current valuation is unjustified due to 2 fundamental risks: the hostility of the US regulatory landscape towards centralized exchanges, and the widening gap in a winner-takes-all market.</li><li>With coin listings being one of the core competitive advantages of an exchange, Coinbase has the 2nd smallest coin listings among the top 10 exchanges as a result of regulations.</li><li>Widening gap between Coinbase (ranked 2nd) and Binance (ranked 1st) in terms of coin listings and trading volume is evidence of a winner-takes-all market, Coinbase is on the losing side.</li><li>Marginal revenue growth, decline in profitability, and decline in the overall growth stock valuations further plague Coinbase's investment value proposition.</li></ul><p>I remember the early days of cryptocurrency when Binance andCoinbase (COIN) were competing for the top spot as an exchange. If you've traded cryptocurrencies in the US, you have probably used or heard ofCoinbase. Now thatCoinbase is going public, should you invest in the company?</p><p>At first glance, this investment value proposition seemed compelling since the overall cryptocurrency industry is growing rapidly. However, I have found evidence of 2 fundamental risks toCoinbase's growth that could not justify its current valuation and could even undermine its future growth. Recentreportsmay also express agreement asCoinbase's IPO valuation dropped from $100bn to $68bn.</p><p><b>Fundamental Risks 1: The US Regulatory Landscape</b></p><p>The US regulatory landscape is not friendly to centralized exchanges in a way that massively dampenedCoinbase's competitive advantages, one of which is coin listings.</p><p>Coinbase has the 2nd smallest coin listings</p><p>Coin listing is one of the most crucial criteria for a trader/investor when choosing an exchange. Traders/investors require a large number of coin listings to speculate on small-cap altcoins for 10x-100x return. The more coins listed, the more opportunities and choices. I personally use several exchanges for this very reason other than unique features such as staking and etc. The 6 exchanges I use are Binance, Crypto.com, KuCoin, Bkex, PoloniEx, and MXC Pro.</p><p>Why do I use multiple exchanges? Let me illustrate via an example. KuCoin listed Orion(NYSE:ORN)in July 2020 at $1, about 2 months earlier than Binance in October 2020. I bought ORN through KuCoin on its first day at $1.1 and staked it at &gt;20% APY interest. When Binance announced it was listing ORN, its priced spiked upwards. On ORN's first trading day on Binance, ORN's price spiked up as high as $4++ (it is a common occurrence for a token to spike when it is listed in a new exchange). I redeemed my ORN from staking and sold it at $3.60. This transaction earned me more than 300% return. Therefore, the more coins listed, the more opportunities I'll have to replicate this particular transaction to other small-cap altcoins.</p><p>SinceCoinbase's coin listing is small, traders/investors like myself will find it difficult to find these kinds of opportunities. Furthermore, many of the largest-cap coins are not listed onCoinbase. This is one of the main reasons why I did not useCoinbase; I theorize that many traders/investors like myself feel that way. (Let me know in the comments.)</p><p>In a recent lawsuit, a man claiming to beCoinbase's client capitalized on the legal battle between Ripple Labs’ battle and U.S. Securities and Exchange Commission (SEC), suedCoinbase for selling XRP tokens and sought compensations and other relief. According to CoinMarketCap.com, XRP is no longer listed onCoinbase. However, it is listed on more than500 other centralized exchanges(excluding decentralized exchanges) that are much smaller thanCoinbase outside the US.</p><p>XRP is the 7th biggest cryptocurrency by market cap as of the time of writing. Many other top cryptocurrencies are also not found onCoinbase, such as BNB (ranked 3rd), ADA (ranked 4th), DOT (ranked 6th). Amongthe 10 highest-rated centralized exchanges(refer to Table 1), only Bitstamp (18) offers fewer cryptocurrencies thanCoinbase (49), while the market leader (Binance) ledCoinbase by 700% in coin listings.</p><p>Since regulation can directly affect coin listings, a competitive advantage of an exchange,Coinbase already faces overwhelming challenges to compete on this front alone.</p><p>Table 1: Top 10 Spot Exchange Ranked by CoinMarketCap Ratings.</p><p><img src=\"https://static.tigerbbs.com/5bf68da62452a794c5daaa60ac989840\" tg-width=\"554\" tg-height=\"576\" referrerpolicy=\"no-referrer\">Source: Table created by Author fromCoinMarketCap</p><p><b>Other Regulatory Risks</b></p><p>Regulatory risks extend beyond coin listings and the US.Coinbase offers its services to52 countries. If any of the 52 countries ban crypto assets, its revenue would be adversely affected. It is not uncommon for centralized exchanges to relocate to another country due to regulations. While India isplotting a move to ban cryptocurrencies, many exchanges apply forlicenses to move out from India.</p><p>Statistically speaking, 108 exchangesshut downin 2020, compared to 81 in 2019. At least 3 are shut down by government(s) in 2020, and at least 2 in 2019.</p><p>Although it seems unlikely for the US to follow China's and India's footsteps to drastically ban crypto-assets now, regulatory risks remain major risks toCoinbase.</p><p><b>Fundamental Risk 2: Losing a Winner-Takes-All Market</b></p><p>There are 2 types of crypto exchanges: centralized and decentralized. Both have pros and cons. The best known centralized exchange is Binance, while the best known decentralized exchange is Uniswap. Although centralized exchanges may require a license by a governing body, decentralized exchanges might not, as decentralized exchanges can have avarying degree of centralized components. Both centralized and decentralized exchanges have their respective roles in the crypto ecosystem, hence I think that both are here to stay.</p><p>Many of the decentralized exchange source codes are open source (full listshere). In other words, virtually anyone can develop and host a decentralized exchange. This implies a shallow barrier to entry. Uniswap is the market leader in the decentralized exchange space. Itrecordedmore than $58bn volume in 2020, up 15,000% from 2019. Note that Uniswap wasfirst launchedin November 2018, compared toCoinbase in 2012.</p><p>On the other hand, Binance, the market leader in the centralized exchange space, recorded a total of$1.417 trillion spot trading volume in 2020, an increase of 36% from 2019. This figure does not even include other trading volumes, such as options, futures, margin, and other services, which amounted to $1.7 trillion, a 2800% increase from 2019.</p><p>In comparison,Coinbase only recorded $445bn total trading volume in 2020, a 39% increase in 2019. This is evidence that the market leader is pulling away, implying a winner-takes-all market. This becomes evident by referring to Table 1, where the market leader has more than 10 times the trading value than the 2nd place (Coinbase).</p><p>Furthermore, many traditional financial, non-financial international corporations and fintech companies are also participating in the competition. One of the latest addition is ApplePay.ApplePaynow has official support for cryptocurrencies, with GooglePay and SamsungPay to follow suit. Other note-worthy companies include Square, Paypal, and Visa.</p><p>In my opinion,Coinbase looks to be on the losing side if this market is indeed a winner-takes-all market. Further,Coinbase could be losing market more market share as more competition arises.</p><p><img src=\"https://static.tigerbbs.com/01ca6dafd2b567bd920c5e9f8edc8fbb\" tg-width=\"640\" tg-height=\"202\" referrerpolicy=\"no-referrer\">Source:BusinessofApps</p><p><b>Valuation</b></p><p>The tables below showed thatCoinbase's profit margin is healthy at 28% in 2020. Revenue growth rate compounds at approximately 7% annually from 2017-2020, but profits declined.</p><p>Coinbase's valuation in 2017 remains the most attractive, at 1.725 P/S (Price-to-Sales ratio) and 4.21 P/E (Price-to-Earnings ratio). Earlier this month,Coinbase's IPO valuation is pegged at$100bn. However, recent reports indicated a decrease inCoinbase's IPO valuation to$68bn.At a valuation of $100bn and $68bn,Coinbase is valued at approximately 333 P/E and 211 P/E respectively, or approximately 87.7 P/S and 59.65 P/S respectively.</p><p>Coinbase's valuation in 2020 is a far cry from 2017. Perhaps,Coinbase is pushing for its IPO to cash in on the overall stock market's high valuation.</p><p>Nevertheless, considering the 2 fundamental risks outlined above, marginal revenue growth and declined profits,Coinbase is overvalued at the current valuation in my opinion. The current decline in growth stocks further deterioratesCoinbase's investment value proposition.</p><p>Table 3:Coinbase's Revenue from 2016-2020<img src=\"https://static.tigerbbs.com/de8396c363230e04130e43f63d653956\" tg-width=\"640\" tg-height=\"231\" referrerpolicy=\"no-referrer\">Source:BusinessofApps</p><p>Table 4:Coinbase's Profit from 2016-2020<img src=\"https://static.tigerbbs.com/be2327ad800bd3524a3aaa57e3a0b17f\" tg-width=\"640\" tg-height=\"208\" referrerpolicy=\"no-referrer\">Source:BusinessofApps</p><p>Table 5:Coinbase's Historical Valuations<img src=\"https://static.tigerbbs.com/4b1fd86395ee1b0e38f1f6fd472f84bd\" tg-width=\"640\" tg-height=\"159\" referrerpolicy=\"no-referrer\">Source:BusinessofApps</p><p><b>Verdict</b></p><p>In my opinion, the current valuation ofCoinbase couldn't be justified even though the crypto industry is growing rapidly in general. This is down toCoinbase's 2 fundamental risks outlined in this article, marginal growth, sky-high valuation, and the decline in the growth stocks.</p><p>The reason I retain a neutral outlook onCoinbase is the overall outlook of the industry. On the other hand, we can participate in Binance, the market leader in the centralized exchange space, to maximize investment growth. Although Binance is not publicly traded, we can participate in its growth by buying its platform token (BNB).Binance uses part of its profitsto buy back its platform token (BNB)periodically. This results in a gradual increase in its token's price, a similar effect of shares buyback. Hence, I participate in Binance's growth by buying BNB, which saw a 670% YTD return.</p>","source":"seekingalpha","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Can You Make Coin Investing In Coinbase?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCan You Make Coin Investing In Coinbase?\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-04-12 22:02 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4416527-coinbase-path-to-moon-will-be-bumpy-one><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>SummaryCoinbase's current valuation is unjustified due to 2 fundamental risks: the hostility of the US regulatory landscape towards centralized exchanges, and the widening gap in a winner-takes-all ...</p>\n\n<a href=\"https://seekingalpha.com/article/4416527-coinbase-path-to-moon-will-be-bumpy-one\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"COIN":"Coinbase Global, Inc."},"source_url":"https://seekingalpha.com/article/4416527-coinbase-path-to-moon-will-be-bumpy-one","is_english":true,"share_image_url":"https://static.laohu8.com/5a36db9d73b4222bc376d24ccc48c8a4","article_id":"1194635432","content_text":"SummaryCoinbase's current valuation is unjustified due to 2 fundamental risks: the hostility of the US regulatory landscape towards centralized exchanges, and the widening gap in a winner-takes-all market.With coin listings being one of the core competitive advantages of an exchange, Coinbase has the 2nd smallest coin listings among the top 10 exchanges as a result of regulations.Widening gap between Coinbase (ranked 2nd) and Binance (ranked 1st) in terms of coin listings and trading volume is evidence of a winner-takes-all market, Coinbase is on the losing side.Marginal revenue growth, decline in profitability, and decline in the overall growth stock valuations further plague Coinbase's investment value proposition.I remember the early days of cryptocurrency when Binance andCoinbase (COIN) were competing for the top spot as an exchange. If you've traded cryptocurrencies in the US, you have probably used or heard ofCoinbase. Now thatCoinbase is going public, should you invest in the company?At first glance, this investment value proposition seemed compelling since the overall cryptocurrency industry is growing rapidly. However, I have found evidence of 2 fundamental risks toCoinbase's growth that could not justify its current valuation and could even undermine its future growth. Recentreportsmay also express agreement asCoinbase's IPO valuation dropped from $100bn to $68bn.Fundamental Risks 1: The US Regulatory LandscapeThe US regulatory landscape is not friendly to centralized exchanges in a way that massively dampenedCoinbase's competitive advantages, one of which is coin listings.Coinbase has the 2nd smallest coin listingsCoin listing is one of the most crucial criteria for a trader/investor when choosing an exchange. Traders/investors require a large number of coin listings to speculate on small-cap altcoins for 10x-100x return. The more coins listed, the more opportunities and choices. I personally use several exchanges for this very reason other than unique features such as staking and etc. The 6 exchanges I use are Binance, Crypto.com, KuCoin, Bkex, PoloniEx, and MXC Pro.Why do I use multiple exchanges? Let me illustrate via an example. KuCoin listed Orion(NYSE:ORN)in July 2020 at $1, about 2 months earlier than Binance in October 2020. I bought ORN through KuCoin on its first day at $1.1 and staked it at >20% APY interest. When Binance announced it was listing ORN, its priced spiked upwards. On ORN's first trading day on Binance, ORN's price spiked up as high as $4++ (it is a common occurrence for a token to spike when it is listed in a new exchange). I redeemed my ORN from staking and sold it at $3.60. This transaction earned me more than 300% return. Therefore, the more coins listed, the more opportunities I'll have to replicate this particular transaction to other small-cap altcoins.SinceCoinbase's coin listing is small, traders/investors like myself will find it difficult to find these kinds of opportunities. Furthermore, many of the largest-cap coins are not listed onCoinbase. This is one of the main reasons why I did not useCoinbase; I theorize that many traders/investors like myself feel that way. (Let me know in the comments.)In a recent lawsuit, a man claiming to beCoinbase's client capitalized on the legal battle between Ripple Labs’ battle and U.S. Securities and Exchange Commission (SEC), suedCoinbase for selling XRP tokens and sought compensations and other relief. According to CoinMarketCap.com, XRP is no longer listed onCoinbase. However, it is listed on more than500 other centralized exchanges(excluding decentralized exchanges) that are much smaller thanCoinbase outside the US.XRP is the 7th biggest cryptocurrency by market cap as of the time of writing. Many other top cryptocurrencies are also not found onCoinbase, such as BNB (ranked 3rd), ADA (ranked 4th), DOT (ranked 6th). Amongthe 10 highest-rated centralized exchanges(refer to Table 1), only Bitstamp (18) offers fewer cryptocurrencies thanCoinbase (49), while the market leader (Binance) ledCoinbase by 700% in coin listings.Since regulation can directly affect coin listings, a competitive advantage of an exchange,Coinbase already faces overwhelming challenges to compete on this front alone.Table 1: Top 10 Spot Exchange Ranked by CoinMarketCap Ratings.Source: Table created by Author fromCoinMarketCapOther Regulatory RisksRegulatory risks extend beyond coin listings and the US.Coinbase offers its services to52 countries. If any of the 52 countries ban crypto assets, its revenue would be adversely affected. It is not uncommon for centralized exchanges to relocate to another country due to regulations. While India isplotting a move to ban cryptocurrencies, many exchanges apply forlicenses to move out from India.Statistically speaking, 108 exchangesshut downin 2020, compared to 81 in 2019. At least 3 are shut down by government(s) in 2020, and at least 2 in 2019.Although it seems unlikely for the US to follow China's and India's footsteps to drastically ban crypto-assets now, regulatory risks remain major risks toCoinbase.Fundamental Risk 2: Losing a Winner-Takes-All MarketThere are 2 types of crypto exchanges: centralized and decentralized. Both have pros and cons. The best known centralized exchange is Binance, while the best known decentralized exchange is Uniswap. Although centralized exchanges may require a license by a governing body, decentralized exchanges might not, as decentralized exchanges can have avarying degree of centralized components. Both centralized and decentralized exchanges have their respective roles in the crypto ecosystem, hence I think that both are here to stay.Many of the decentralized exchange source codes are open source (full listshere). In other words, virtually anyone can develop and host a decentralized exchange. This implies a shallow barrier to entry. Uniswap is the market leader in the decentralized exchange space. Itrecordedmore than $58bn volume in 2020, up 15,000% from 2019. Note that Uniswap wasfirst launchedin November 2018, compared toCoinbase in 2012.On the other hand, Binance, the market leader in the centralized exchange space, recorded a total of$1.417 trillion spot trading volume in 2020, an increase of 36% from 2019. This figure does not even include other trading volumes, such as options, futures, margin, and other services, which amounted to $1.7 trillion, a 2800% increase from 2019.In comparison,Coinbase only recorded $445bn total trading volume in 2020, a 39% increase in 2019. This is evidence that the market leader is pulling away, implying a winner-takes-all market. This becomes evident by referring to Table 1, where the market leader has more than 10 times the trading value than the 2nd place (Coinbase).Furthermore, many traditional financial, non-financial international corporations and fintech companies are also participating in the competition. One of the latest addition is ApplePay.ApplePaynow has official support for cryptocurrencies, with GooglePay and SamsungPay to follow suit. Other note-worthy companies include Square, Paypal, and Visa.In my opinion,Coinbase looks to be on the losing side if this market is indeed a winner-takes-all market. Further,Coinbase could be losing market more market share as more competition arises.Source:BusinessofAppsValuationThe tables below showed thatCoinbase's profit margin is healthy at 28% in 2020. Revenue growth rate compounds at approximately 7% annually from 2017-2020, but profits declined.Coinbase's valuation in 2017 remains the most attractive, at 1.725 P/S (Price-to-Sales ratio) and 4.21 P/E (Price-to-Earnings ratio). Earlier this month,Coinbase's IPO valuation is pegged at$100bn. However, recent reports indicated a decrease inCoinbase's IPO valuation to$68bn.At a valuation of $100bn and $68bn,Coinbase is valued at approximately 333 P/E and 211 P/E respectively, or approximately 87.7 P/S and 59.65 P/S respectively.Coinbase's valuation in 2020 is a far cry from 2017. Perhaps,Coinbase is pushing for its IPO to cash in on the overall stock market's high valuation.Nevertheless, considering the 2 fundamental risks outlined above, marginal revenue growth and declined profits,Coinbase is overvalued at the current valuation in my opinion. The current decline in growth stocks further deterioratesCoinbase's investment value proposition.Table 3:Coinbase's Revenue from 2016-2020Source:BusinessofAppsTable 4:Coinbase's Profit from 2016-2020Source:BusinessofAppsTable 5:Coinbase's Historical ValuationsSource:BusinessofAppsVerdictIn my opinion, the current valuation ofCoinbase couldn't be justified even though the crypto industry is growing rapidly in general. This is down toCoinbase's 2 fundamental risks outlined in this article, marginal growth, sky-high valuation, and the decline in the growth stocks.The reason I retain a neutral outlook onCoinbase is the overall outlook of the industry. On the other hand, we can participate in Binance, the market leader in the centralized exchange space, to maximize investment growth. Although Binance is not publicly traded, we can participate in its growth by buying its platform token (BNB).Binance uses part of its profitsto buy back its platform token (BNB)periodically. This results in a gradual increase in its token's price, a similar effect of shares buyback. Hence, I participate in Binance's growth by buying BNB, which saw a 670% YTD return.","news_type":1},"isVote":1,"tweetType":1,"viewCount":310,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":342478673,"gmtCreate":1618239413892,"gmtModify":1704708033012,"author":{"id":"3568279728363006","authorId":"3568279728363006","name":"b0bz","avatar":"https://static.tigerbbs.com/18c91d693b55406f6ea6e7ddc0bc17db","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3568279728363006","authorIdStr":"3568279728363006"},"themes":[],"htmlText":"weeeeeee","listText":"weeeeeee","text":"weeeeeee","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/342478673","repostId":"1132530538","repostType":4,"repost":{"id":"1132530538","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1618235022,"share":"https://ttm.financial/m/news/1132530538?lang=&edition=fundamental","pubTime":"2021-04-12 21:43","market":"us","language":"en","title":"Aphria shares drop 13% as results trail consensus; top line hit by lockdowns across Canada","url":"https://stock-news.laohu8.com/highlight/detail?id=1132530538","media":"Tiger Newspress","summary":"(April 12) Aphria shares plummet 9% premarket after fiscal Q3 2021 results misses consensus. (All fi","content":"<p>(April 12)&nbsp;Aphria&nbsp;shares plummet 9% premarket&nbsp;after&nbsp;fiscal Q3 2021 results&nbsp;misses consensus. (All figures are in C$).</p>\n<ul>\n <li>Net revenue of $153.6M, +6.4% and a decrease of 4.3% Q/Q, missed analyst expectations of $163.3M.</li>\n <li>Net cannabis revenue of $51.7M, 7.8% lower from FQ3 2020, and down 23.8% from prior quarter.</li>\n <li>Gross revenue for adult-use cannabis of $59.6M, +33.4% Y/Y, and a decline of 17.3% Q/Q.</li>\n <li>FQ3 revenues were impacted by lockdowns in the major Canadian provinces and in Germany.</li>\n <li>Adjusted cannabis gross margin of 39.2% vs. 45.9% in prior quarter.</li>\n <li>For FQ3 2021, APHA missed its non-GAAP/GAAP EPS forecast. The company reported non-GAAP loss/share of $0.15/share and GAAP loss/share of $1.14.</li>\n <li>Kilograms sold: 18,695, a decrease of 30.1% compared to sales of 26,730 in Q2 2021.</li>\n <li>Cash cost to produce dried cannabis per gram of $0.90, +13.9% Q/Q.</li>\n <li>Adjusted EBITDA rose slightly in FQ3 to $12.7M compared prior quarter; Adjusted EBITDA from cannabis business fell to $7.9M compared to $12.9M in FQ2 2021.</li>\n <li>Cash provided by operating activities of $1.2M vs. $3.4M in FQ2 2021.</li>\n</ul>\n<p>Conference call is set for 9 ET.</p>\n<p>Also, during FQ3, the company reached agreementto combine with Tilray.</p>\n<p>Aphria is also in this week's Seeking Alpha Catalyst Watch as the company hosts a special meeting onApril 16 to vote on the proposed merger with Tilray.</p>\n<p>Other pot stocks down this morning include: Tilray&nbsp;-10.93%, Aurora Cannabis&nbsp;-6.08%.</p>\n<p><img src=\"https://static.tigerbbs.com/2ab29a6387a83442f1218efc066acfb7\" tg-width=\"288\" tg-height=\"116\"></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Aphria shares drop 13% as results trail consensus; top line hit by lockdowns across Canada</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAphria shares drop 13% as results trail consensus; top line hit by lockdowns across Canada\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time\">2021-04-12 21:43</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>(April 12)&nbsp;Aphria&nbsp;shares plummet 9% premarket&nbsp;after&nbsp;fiscal Q3 2021 results&nbsp;misses consensus. (All figures are in C$).</p>\n<ul>\n <li>Net revenue of $153.6M, +6.4% and a decrease of 4.3% Q/Q, missed analyst expectations of $163.3M.</li>\n <li>Net cannabis revenue of $51.7M, 7.8% lower from FQ3 2020, and down 23.8% from prior quarter.</li>\n <li>Gross revenue for adult-use cannabis of $59.6M, +33.4% Y/Y, and a decline of 17.3% Q/Q.</li>\n <li>FQ3 revenues were impacted by lockdowns in the major Canadian provinces and in Germany.</li>\n <li>Adjusted cannabis gross margin of 39.2% vs. 45.9% in prior quarter.</li>\n <li>For FQ3 2021, APHA missed its non-GAAP/GAAP EPS forecast. The company reported non-GAAP loss/share of $0.15/share and GAAP loss/share of $1.14.</li>\n <li>Kilograms sold: 18,695, a decrease of 30.1% compared to sales of 26,730 in Q2 2021.</li>\n <li>Cash cost to produce dried cannabis per gram of $0.90, +13.9% Q/Q.</li>\n <li>Adjusted EBITDA rose slightly in FQ3 to $12.7M compared prior quarter; Adjusted EBITDA from cannabis business fell to $7.9M compared to $12.9M in FQ2 2021.</li>\n <li>Cash provided by operating activities of $1.2M vs. $3.4M in FQ2 2021.</li>\n</ul>\n<p>Conference call is set for 9 ET.</p>\n<p>Also, during FQ3, the company reached agreementto combine with Tilray.</p>\n<p>Aphria is also in this week's Seeking Alpha Catalyst Watch as the company hosts a special meeting onApril 16 to vote on the proposed merger with Tilray.</p>\n<p>Other pot stocks down this morning include: Tilray&nbsp;-10.93%, Aurora Cannabis&nbsp;-6.08%.</p>\n<p><img src=\"https://static.tigerbbs.com/2ab29a6387a83442f1218efc066acfb7\" tg-width=\"288\" tg-height=\"116\"></p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"APHA":"Aphria Inc."},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1132530538","content_text":"(April 12) Aphria shares plummet 9% premarket after fiscal Q3 2021 results misses consensus. (All figures are in C$).\n\nNet revenue of $153.6M, +6.4% and a decrease of 4.3% Q/Q, missed analyst expectations of $163.3M.\nNet cannabis revenue of $51.7M, 7.8% lower from FQ3 2020, and down 23.8% from prior quarter.\nGross revenue for adult-use cannabis of $59.6M, +33.4% Y/Y, and a decline of 17.3% Q/Q.\nFQ3 revenues were impacted by lockdowns in the major Canadian provinces and in Germany.\nAdjusted cannabis gross margin of 39.2% vs. 45.9% in prior quarter.\nFor FQ3 2021, APHA missed its non-GAAP/GAAP EPS forecast. The company reported non-GAAP loss/share of $0.15/share and GAAP loss/share of $1.14.\nKilograms sold: 18,695, a decrease of 30.1% compared to sales of 26,730 in Q2 2021.\nCash cost to produce dried cannabis per gram of $0.90, +13.9% Q/Q.\nAdjusted EBITDA rose slightly in FQ3 to $12.7M compared prior quarter; Adjusted EBITDA from cannabis business fell to $7.9M compared to $12.9M in FQ2 2021.\nCash provided by operating activities of $1.2M vs. $3.4M in FQ2 2021.\n\nConference call is set for 9 ET.\nAlso, during FQ3, the company reached agreementto combine with Tilray.\nAphria is also in this week's Seeking Alpha Catalyst Watch as the company hosts a special meeting onApril 16 to vote on the proposed merger with Tilray.\nOther pot stocks down this morning include: Tilray -10.93%, Aurora Cannabis -6.08%.","news_type":1},"isVote":1,"tweetType":1,"viewCount":378,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":342442302,"gmtCreate":1618239137906,"gmtModify":1704708022128,"author":{"id":"3568279728363006","authorId":"3568279728363006","name":"b0bz","avatar":"https://static.tigerbbs.com/18c91d693b55406f6ea6e7ddc0bc17db","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3568279728363006","authorIdStr":"3568279728363006"},"themes":[],"htmlText":"to the moon... or maybe mars.&nbsp;","listText":"to the moon... or maybe mars.&nbsp;","text":"to the moon... or maybe mars.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/342442302","repostId":"1115379832","repostType":4,"isVote":1,"tweetType":1,"viewCount":252,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}