COINBASE GLOBAL INC
COIN NASDAQ

COIN
COINBASE GLOBAL INC NASDAQ
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History of COIN

Important events

Apr 262021

Tax proposals push Coinbase downwards

Coinbase falls for its fifth day in a row as Joe Biden’s proposed tax plan for the wealthy sends crypto stocks crazy, while analyst coverage takes a bearish direction. Crypto stocks were all over the place on Friday, after Joe Biden proposed almost doubling the highest long-term capital gains tax rate from 20% to 29.6% for anyone who makes over $1 million in income in an effort to overhaul the U.S. economy. Investors are worried that it might curb investment into digital assets, and the tax hike would also affect crypto whales sitting on large amounts of unrealized gains (not that we’re jealous or anything). The overall crypto market lost over $200 billion in Friday’s trading after more details of the proposed tax hike were confirmed – man, people really don’t like tax hikes. The recently listed Coinbase was down over 10% towards the end of the week as a result, with almost every major currency crashing. In Friday’s trading Bitcoin slumped below the $50k mark for the first time since early March, Ethereum took a dip of 3.5%, and XRP spiralled 6.7%. Analyst Dan Dolev at Mizuho also became the first analyst to initiate non-bullish coverage on the stock, setting a neutral rating for the cryptocurrency exchange and a stock price target 6% lower than current levels. However, there are some bulls out there who aren’t so worried. Firstly, the tax bill is only a proposal at this point, and is expected to churn up some serious resistance from the Republicans in Congress. It’s a 50-50 Senate, and given the Republicans have just proposed a $500 billion infrastructure package, it’s safe to say both parties will be facing pressure to negotiate down. Even if the bill were to pass, it's unlikely to actually affect more than 1% of taxpayers. In 2018, of the 153 million that filed a tax return, only about half a million reported an income of over $1 million. Within that 1%, crypto holders with large unrealized long-term gains in digital assets might want to cash out before the tax hike kicks in.
“I think ultimately at the core, it’s a spot-driven sell-off, with the market having been quite vulnerable to pullback after a parabolic price surge in Q1 2021,”
suggested Joel Kruger, currency strategist at LMAX Digital.
Apr 142021

Coinbase IPO pops and drops

The crypto world is abuzz as crypto giant Coinbase goes public under the ticker COIN. Prices pop and drop, but end the day on a high. The platform went public in a direct listing on NASDAQ, but rejected the traditional IPO process of using investment banks to manage the deal. Nasdaq provided a reference price of $250 the night before, but because it’s a direct listing no shares changed hands at that price. Shares opened on April 14 at $381 (well above its reference price) and quickly shot up to a whopping $429.54, before closing at $328.28: giving the exchange an initial market cap of $85.8 billion. The company was founded in San Francisco in 2012 with the aim of “building the crypto economy - a more fair, efficient and transparent financial system enabled by crypto.” And it seems to have done it, with revenue for Q1 2021 already higher than its entire 2020 revenue (847% higher, to be precise.) Sure, that’s driven in part by the crazy ride that crypto has been on over the past few months, but Coinbase has been a big part of that journey. It pioneered remote working (the company doesn’t even have an official physical headquarters), and over the past decade has become the biggest cryptocurrency platform in the U.S., specializing primarily in Bitcoin and Ethereum. Its last formal valuation was in 2018 when it accepted $300 million in financing and got a valuation of $8 billion. Things have changed a bit since then: private market valuations for the company stood at around $68 billion as of Q1 and there have been rumors that its market cap could soon top $100 billion after the company reported stellar Q1 numbers last week. Not only did revenue increase ninefold from $1.28 billion in the whole of 2020 to a whopping $1.8 billion in just Q1 of 2021, and verified users jump from 43 million in December 2020 to 56 million in March, but trading volumes for the quarter also rose to $335 billion. If Coinbase carries on at its current Q1 rate, its revenues could reach $7.2 billion for FY 2021 - but there are still those out there advising caution – mainly Bitcoin bears who think the currency has reached its peak. Either way, the listing is a watershed moment for the crypto industry, and Wedbush analyst Dan Ives thinks that
Coinbase is a foundational piece of the crypto ecosystem and is a barometer for the growing mainstream adoption of Bitcoin and crypto for the coming years.
Not everyone is so gung-ho.
Investing in Coinbase is not for the faint of heart, as the business — and the stock — will likely see dramatic, potentially protracted, swings
warned Lisa Ellis of MoffettNathanson. She’s still bullish though, initiating coverage of Coinbase with a Buy rating and a $600 one-year price target, equating to a market cap of $123 billion. What the listing does do, however, is place cryptocurrency firmly on the mainstream map, and this is why the IPO is so important – no matter how well (or otherwise) the stock itself eventually performs. Coinbase’s debut
will mark the first official juncture between the traditional financial avenue and the alternative crypto path
wrote a senior analyst at Swissquote, Ipek Ozkardeskaya.
As such, a successful addition to Nasdaq should act as endorsement of cryptocurrencies by traditional investors.
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