This might be fueling the pump, but there's been so much positive news for Coinbase. I don't really dig what Coinbase is turning into, but you gotta hand it to them, they're getting huge in crypto, which is great for their valuation. Check out the volume from the last couple of weeks!
No one trades shitcoins on coinbase anymore and while they have massive amounts of bitcoin they are custodying for ETFs and corporations that is a very low margin business. They are trading at 13.5x sales and 70x earnings.
The pump is in effect. I also read investors are rotating out of circle and j to coinbase
This might be fueling the pump, but there's been so much positive news for Coinbase. I don't really dig what Coinbase is turning into, but you gotta hand it to them, they're getting huge in crypto, which is great for their valuation. Check out the volume from the last couple of weeks!
up 3.9% from direct listing in 2020
Long road post IPO dump
Massively overvalued.
Why?
No one trades shitcoins on coinbase anymore and while they have massive amounts of bitcoin they are custodying for ETFs and corporations that is a very low margin business. They are trading at 13.5x sales and 70x earnings.