Disclaimer:

Disclaimer: The blog posts and comments on this blog and posts on social networks are not investment recommendation, are provided solely for informational purposes, and do not constitute an offer or solicitation to buy or sell any securities. The opinions expressed on the blog are Petar Posledovich's. Petar Posledovich does not guarantee the accuracy of the information presented on this blog and social networks. The information presented is "as is". The blog is stocks analysis and valuation, Bitcoin, Cryptocurrencies, Artificial Intelligence, AI, deep-learning focused. Independent, unbiased AI insights. Petar Vladimirov Posledovich is not liable for any investment losses incurred by reading and interpreting blog posts on this blog and posts on social networks. Conflicts of interest: I may possess some of the securities, currencies or their derivatives mentioned in the blog post and posts on social networks! The blog is property of Wolfteam Ltd. www.wolfteamedge.com Respectfully yours, Petar Posledovich

Wednesday, April 14, 2021

Coinbase IPO Valuation



Dear Reader,

Coinbase, the American cryptocurrency exchange platform, is about to go public via direct listing today.

According to various news sources, Coinbase could go public at close to 100 billion USD valuation.

What is the real intrinsic worth of Coinbase?

I estimate Coinbase could actually grow into its 100 billion USD valuation in 5-7 years. Currently, Coinbase is worth, according to my estimates, around 70 billion USD.

According to its IPO SEC Filing Coinbase made 1.277 bln. USD in revenue and 127.471 mln. USD in profit in the calendar year 2022 compared to revenue of 482.9 mln. USD and incurred a  loss of 30.387 mln. USD in the calendar 2019.

Year Ended December 31,
20202019
Consolidated Statement of Operations Data(in thousands, except per share data)
Revenue:
Net revenue$1,141,167 $482,949 
Other revenue136,314 50,786 
Total revenue1,277,481 533,735 
Operating expenses:
Transaction expense135,514 82,055 
Technology and development271,732 185,044 
Sales and marketing56,782 24,150 
General and administrative279,880 231,929 
Restructuring— 10,140 
Other operating expense124,622 46,200 
Total operating expenses868,530 579,518 
Operating income (loss)408,951 (45,783)
Other income, net(248)(367)
Income (loss) before provision for (benefit from) income taxes409,199 (45,416)
Provision for (benefit from) income taxes86,882 (15,029)
Net income (loss)$322,317 $(30,387)
Net income (loss) attributable to common stockholders:
Basic$108,256 $(30,387)
Diluted$127,471 $(30,387)
Net income (loss) per share attributable to common stockholders:
Basic$1.58 $(0.50)
Diluted$1.40 $(0.50)
Weighted-average shares of common stock used to compute net income (loss) per share attributable to common stockholders:
Basic68,671 61,317 
Diluted91,209 61,317 
Pro forma net income per share attributable to common stockholders (unaudited):
Basic$1.76 
Diluted$1.57 
Pro forma weighted-average shares of common stock used to compute pro forma net income per share attributable to common stockholders (unaudited):
Basic182,945 
Diluted205,575 
13


As of December 31, 2020
Actual
Pro Forma(1)
Consolidated Balance Sheet Data(in thousands)
Cash and cash equivalents$1,061,850 $1,061,850 
Customer custodial funds3,763,392 3,763,392 
Total assets5,855,414 5,855,414 
Custodial funds due to customers3,849,468 3,849,468 
Total liabilities4,329,363 4,329,363 
Convertible preferred stock562,467 — 
Total stockholders’ equity963,584 1,526,051 

Coinbase's growth insures the company will be a large capitalization company in the near future. Yes, new entrants to the market can broker cryptocurrencies at zero commission, but Coinbase has first mover advantage and will monetize its cryptocurrency brokerage platform in other ways.

What is more, cryptocurrency is a disruptive force. Its underlying hashing blockchain algorithm can profoundly change many industries like finance, insurance, real estate. Bitcoin's distributed ledger can provide a safe storage platform and may even disrupt cloud computing.

This means that Coinbase could use its experience and knowledge in the cryptocurrency market to enter new industries and thus achieve higher future revenues and profits which will translate into a higher valuation.

Disclaimer: The blogposts and comments on this blog and posts on social networks(Twitter, LinkedIn, Facebook etc.) are not investment recommendation, are provided solely for informational purposes, and do not constitute an offer or solicitation to buy or sell any securities. The opinions expressed on the blog are Petar Posledovich's. Petar Posledovich does not guarantee the accuracy of the information presented on this blog and social networks. The information presented is "as is".

Petar Vladimirov Posledovich is not liable for any investment losses incurred by reading and interpreting blogposts on this blog and posts on social networks.

Conflicts of interest: I may possess some of the securities, currencies or their derivatives mentioned in the blogpost and posts on social networks(Twitter, LinkedIn etc.)!


Respectfully yours,

Petar Posledovich

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