We think inflation pressures are feeding through from behind the scenes.
Third-quarter results were weak, with net revenue falling 39% and pretax income declining 69% sequentially.
The firm is well-positioned for success, but there’s still much to unpack about the nascent cryptocurrency trading space.
The strength of Coinbase's performance during the quarter, as well as continued cryptocurrency volatility since end of June, has led us to increase our short-term expectations and increase our fair value estimate to $201 from $194.
Coinbase is the largest cryptocurrency exchange in the US, giving it a strong position in an admittedly uncertain industry.