Can I buy $coin from Coinbase?

Special note: Although $COIN is called coin, it is not Biha. It is a stock of Coinbase. Anyone who tells you that there is a related airdrop is a liar! ! !

Hello everyone, I’m Pepe, today is the day when Dabing fell into the trending search-zce [cover your face], Bitcoin fell by 11 points, and many copycats dropped by 20 or 30 points. The wavering sentiment permeated the market. How the market will go, I can’t tell based on the cognition of Xiao San, but as a veteran, I feel that when a momentum picks up, it is difficult for the market to give a relatively cheap buying opportunity, or there is only a short time window .

When you feel more confused, why not just go and see the positions of the big guys, and find the highlights by yourself:

https://bitcointreasuries.org/

This wave of decline also has a lot of analysis pointing to the fact that the listing of Coinbase this week has exhausted all the benefits. We did experience several days of singing and dancing in the week before the listing of cb. It is true that Bitcoin has been falling on the daily line since the 14th.

U.S. stocks blockchain concept stocks fell, Coinbase fell more than 10%: news on May 16, U.S. stocks blockchain concept stocks fell, Coinbase fell more than 10%, Marathon Digital, Hut 8 Mining fell more than 9%, Riot Blockchain fell more than 8% %, Bit Digital, Canaan Technology, and MicroStrategy followed suit, and the blockchain ETF BLOK fell 3.5%. [2022/5/17 3:20:28]

There is also the collective cashing out of shareholders exposed by the media today, which has also triggered many speculations:

But this matter, don’t be too serious, how can you come to Lapan without cashing out, right? Just kidding, just kidding, let’s get back to seriousness. This situation will have some emotional impact, including many people who think that the listing of Coinbase is not enough expected.

But what many people may not be aware of is that cb’s listing this time is not a traditional IPO, but a DPO direct listing model.

German esports organization BIG partners with Coinbase: German esports organization Berlin International Gaming (BIG) has entered into a partnership with cryptocurrency exchange Coinbase. Going forward, Coinbase will become a premium partner of the BIG CS:GO (Counter-Strike: Global Offensive) team and will receive an extensive brand and content-zce rights package as part of the partnership. (dailyhodl) [2021/8/28 22:42:28]

DPO is defined by Baidu Encyclopedia:

It is a direct public offering on the Internet, that is, the issuer of securities publishes listing information and transmits issuance documents on the Internet through the Internet without resorting to or through underwriters or investment banking companies, so as to directly issue the company's stocks to the public.

Furthermore, it is not the issuance of new shares for external financing, but the employees and investors of the company convert their ownership into stocks, and then list them on the stock exchange for trading. For the public, what they buy is the stocks in the hands of the original investors. If these executives do not "cash out", there is no bargaining chip to buy in the market, so this is a very normal mechanism. In addition, the data in the above picture should also be wrong, and the actual proportion of shares traded is very small.

The U.S. stock market Coinbase opened nearly 5% higher, and the stock price returned to $300: According to the market, the U.S. stock market opened on Monday, and Coinbase (stock code: COIN) opened at $304.0. The opening rose nearly 5%, and the stock price returned to $300. [2021/4/26 21:00:59]

The advantage of the DPO model is that the issuance cost is relatively low, and there are relatively few restrictions. In addition, the most important point is that there is no time-consuming process such as auditing, approval, and roadshows in traditional IPOs, and it can be listed quickly to avoid missing the golden period of the market. .

But the problem is that there is such a "sell-off" mechanism. In fact, the price will not be too strong after the market. Most of them open high and go low. I checked that the current price of $coin is still at 340 US dollars as of Friday. Above, the market value is 67.2 billion U.S. dollars, which is not bad. It seems that the earliest listing valuation given by overseas institutions is around 250 U.S. dollars.

Another piece of news this week that can boost confidence in coins is that Cathie Wood’s ARK fund (we have mentioned this a few times recently, I don’t understand it on the Internet) has sold Tesla’s stock this week. (134,541 shares were sold, worth more than 90 million U.S. dollars, but Tesla is still its largest position at present), and bought 187,078 shares of coinbase, and according to the blogger's currency is indispensable (the content-zce of his home is not bad, if you are interested You can search-zce for information), ark also sold part of the shares of paypal and square.

Filecoin may issue FIL tokens in late September: According to news on August 21, some users received emails from CoinList. The content-zce of the emails shows that Filecoin tokens are expected to be issued in late September. By default, FIL tokens will go directly to the token wallet. [2020/8/21]

Therefore, for some overseas institutions, they should still be very optimistic about the long-term of Coinbase.

For us, is the value of $coin worthy of attention? In fact, a lot of information is clearly written in his prospectus:

https://www.sec.gov/Archives/edgar/data/1679788/000162828021003168/coinbaseglobalincs-1.htm

Here we pick some key points to look at:

P/E Ratio (Market Value/Net Profit)

Stocks and platform tokens are two concepts. It is more important to the company's assets and revenue net profit. In the document, Coinbase gave a profit situation in the past two years:

The British Financial Supervisory Authority warned the financial service provider Coin Boost to remind users to be wary of unauthorized financial institutions: According to financemagnates, the British Financial Supervisory Authority (FCA) targeted unauthorized financial service providers Coin Boost to provide digital currencies, including At the same time, it reiterates again: investors are requested to only deal with authorized financial institutions. The regulator also reminded UK investors in a statement that they would lose their eligibility for FCA help if there was a problem transacting with an unauthorized financial institution. [2018/6/20]

Among them, the annual revenue in 2020 is 1.27 billion US dollars, and the net profit after excluding all expenses is 127 million US dollars. If it is valued at 100 billion US dollars, this price-earnings ratio will be very exaggerated, but this is only the data of last year. In fact, the change this year is It is very large. The total market capitalization of encryption reached two trillion U.S. dollars in the first quarter. As you can imagine, there is no specific data here, but according to some news, the revenue of coinbaseQ1 is estimated to be 1.8 billion, which is far more than last year. whole year.

The current price-earnings ratio is estimated to be around 200, which is relatively high among technology stocks. It seems to have a bull market premium, but it cannot be said that its valuation is too high because of this. The price-earnings ratio should be viewed dynamically. Instead of being limited to the current value, you can compare it from 2019 to 20 and then to 21. The profit changes are very large. I think the organization may also take a fancy to the potential changes here.

Advantages of coinbase

Coinbase's competitors not only include various trading platforms we are familiar with, but also some overseas traffic portals, such as paypal and cash app:

However, compared to platforms such as PayPal, CB has more options for encrypted assets, and has been listing coins non-stop for the past two years.

If compared with these exchanges we are familiar with, the latter may be more flexible in meeting user needs, such as IEO and the development of the DEX market, cb still has some restrictions, but coinbase is relatively more compliant, and it is an overseas exchange. The first choice for novices, there have been no security breaches for so many years. By the end of 2020, it has successfully stored and kept more than 90 billion US dollars of assets for customers. Security compliance is indeed nothing to say in the industry.

Another point worth mentioning is that his family is also the first choice of many institutions, including the custody of large-scale assets such as Grayscale Fund. important aspect.

Aspects of risk

One is competition in the industry. CB has made a start. There may be more overseas projects in the future. Exchanges will choose to go public. However, as mentioned above, at present, CB still has a certain network effect moat. As for dex At present, there are still certain differences in the markets that the two face, and it is not considered that they will replace each other for the time being. .

The other is that the profitability of Coinbase is very affected by the industry cycle, and the trading volume in the bear market has decreased, while the profit of other companies is relatively single, mainly in the handling fee, which will also have a great negative impact on its valuation.

In addition, the bull-bear cycle of the securities market, regulatory changes, or certain small-probability risks, such as asset losses caused by bugs in certain cryptocurrencies on the platform, will also affect $coin.

The above is some information about $coin. The space is limited. If you are interested, you can read the prospectus above. In general, there are some market premiums in the short term, and I personally feel that there are still some potential risks (of course, if you think it can reach trillions) market value, then there is nothing to worry about), but its long-term performance is worthy of attention, especially during the bear week, when compared with platform coins, it is a target that is more closely related to revenue.

Gu Piao requires a U.S. stock account, and there are still thresholds for most children’s shoes, but there are also some ways to save the country with curves. In fact, some funds in China have foreign stock holdings, and there may be related opportunities in the future. In addition, there are also some projects in the circle that map assets , but considering that these are still not acceptable in China, they are not included in the scope of today's discussion.

Regarding the listing of coinbase, I still don’t see it as a good thing, but a beginning. On the one hand, it can do many legitimate things, such as commercial advertisements, so that more people can understand cryptocurrency. On the other hand, it is like Just as more listed companies hold encrypted assets, more encrypted companies will go public to seek a broader market space, which also means that the encrypted market will further move towards the mainstream, and regulatory news will gradually affect market sentiment. weakened.

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