Coinbase Global, Inc. (COIN) Valuation
Rating: Fairly Priced (High)
12-Month Fair Value: $136 – $170 – $204
Confidence: MEDIUM
Dominant US crypto exchange, ETF custodian. War-driven crypto volatility boosts trading volumes but macro headwinds (FOMC hawkish, risk-off) pressure crypto prices. S&S revenue base provides floor. Iran crisis could boost or crush crypto depending on liquidity dynamics. FV $170 mid, price 6% above.
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