Coinbase: It’s worth owning some COIN
A lot happened this week. Bitcoin hit new ATH’s and crypto is showing signs of market rotations. Our current views on the crypto market are the following:
- Crypto bull market cycle intact
- Bitcoin valuations haven’t peaked
- Macro picture mixed but favorable
- Crypto cooling off would be heathy
- Institutions more cautious on crypto
- Signs of retail money entering picture
- Still favor buying GBTC over spot Bitcoin
- Still see Ethereum outperforming Bitcoin
- Size leadership shifting to retail midcaps
- Exchange tokens to DeFi sector rotation
We want to give folks a sense what we’re seeing in the market broadly but we’re not going to go into the above this week. Instead, we’re going to focus our note on our thoughts about the Coinbase public offering.
Coinbase (COIN) went public via a direct listing on Wednesday. This was the most highly anticipated crypto industry offering of the year.
In some senses, it went very well. The company technically traded up ~30% from the reference price of $250 and closed at $332 on the day. During the day, COIN shares hit a high of $429 giving the company a market cap that briefly surpassed the $100B mark.
But in another sense, I think the COIN offering tells us something else very interesting about the market – institutions may be getting more c...Reports you may have missed
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