Is Circle Overvalued or Is Coinbase Undervalued?
Jun 18, 2025
Author
In today’s update, we unpack the Fed’s pivot from data dependence to selective forward guidance and consider what it means for markets. We then turn to crypto equities, where Circle’s post-IPO surge and USDC’s growing utility raise an important question: Who benefits more from stablecoin proliferation, Circle or Coinbase? Our view is that the valuation gap has grown too wide to ignore.
Tickers in this video: #BTC