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Coinbase stock analysis. Ticker: $COIN

Coinbase reported earnings on Thursday and the stock jumped 9%. Shares are now up 160% over the past 12 months taking the market cap to 47.6 billion dollars. With 5 billion of corporate cash on its balance sheet and 3 billion of debt the enterprise value is 45.4 billion.

Coinbase is clearly benefiting from rising crypto prices and the collapse of rivals like FTX and Binance. And this was a blowout earnings report from the company.

Total revenues increased 52% year over year to 954 million while operating expenses declined by a third leading to a net profit of 273 million. Over the last 12 months, the company has now reported 3.1 billion of revenue and adjusted ebitda has swung from a 371 million loss in 2022 to almost a billion in profit.

Coinbase is clearly the dominant crypto platform and with only 12% of last year’s revenue coming from outside the U.S. there’s room for growth overseas.

However, there’s also a case for caution. Fourth quarter results were impacted by excitement around the upcoming Bitcoin ETF. And overall net income, at 95 million, is still impacted by a large amount of stock based compensation.

#investing #stocks #coinbasestock #3mb

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