Coinbase(US:COIN) Zhao Yin Guo Ji·2025-11-11 01:29Investment Rating - The report maintains a "Buy" rating for Coinbase with a target price of $410.00, indicating a potential upside of 29.0% from the current price of $317.93 [3][4]. Core Insights - The company is steadily advancing its vision of an "Everything Exchange" by integrating decentralized exchanges and expanding into derivatives, tokenized assets, and prediction markets, thereby enriching the variety of tradable assets on its platform [1][9]. - A clearer regulatory framework for crypto assets in the U.S. presents both competition and opportunities, as Coinbase collaborates with more financial institutions to provide crypto asset infrastructure services, creating incremental revenue opportunities [1][9]. - Coinbase is exploring new business opportunities, including stablecoin payments and the Base App blockchain application, with early progress being positive [1][9]. Financial Summary - For FY23A, Coinbase reported sales revenue of $3,108 million, with a projected increase to $6,564 million in FY24A and $7,403 million in FY25E [2][10]. - The net profit is expected to rise significantly from $94.9 million in FY23A to $2,579.1 million in FY24A, before slightly declining to $2,278.2 million in FY25E [2][10]. - The earnings per share (EPS) is projected to increase from $0.40 in FY23A to $10.43 in FY24A, then decrease to $8.71 in FY25E [2][10]. Market Performance - The market capitalization of Coinbase is approximately $83.12 billion, with an average trading volume of $1,441.4 million in March [4]. - The stock has shown a 52-week high of $419.78 and a low of $151.47, indicating significant volatility [4]. Shareholder Structure - Major shareholders include Brian Armstrong with 13.4% and The Vanguard Group with 9.5% [5].