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Stockchase InsightsCoinbase GlobalCOINHOLDJan 12, 2024

Trevor Rose’s Insights - Trevor’s most-liked answers from 5i Research

COIN is the main custodian for the bitcoin ETFs, and while the fees spread between its transaction fees and custodian fees is large, the volume from these ETFs in the future can more than offset this delta.

Retail trading volume is increasing on Coinbase, and while spot BTC ETFs are approved in the US, all other crypto needs to be traded on an exchange, such as COIN. Coinbase is the main crypto exchange in the US that is trusted, working with regulators, and is now being interwoven in the traditional finance world. Coinbase will receive fees from Ether staking, derivatives, futures, expansion into Europe, it has its own wallet, is working on payments integration, and has built its own layer 2 network on top of Ethereum, called Base. As activity on 'Base' increases, this will drive fees to COIN. As an industry leader in the crypto space, COIN has executed well on the operational front.

Bull case, as investor sentiment and interest in crypto increases once again, Coinbase will see significant inflows and sales, and it can also act as the future custodian for Ether ETFs (deadline May 2024).

Bear case, investors mainly gravitate towards ETF investing for crypto or interest and risk appetite for crypto products and the technology wanes.
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$130.79

Stock price when the opinion was issued

$163.26

As of Jun 18, 2026. Market Open.

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DON'T BUY

They report Thursday. They're in a brutal battle with the SEC over whether cryptos are securities. He expects fireworks. A nightmare.

DON'T BUY

In the wake of the crypto scandal, the SEC may crack down on every crypto, and Coinbase--even if they follow all the market rules--may be swept.

DON'T BUY

Down 70% this year, but people still trust in it which will prevent further losses. Still, that isn't enough to own it.

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TOP PICK

Coinbase is building the cryptoeconomy – a more fair, accessible, efficient, and transparent financial system enabled by crypto. The company started in 2012 with the radical idea that anyone, anywhere, should be able to easily and securely send and receive Bitcoin. Today, Coinbase offers a trusted and easy-to-use platform for accessing the broader cryptoeconomy. Social media mentions are up 180% in the past 24h.

HOLD

Still owns it after being crushed by the crypto crash. He's taking a long-term view on it. What else can he do? Has not added to it recently.

DON'T BUY

Down 71% in the last three months. Doesn't care for this stock. Would rather be in the banks among the financials.

DON'T BUY

Not expensive, but the crypto market has turned nasty. Avoid.

WATCH

Sold off strong this week, but rebounding huge today. She's bullish cryptos, and is taking a long-term view. In the next month or so, she's keeping an eye on the regulatory environment before adding more. Wants to see the sector settle down first.

COMMENT

If the Fed gets dovish (would be a mistake), Bitcoin will be parabolic.

COMMENT

If the Fed gets dovish (would be a mistake), Bitcoin will go parabolic.

BUY

Shares are down 58% from highs. Short it? Look at the shorting of Tesla five years ago; the shorters compared the compare to GM, but they missed the broad market reception to Tesla. Coinbase is similar; it's not just a trading platform, but more. Like Schwab 30 years ago, COIN is disruptive yet visionary. COIN has 89 million users and 11.4 million per month. Beyond exchanges, COIN will roll out their NFT marketplace, which is promising Shorting is short-sighted. She's long.

DON'T BUY

Down 29% this month. He doesn't like the way they approach regulators like SEC. They're frankly belligerent. They don't follow the price of Bitcoin as much as people expect.

WATCH

Behooves investors to start learning about bitcoin. On his list for this year to at least research and understand it. There's a lot of hype, which has cooled. Too early to predict EPS. No interest at the moment, but on his list to look at.

TOP PICK

Impressed how profitable the business is. Rare to have this on Day 1 of an IPO. Early days in an investible segment of the economy. First mover advantage on size of platform and on regulatory side. In a good position to grow. Potential to do well over the next couple of years. He has a small position. No dividend. (Analysts’ price target is $382.86)

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