Coinbase Global
COIN
Exchange
Buy
Coinbase is the only publicly traded, fully regulated US crypto exchange. Our sum-of-parts analysis values the exchange at $28B, staking/custody at $8B, and Base L2 at $12B. At $380 per share, Coinbase reflects fair value for a business that will benefit disproportionately from US regulatory clarity and the next retail wave.
Crypto Exchange / Financial Infrastructure