Coinbase Global, Inc. Stock Research

Market Summary

USD60.78-7.05

Market Closed

-10.39%

COIN Alerts

4 major insider sales recently.
Big fall in Revenue (Y/Y)
Big fall in earnings (Y/Y)
Losses in recent quarter

COIN Stock Price

COIN RSI Chart

COIN Valuation

Market Cap

15.2B

Price/Earnings (Trailing)

-5.79

Price/Sales (Trailing)

4.75

EV/EBITDA

-3.81

Price/Free Cashflow

-9.56

COIN Price/Sales (Trailing)

COIN Profitability

EBT Margin

-95.94%

Return on Equity

-48.12%

Return on Assets

-2.93%

Free Cashflow Yield

-10.46%

COIN Fundamentals

COIN Revenue

Revenue (TTM)

3.2B

Revenue Y/Y

-74.82%

Revenue Q/Q

6.57%

COIN Earnings

Earnings (TTM)

-2.6B

Earnings Y/Y

-166.29%

Earnings Q/Q

-2.27%

Price Action

52 Week Range

31.55206.79

(Low)(High)

Last 7 days

0.1%

Last 30 days

10.9%

Last 90 days

91.1%

Trailing 12 Months

-64.3%

COIN Financial Health

Current Ratio

1.07

Debt/Equity

0.6

Debt/Cashflow

-0.54

COIN Investor Care

Shares Dilution (1Y)

6.83%

Diluted EPS (TTM)

-11.83

Financials for Coinbase Global

Income Statement (Last 12 Months)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Revenue	-36.9%	3,194,208,000	5,063,563,000	5,785,132,000	7,204,769,000	7,839,444,000
Operating Expenses	-6.2%	5,904,416,000	6,296,575,000	6,169,852,000	5,670,375,000	4,762,874,000
S&GA Expenses	-22.9%	510,089,000	661,558,000	691,065,000	745,904,000	663,689,000
R&D Expenses	5.9%	2,326,354,000	2,195,862,000	1,995,788,000	1,678,000,000	1,291,561,000
EBITDA	-104.8%	-2,821,612,000	-1,377,684,000	-526,051,000	1,550,917,000	3,119,758,000
EBITDA Margin	-224.7%	-0.88	-0.27	-0.09	0.22	0.40
Earnings Before Taxes	-91.2%	-3,064,582,000	-1,603,164,000	-688,614,000	1,420,836,000	3,026,947,000
EBT Margin	-203.0%	-0.96	-0.32	-0.12	0.20	0.39
Interest Expenses	0.2%	88,901,000	88,741,000	74,206,000	51,298,000	29,160,000
Net Income	-113.8%	-2,624,949,000	-1,227,740,000	-277,005,000	2,422,998,000	3,624,120,000
Net Income Margin	-238.9%	-0.82	-0.24	-0.05	0.34	0.46
Free Cahsflow	81.4%	-1,588,352,000	-8,520,844,000	-534,824,000	6,484,061,000	10,727,121,000

* denotes actual numbers (not divided by Millions)
Balance Sheet					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Assets	-19.3%	89,725	111,168	105,468	20,895	21,274
Current Assets	-19.7%	86,448	107,680	102,162	16,941	18,374
Cash Equivalents	-11.6%	4,425	5,007	5,682	6,116	7,123
Net PPE	0.5%	172	171	142	66.00	59.00
Goodwill	0%	1,074	1,074	1,074	1,080	626
Liabilities	-20.2%	84,270	105,542	99,655	14,399	14,893
Current Liabilities	-20.8%	80,815	102,073	96,194	10,922	11,419
. Short Term Borrowings	-99.7%	1.00	149	20.00	-	-
Long Term Debt	0.1%	3,389	3,385	-	-	-
LT Debt, Non Current	0.1%	3,393	3,391	3,389	3,387	3,385
Shareholder's Equity	-3.1%	5,455	5,626	5,813	6,496	6,382
Retained Earnings	-24.4%	1,725	2,282	2,827	3,921	4,350
Additional Paid-In Capital	11.5%	3,768	3,380	3,004	2,579	2,035
Accumulated Depreciation	-	42.00	-	-	-	-
Shares Outstanding	1.3%	224	221	217	-	-

* denotes actual numbers (not divided by Millions)
Cashflow (Last 12 Months)					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Cashflow From Operations	81.4%	-1,585	-8,515	-7,220	-203	4,038
Share Based Compensation	12.0%	1,566	1,398	1,270	1,068	821
Cashflow From Investing	40.6%	-663	-1,118	-1,405	-1,778	-1,124
Cashflow From Financing	-191.9%	-5,838	6,354	8,355	9,930	9,976
Buy Backs	NaN%	0.00	0.00	-	-	-

Risks for COIN

What is the probability of a big loss on COIN?

97.1%

Probability that Coinbase Global stock will be more than 20% underwater in next one year

95.1%

Probability that Coinbase Global stock will be more than 30% underwater in next one year.

60.8%

Probability that Coinbase Global stock will be more than 40% underwater in next one year.

*Calculated based on probability distribution of losses observed in actual data in the last 5 years.

How does COIN drawdown profile look like?

Y-axis is the maximum loss one would have experienced if Coinbase Global was unfortunately bought at previous high price.

Drawdowns

Returns for COIN

Cumulative Returns on COIN

Which funds bought or sold COIN recently?

View All Details

Datesorted ascending	Fund Name	Type	% Chg	$ Change	$ Held	% Portfolio
2023-03-15	B. Riley Wealth Advisors, Inc.	reduced	-22.97	-317,735	232,265	0.01%
2023-03-10	VICTORY CAPITAL MANAGEMENT INC	reduced	-2.4	-1,823,560	2,103,440	-%
2023-03-10	BAILLIE GIFFORD & CO	added	0.63	-214,788	265,212	-%
2023-03-06	Rockefeller Capital Management L.P.	reduced	-53.99	-13,128,000	4,432,000	0.02%
2023-03-02	LORING WOLCOTT & COOLIDGE FIDUCIARY ADVISORS LLP/MA	new	-	1,239	1,239	-%
2023-03-02	OLIVER LAGORE VANVALIN INVESTMENT GROUP	reduced	-46.93	-126,729	52,271	0.03%
2023-02-28	Voya Investment Management LLC	added	5.98	-548,629	762,371	-%
2023-02-27	Parallax Volatility Advisers, L.P.	added	355	3,046,030	5,079,030	0.01%
2023-02-24	SRS Capital Advisors, Inc.	unchanged	-	-3,036	3,964	-%
2023-02-24	BBJS FINANCIAL ADVISORS, LLC	new	-	531	531	-%

Latest Funds Activity

Are funds buying COIN calls or puts?

Calls

Puts

Are funds bullish or bearish(Calls - Puts)?

Net Call Options

No. of funds that own COIN

No. of Funds

Coinbase Global News

Schedule 13G FIlings of Coinbase Global

Date Filed	Name of Filer	Percent of Class	No. of Shares	Form Type
Feb 16, 2023	ehrsam frederick ernest iii	9.9%	19,107,067	SC 13G/A
Feb 14, 2023	ehrsam frederick ernest iii	9.9%	19,111,729	SC 13G/A
Feb 14, 2023	armstrong brian	18.1%	39,525,540	SC 13G/A
Feb 09, 2023	vanguard group inc	7.37%	13,180,856	SC 13G
Feb 14, 2022	armstrong brian	19.9%	38,681,895	SC 13G
Feb 14, 2022	ehrsam frederick ernest iii	10.8%	18,354,010	SC 13G
Feb 14, 2022	andreessen horowitz fund iii, l.p.	7.0%	10,864,390	SC 13G

COIN Fair Value

Recent SEC filings of Coinbase Global

View All Filings

Date Filed	Form Type	Document
Mar 22, 2023	4	Insider Trading
Mar 22, 2023	8-K	Current Report
Mar 21, 2023	4	Insider Trading
Mar 15, 2023	4	Insider Trading
Mar 03, 2023	4	Insider Trading
Mar 01, 2023	4	Insider Trading
Feb 27, 2023	4	Insider Trading
Feb 24, 2023	4	Insider Trading
Feb 22, 2023	4	Insider Trading
Feb 22, 2023	4	Insider Trading

Latest Insider Trading transactions for COIN

Filter Transactions

Datesorted ascending	Name	Buy/Sell	$ Value	Avg. Price	# Shares	Title
2023-03-21	Grewal Paul	sold	-64,710	77.0367	-840	chief legal officer
2023-03-20	Armstrong Brian	sold	-128,478	75.3093	-1,706	chairman and ceo
2023-03-20	Armstrong Brian	acquired	-	-	1,706	chairman and ceo
2023-03-20	Grewal Paul	sold	-114,345	77.00	-1,485	chief legal officer
2023-03-17	Armstrong Brian	sold	-2,116,220	75.5093	-28,026	chairman and ceo
2023-03-17	Armstrong Brian	acquired	-	-	28,026	chairman and ceo
2023-03-13	Armstrong Brian	acquired	-	-	29,732	chairman and ceo
2023-03-13	Armstrong Brian	sold	-1,710,420	57.5279	-29,732	chairman and ceo
2023-03-01	Armstrong Brian	acquired	-	-	29,732	chairman and ceo
2023-03-01	Armstrong Brian	sold	-1,916,440	64.4572	-29,732	chairman and ceo

About Coinbase Global

Brian Armstrong

www.coinbase.com

3730

Coinbase Global, Inc. provides financial infrastructure and technology for the cryptoeconomy in the United States and internationally. The company offers the primary financial account in the cryptoeconomy for retailers; a marketplace with a pool of liquidity for transacting in crypto assets for institutions; and technology and services that enable ecosystem partners to build crypto-based applications and securely accept crypto assets as payment. Coinbase Global, Inc. was founded in 2012 and is based in Wilmington, Delaware.

COIN Income Statement

2022-12-31

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenue:
Revenue	$ 3,194,208	$ 7,839,444	$ 1,277,481
Operating expenses:
Transaction expense	629,880	1,267,924	135,514
Technology and development	2,326,354	1,291,561	271,732
Sales and marketing	510,089	663,689	56,782
General and administrative	1,600,586	909,392	279,880
Restructuring	40,703	0	0
Other operating expense, net	796,804	630,308	124,622
Total operating expenses	5,904,416	4,762,874	868,530
Operating (loss) income	(2,710,208)	3,076,570	408,951
Interest expense	88,901	29,160	0
Other expense (income), net	265,473	20,463	(248)
(Loss) income before income taxes	(3,064,582)	3,026,947	409,199
(Benefit from) provision for income taxes	(439,633)	(597,173)	86,882
Net (loss) income	(2,624,949)	3,624,120	322,317
Net (loss) income attributable to common stockholders:
Basic	(2,624,949)	3,096,958	108,256
Diluted	$ (2,631,179)	$ 3,190,404	$ 127,471
Net (loss) income per share attributable to common stockholders:
Basic (in dollars per share)	$ (11.81)	$ 17.47	$ 1.58
Diluted (in dollars per share)	$ (11.83)	$ 14.50	$ 1.40
Weighted-average shares of common stock used to compute net (loss) income per share attributable to common stockholders:
Basic (in shares)	222,314	177,319	68,671
Diluted (in shares)	222,338	219,965	91,209
Net revenue
Revenue:
Revenue	$ 3,148,815	$ 7,354,753	$ 1,141,167
Other revenue
Revenue:
Revenue	$ 45,393	$ 484,691	$ 136,314

COIN Balance Sheet

2022-12-31

Consolidated Balance Sheets - USD ($)
$ in Thousands

Dec. 31, 2022

Dec. 31, 2021

Current assets:

Cash and cash equivalents

$ 4,425,021

$ 7,123,478

Restricted cash

25,873

30,951

Customer custodial funds

5,041,119

10,617,552

Customer crypto assets

^[1]

75,413,188

USDC

861,149

100,096

Accounts and loans receivable, net of allowance

404,376

304,706

Income tax receivable

60,441

61,231

Prepaid expenses and other current assets

217,048

135,849

Total current assets

86,448,215

18,373,863

Crypto assets held

424,393

988,193

Lease right-of-use assets

69,357

98,385

Property and equipment, net

171,853

59,230

Goodwill

1,073,906

625,758

Intangible assets, net

135,429

176,689

Other non-current assets

1,401,720

952,307

Total assets

89,724,873

21,274,425

Current liabilities:

Customer custodial cash liabilities

4,829,587

10,480,612

Customer crypto liabilities

^[2]

75,413,188

Accounts payable

56,043

39,833

Accrued expenses and other current liabilities

331,236

439,559

Crypto asset borrowings

151,505

426,665

Lease liabilities, current

33,734

32,366

Total current liabilities

80,815,293

11,419,035

Lease liabilities, non-current

42,044

74,078

Long-term debt

3,393,448

3,384,795

Other non-current liabilities

19,531

14,828

Total liabilities

84,270,316

14,892,736

Commitments and contingencies (Note 21)

Stockholders’ equity:

Additional paid-in capital

3,767,686

2,034,658

Accumulated other comprehensive loss

(38,606)

(3,395)

Retained earnings

1,725,475

4,350,424

Total stockholders’ equity

5,454,557

6,381,689

Total liabilities, convertible preferred stock, and stockholders’ equity

89,724,873

21,274,425

Class A common stock

Stockholders’ equity:

Common stock

Class B common stock

Stockholders’ equity:

Common stock

$ 0

[1]	Safeguarding assets
[2]	Safeguarding liabilities