{"id":225926,"date":"2021-04-13T20:23:03","date_gmt":"2021-04-13T17:23:03","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/analysts-say-coinbase-listing-represents-a-watershed-moment-for-crypto\/"},"modified":"2021-04-13T20:23:03","modified_gmt":"2021-04-13T17:23:03","slug":"analysts-say-coinbase-listing-represents-a-watershed-moment-for-crypto","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/analysts-say-coinbase-listing-represents-a-watershed-moment-for-crypto\/","title":{"rendered":"# Analysts say Coinbase listing represents a &#8216;watershed\u2019 moment for crypto"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a28c163b0b79\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a28c163b0b79\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/analysts-say-coinbase-listing-represents-a-watershed-moment-for-crypto\/#Coinbase_rally_crypto_top\" >Coinbase rally, crypto top?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/analysts-say-coinbase-listing-represents-a-watershed-moment-for-crypto\/#How_did_Galaxy_Digital_perform_when_it_listed_in_Canadas_stock_exchange\" >How did Galaxy Digital perform when it listed in Canada&#8217;s stock exchange?<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># Analysts say Coinbase listing represents a &#8216;watershed\u2019 moment for crypto <\/strong>&#8221;<\/p>\n<div class=\"post-content\" data-v-5a136f3a>Coinbase, the top cryptocurrency exchange in the United States will soon be a publicly listed company once its COIN stock launches on the Nasdaq stock exchange on April 14.<\/p>\n<p><a href=\"https:\/\/buradabiliyorum.com\/en\/category\/general\/\" data-internallinksmanager029f6b8e52c=\"3\" title=\"General\" target=\"_blank\" rel=\"noopener\">General<\/a>ly, the sentiment around the listing has been overwhelmingly positive\u00a0from both the crypto and traditional financial markets. With the date fast <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>roaching, analysts have been issuing a variety of perspectives related to how the listing could impact Bitcoin and altcoin prices.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Coinbase_rally_crypto_top\"><\/span>Coinbase rally, crypto top?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>As Cointelegraph previously reported, Coinbase is technically not conducting an initial public offering (IPO).<\/p>\n<p>Instead, the exchange is directly listing on the Nasdaq, bypassing the need to work with investment banks which are often costly for businesses.\u00a0\u00a0<\/p>\n<p>Despite the lack of involvement of investment banks in the process of listing Coinbase, there is significant hype around COIN. <\/p>\n<p>While speaking CNBC&#8217;s Squawk Box\u00a0on April 12,\u00a0 Jim Cramer said:<\/p>\n<blockquote><p>&#8220;You gotta buy Coinbase when that deal comes, even though it\u2019s a $100 bilion deal, this has become common knowledge that there are many companies that are going to switch. MicroStrategy has always been the leader, so others would want to follow.&#8221;<\/p><\/blockquote>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">&#8220;You got to buy <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/search?q=%24COIN&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$COIN<\/a> when that deal comes,&#8221; says <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/jimcramer?ref_src=twsrc%5Etfw\">@JimCramer<\/a>. &#8220;This is a $2T market maybe going to $3T.&#8221;<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/btc?src=hash&amp;ref_src=twsrc%5Etfw\">#btc<\/a> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\">#bitcoin<\/a> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/ItLMx1tbIl\">pic.twitter.com\/ItLMx1tbIl<\/a><\/p>\n<p>\u2014 Squawk Box (@SquawkCNBC) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/SquawkCNBC\/status\/1381591267356856320?ref_src=twsrc%5Etfw\">April 12, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>There are several reasons why investors in the traditional financial market are optimistic on COIN.<\/p>\n<p>Most notably, the two main factors are: getting exposure to the crypto market without owning cryptocurrencies and the lucrative business model of Coinbase.<\/p>\n<p>According to Ben Lilly, the co-founder of Jarvis Labs:\u00a0<\/p>\n<blockquote><p>&#8220;Coinbase is the watershed moment in terms of legitimizing some valuations you see in crypto, particularly around DEXs who have a tiny fraction of the amount of employees and opex that a Coinbase or ICE has. Crypto is an asset with incredible volume and diversity, which is poised to grow even more. Coinbase showcases how profitable exposure to this market can be. Also, I expect a wave of MA and VC activity on the heels of this as private investors will be asking their fund managers for exposure to this space.&#8221;<\/p><\/blockquote>\n<p>John Street Capital, a venture capital and financial researcher, noted that Coinbase is massively profitable with an annual revenue of $1.8 billion.<\/p>\n<p>Atop the compelling financial report and revenue, the user base of Coinbase is much larger than Cash App and Venmo.\u00a0<\/p>\n<p>In fact, Coinbase has the biggest user base out of all financial institutions in the U.S. with the exception of JPMorgan. The researcher <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/JohnStCapital\/status\/1379526362692788227\">wrote<\/a>:<\/p>\n<blockquote><p>&#8220;The @coinbase team announced 1Q21 data including revenue of ~$1.8B, adj EBITDA of $1.1B, NI of $730-$800M, trading volume of $335B &amp; assets on the platform of $223B (11.3% of cryptoasset market) with 56M users Run-rate of $7.2B in revenue \/ $4.4B in EBITDA \/ $3.0B of NI.\u00a0The 56M user # is bigger than @CashApp &amp; @Venmo and significantly larger than @RobinhoodApp &amp; @eToro . That&#8217;s greater than every bank not named $JPM.&#8221;<\/p><\/blockquote>\n<p>Although some traders believe crypto could reach a top after the Coinbase listing, the market sentiment building up toward the listing is highly positive.<\/p>\n<p>When asked about the significance of the Coinbase listing, Ben Lilly said:\u00a0<\/p>\n<blockquote><p>You always need that bridge. How legacy markets value a company that operates in crypto is that bridge. Now legacy investors can walk across the bridge and realize it\u2019s an untapped ocean of investable assets. They might not invest right away, but their framework for how to value something gets easier.&#8221;<\/p><\/blockquote>\n<p>Mike McGlone, a senior commodity strategist at Bloomberg Intelligence, also said the Coinbase &#8220;IPO&#8221; could boost Bitcoin to $70,000. He <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/mikemcglone11\/status\/1381973774581514244?s=21\">said<\/a>:<\/p>\n<blockquote><p>&#8220;Coinbase IPO May Boost #Bitcoin to $70,000, Like #Tesla to $60,000 &#8211; The lowest 30-day volatility since October indicates Bitcoin is ripe to exit its cage and bull-market continuation is favored for the next $10,000 move. Similar to Tesla&#8217;s equity-wealth allocation to Bitcoin..&#8221;<\/p><\/blockquote>\n<h2><span class=\"ez-toc-section\" id=\"How_did_Galaxy_Digital_perform_when_it_listed_in_Canadas_stock_exchange\"><\/span>How did Galaxy Digital perform when it listed in Canada&#8217;s stock exchange?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Another crypto firm that went public in the past year is billionaire investor Mike Novogratz&#8217;s Galaxy Digital.<\/p>\n<p>Since Galaxy Digital listed in Canada&#8217;s stock exchange, its stock rose by more than 20-fold<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-04\/6922e39d-9726-4f6b-994e-c3eb59ca53c2.png\" alt=\"\" title=\"\"><figcaption style=\"text-align: center;\"><em>Galaxy Digital stock price. Source: Yahoo Finance<\/em><\/figcaption><\/figure>\n<p>Although the business model and the market capitalization of the two companies at launch are massively different, this shows that there i interest in publicly-listed crypto-focused companies at launch, which would likely reflect on COIN&#8217;s value.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. 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Generally, the sentiment around the listing has been overwhelmingly positive\u00a0from both the crypto and&#8230;<\/p>\n","protected":false},"author":1,"featured_media":225927,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDQvZjk1OTVkY2EtOWEyMS00Zjk5LWFiNWQtNmZlODlkMjkyMTc1LmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74937,74956,74863,74860,5007,73785,72332,70359],"class_list":["post-225926","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-price","tag-coinbase","tag-cryptocurrencies","tag-cryptocurrency-exchange","tag-ipo","tag-markets","tag-nasdaq","tag-stocks"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/225926","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=225926"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/225926\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/225927"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=225926"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=225926"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=225926"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}