From Ian Cooper, Author Trigger Point Trade Alerts
Coinbase Now Has a Market Cap of $103.4 Billion
Coinbase (COIN) opened at $381 a share, and is now up to $395.88, giving it a market cap of $103.44 billion in just hours.
As noted by co-founder and CEO, Brian Armstrong:
“Today Coinbase is listing on Nasdaq. A decade of work and so many people brought us here. This includes every Coinbase employee, focused for years on building a financial system that’s free, fair, and open to everyone. It also includes you, the 56 million people who use Coinbase. And of course, we have to recognize Satoshi Nakamoto, who started it all by introducing Bitcoin to the world in 2008.”
Even better, growth shouldn’t be a problem.
In 2020, the company generated $1.1 billion in revenue, and $322 million in net income. For the first quarter of 2021, the company saw $1.8 in revenue.
While the IPO is impressive, we’re not buyers just yet.
We’ll wait for the excitement, and for the stock to cool off before taking a position. In the meantime, there are several other ways to potentially profit from the rise of cryptocurrencies and related stocks.
Those include the crypto miners, such as Marathon Digital (MARA) and Bit Digital (BTBT). We can even trade crypto-related ETFs, such as the VanEck Vectors Digital Transformation ETF (DAPP) at $34.55.
Before long, we could even see a Bitcoin ETF.
In fact, “No fewer than eight applications for a Bitcoin ETF have now been filed with the Securities and Exchange Commission since late December, after billionaire Michael Novogratz’s Galaxy Digital Holdings Ltd. joined the list on Monday,” as noted by Bloomberg.
While the US SEC has been stubborn to approve a Bitcoin ETF, “At some point, if we’re not already there, the SEC runs out of reasons for not approving,” said Nate Geraci, president of advisory firm The ETF Store, as also quoted by Bloomberg.
Stay tuned for more on this developing, exciting story.
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