Delphi Daily

Key Takeaways

  • Coinbase’s direct listing next week is expected to be well received by the market.

  • Expected valuation multiples upon COIN’s listing imply substantial and sustained growth for years to come.

  • Coinbase’s stock price will provide another gauge of institutional interest and sentiment towards crypto at large. However, COIN will also be subject to market risk that may or may not impact crypto asset prices, so it won’t serve as a perfect proxy.

  • The price of COIN will fluctuate greatly depending on forward guidance and growth expectations as well as the valuation multiple it winds up commanding. Recent trends away from growth towards value, however, could weigh on Coinbase’s stock price as it certainly sits in the former category.

We’re just a week away from Coinbase’s highly anticipated direct listing and there’s no shortage of speculation surrounding its public debut. Rumblings in recent weeks have pegged the company’s market cap anywhere between $68-90 billion, though alternative trading venues like FTX currently imply a ~$120 billion market cap for the crypto giant, which will trade under the ticker COIN. Notably, the high end of that range would put Coinbase in the top 70 largest publicly traded compani

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