Coinbase Global, Inc. (COIN)

Executive Summary

Coinbase is, in our view at T&T Capital Management, the dominant U.S.-regulated crypto financial-services platform — operating the largest regulated centralized exchange, the leading institutional prime brokerage, the Base Layer-2 blockchain, and approximately half of the economic yield on USDC (the dollar-backed stablecoin operated jointly with Circle). At $258.40 per share the stock trades at approximately 8 times consensus FY2026 revenue — premium-but-not-extreme multiple reflecting the unique regulatory moat + the structural USDC economics. The post-2024 regulatory thaw (spot Bitcoin ETFs approved + stablecoin legislation advancing + SEC enforcement posture softening) materially expanded the addressable market. Brian Armstrong co-founded Coinbase in 2012 and remains CEO.

What’s Inside The Full Report

• 15-year financial summary table — revenue, net income, GAAP & adjusted EPS
• Valuation framework — current multiples vs. 5-year historical range
• Peer comparison table — multiples, margins, balance-sheet metrics
• Base case, bull case, bear case price targets with explicit math
• Competitive position and economic moat analysis
• Management and capital allocation track record
• Balance sheet review — leverage, credit ratings, distribution coverage
• Insider activity — recent open-market buys / sells with interpretation
• Strategic acquisitions and divestitures history
• Sell-side consensus and where TTCM differs
• Detailed risk factors specific to the name
• Bull case and forward catalysts to watch
• TTCM rating with explicit ADD / TRIM price triggers