No one knows what anything is worth, software edition
Alex Wilhelm
11 hours
Coinbase utterly crushed its most recent quarter. Its results came in far ahead of street expectations, with the U.S. crypto exchange posting net revenues of $2.49 billion, net income of $840 million and adjusted EBITDA of $1.21 billion. In comparative terms, Coinbase’s Q4 2021 results bested its full-year 2020 results by a huge margin.
And yet, Coinbase shares are up just over a point in pre-market trading, and the company is worth around $70 per share less than its direct listing reference price; Coinbase is also down around 57% from its recent highs. The company’s incredibly profitable 2021 — net income of $3.62 billion from $7.35 billion in total net revenue — has led to a less valuable Coinbase, at least according to recent trading.
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For a company worth $8 billion back in 2018, a 2022 market cap of $47 billion is far from a failure. But it’s still a fraction of what Coin …
