At long last, Coinbase’s NFT push came to the market this week.
The U.S. cryptocurrency trading giant’s entry into the market for non-fungible tokens has been a long time coming and lands at an important time for the public company. Shares of Coinbase are trading near all-time lows today ahead of its earnings that will land in early May.
Coinbase has proven that it can build a large, profitable business by helping both individuals and institutions buy, sell, and stake crypto. But as its revenues — and, therefore, net income — oscillate with the macro health of the crypto market itself, the company has taken on the valuation profile of a bank more than a technology company.
Indeed, if we observe the company’s Q4 net revenues of $2.49 billion, and we compare an annualized version of that number against Coinbase’s current market val …
