ICE - Coinbase: My Pick For The Most Overvalued U.S. Stock

2024-03-13 06:24:02 ET

Summary

• Coinbase's share quote has doubled since November due to the surge in Bitcoin's price and blind speculation about newly approved crypto ETFs.
• Analyst projected growth rates for the company are minimal, with profitability largely dependent on holding rising cryptocurrency prices.
• I now consider Coinbase the most overvalued large-cap stock on Wall Street, surpassing even NVIDIA and Costco, based on extreme price to earnings, sales, and book value.

I wrote a Strong Sell article on Coinbase Global, Inc. ( COIN ) at $128 a share back in November here . Since then, Bitcoin ( BTC-USD ) has rocketed in price to all-time highs above $70,000 on the SEC approval of easily accessed and traded ETF products in America. This situation in turn has led to a rush of euphoric investor buying and speculation in Coinbase, one of the leading cryptocurrency exchanges in the world. All told, COIN's share price has DOUBLED the November quote again to a high of $271 days ago!...

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