COIN - Diginex: Surfing The Trade Volume Catalyst

• The remarkable trade volume growth for EQONEX has seen May Trade Volumes itself completely overtake Trade Volumes for the LTM ending March 31st.
• Conservatively, at this pace, the firm can easily post a Monthly Run Rate near US$21.6 BN ending FY22. At the aggressive end, Monthly Run Rates may hit US$35.5 BN.
• We anticipate forward guidance to be revised upwards and 1H22 earnings to really be an inflection point for the company to the upside, not particularly FY21 results.
• A catalyst for volume to pick up is needed, and whenever that comes, Diginex is likely to start trending higher for good and clear the US$5-8 resistance range.

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