Coinbase Company
COINBASE GLOBAL
-14.05%
closure:0
opening:61.85
High:70
low:61.51
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reports that Wells has received a notice from the United States Securities and Exchange Commission, which means that the authority is considering taking action against the company. This is a preliminary decision by a team from the Securities Authority, in which it recommends enforcement activity against the company for violations of federal securities laws.
The company’s stock reacted with a 14% drop to the announcement, Paul Grewal, CFO of Coinbase, said in response, “We are confident in the legality of our assets and services, if necessary, we welcome any legal action that will help reflect that the Securities Authority is not acting in a fair or reasonable manner at all which is related to digital assets.” said VP
Coinbase message
COINBASE GLOBAL
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closure:0
opening:61.85
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low:61.51
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It comes after in recent weeks a number of crypto companies also received a Wells message when some of them received the message following connections between them and the collapsing crypto exchange FTX. Since the beginning of January, the Securities Authority has carried out 11 enforcement actions against crypto companies and private individuals engaged in the field.
Coinbase is the largest crypto trading exchange on any exchange. The company was issued on Nasdaq towards the middle of 2021 (in the midst of the crypto bull market) at a value of 65 billion dollars and despite the increases, the company’s stock is still about 80% away from the offering.
On Monday, US firm Tiger Securities upgraded Coinbase to a “buy” rating, raising its price target for the stock to $200, a 140% premium to the current price. The company believes that the crypto market is now entering a new bull market. The reason the analysts are so optimistic and that the stock is recording increases at rates higher than those of the currencies is apparently that investing in the company has a significant advantage – it is monitored by the authorities and our investment cannot disappear “accidentally”. More than once we have heard of cases where crypto investors lost very large amounts of money due to a small mistake or as a result of losing their crypto wallet or the password to it.
In the fourth quarter, the company recorded revenues of 629 million dollars, above the expectation of 581.2 million dollars. The company reported an adjusted loss on a Non-GAAP basis of $2.46 per share, better than the market expectation of a loss of $2.52 per share. In absolute numbers, this is a loss of 557 million dollars.
Coinbase expects in the first quarter of 2023 to bring in between 300 and 325 million dollars. In the coming year, it hopes that its EBIDTA loss will be less than 500 million dollars. The loss in the last report was 371 million dollars. The company’s stock has risen by 87% since the beginning of the year and is traded at a value of 9.5 billion dollars.
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