With the crypto industry struggling through a record bear market situation, one asset that has polarized analysts is Coinbase stock which has fallen to new lows.
Bitwise Invest Chief investment officer Matt Hougan thinks Coinbase stock is undervalued despite falling significantly in 2022.
According to Hougan, Coinbase raised money at a valuation of $8 billion in 2018. At the time, it had 22 million users, generated $520 million in revenue, and had $11 billion in assets on the platform.
Fast forward to 2022, the revenue is $3.3 billion, it has 101 million users, and the platform’s assets are now $101 billion. Despite these clear indications of growth, the company is trading at a valuation of $9 billion.
Coinbase stock is at an all-time low
Coinbase stocks have fallen since the start of the year, trading around $35 as of press time. This represents a more than 86% drop in the year-to-date metric.
Following its stock value decline, the exchange’s market cap dropped to around $8 billi
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