Coinbase: Increasing Our Fair Value Estimate to $150 From $135

We are increasing our fair value estimate for no-moat-rated Coinbase to $150 from $135 after we update our model following third-quarter results and the US presidential election results. Around $2 of the increase comes from earnings since our last update. The remainder of the increase comes from higher revenue growth expectations, particularly for the firm's staking business, partially offset by higher operating expense projections. Despite the increase in our fair value estimate, we still see the shares as significantly overvalued at the current price.