Coinbase: In Trouble After The FTX/BlockFi Fiasco

Nov. 29, 2022 8:06 PM ETCoinbase Global, Inc. (COIN)91 Comments
Albert Lin, CFA profile picture
Albert Lin, CFA


  • FTX and BlockFi are done, and the outlook for Coinbase sparks more questions than answers.
  • There's a problem with the company's business model: it doesn't work in the current environment.
  • Avoid the stock given valuation is closely tied to crypto, which in my opinion is based on nothing but thin air.
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BlockFi: another one caught swimming naked

2022 is a brutal year where many crypto bulls have been caught swimming naked. Luna (LUNC-USD) is done. 3AC is done. Celsius (CEL-USD) is done. Voyager (VYGVQ-USD) is done. Following the latest FTX (

This article was written by

Albert Lin, CFA profile picture
Entrepreneur turned investment analyst. I aim to provide readers on Seeking Alpha with differentiated, concise, and actionable investment advice through good old-fashioned fundamental analysis with a strong emphasis on valuation. Focus mainly on tech and consumer. If you find my analysis interesting and helpful, follow me to be the first to read my latest articles.

Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

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