Gil Luria, director of research at D.A. Davidson, talks about the upcoming Coinbase direct listing and his recent research note, “Introducing Crypto’s Amazon Moment.” In this episode, Gil discusses:

• his crypto background, including his experience as the first Wall Street analyst to cover Bitcoin back in 2013 (1:27)
• why the Coinbase IPO is going to be an inflection point for the crypto industry (3:02)
• why he gave Coinbase's upcoming stock a “buy” rating (4:14)
• who Coinbase's biggest competitors are (5:13)
• why Gil believes Coinbase is the “gold standard” in crypto (6:29)
• how investing in Coinbase stock compares to investing in actual crypto assets (8:13)
• how he came to $195 price target for COIN (10:39)
• why a $2 billion revenue estimate for Coinbase in 2021 might be conservative (12:01)
• how Coinbase is generating money outside of transaction fees (14:19)
• whether he expects the institutional adoption trend to grow (15:49)
• what his expectations are for the price of COIN on the day it opens (17:20)
• why GBTC is no longer trading at a premium to the spot price of bitcoin (18:20)
• whether Gil will continue to cover crypto (20:05)
• crypto News Recap (20:53) 

 

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Episode links:

Gil Luria’s Twitter profile: https://twitter.com/gilluria 

 

Crypto’s Amazon Moment: https://markets.businessinsider.com/currencies/news/coinbase-direct-listing-public-coverage-stock-price-amazon-cryptocurrency-dadavidson-2021-3-1030150896 

 

Introducing Crypto’s Amazon Moment: https://unchainedpodcast.com/wp-content/uploads/2021/03/DA-Davidson-Coinbase-Initiation-20210302.pdf

 

Coinbase S-1 Filing: https://www.sec.gov/Archives/edgar/data/1679788/000162828021003168/coinbaseglobalincs-1.htm 

 

2013 Quote from Gil on Bitcoin: https://www.streetinsider.com/Analyst+Comments/Bitcoin+Could+Be+Worth+10-100x+Current+Price+-+Analyst/8936836.html 

 

Link to the Crypto News Recap:

https://unchainedpodcast.com/the-irs-clarifies-its-position-on-crypto-purchases/

 

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