This thesis is intended to contribute to three goals: analyse Coinbase, derive recommendations for the cryptocurrency exchange’s management, potential investors, and other cryptoeconomy participants, and create a better understanding of the crypto-industry and an enhanced acceptance of cryptocurrencies. For these purposes, Coinbase was used as a single case study and analysed qualitatively and quantitatively. A Five C’s analysis was applied in the qualitative part, complemented by SWOT and PESTLE analyses and Porter’s Five Forces. The quantitative analysis, in turn, consisted of eleven key ratios that were compared to Nasdaq’s and Intercontinental Exchange’s ratios.
Coinbase’s Nasdaq listing is a caesura for the cryptoeconomy since it is the first listing of a major cryptocurrency exchange in the USA. Coinbase’s opening share price exceeds the reference price by more than 50%, resulting in Coinbase’s valuation to top the aggregated value of the two well-established, traditional exchanges Intercontinental Exchange and Nasdaq. Given this listing’s significance and size under consideration of Coinbase’s relatively short existence and small revenue size, the question emerges whether the valuation is caused by Coinbase’s business model or the cryptocurrency hype.
Table of Contents
- Introduction
- Relevance of the topic and purpose of the thesis
- Structure and approach of the thesis
- Terminology
- Exchange
- Cryptocurrencies, blockchain and cryptocurrency exchanges
- Methodology
- Research design and strategy
- Research instruments
- Qualitative instruments
- Quantitative instruments
- Analysis of Coinbase
- Qualitative findings
- Company
- Customers
- Competitors
- Collaborators
- Context
- Quantitative findings
- Discussion and recommendations
- Answers to the research questions
- Recommendations
- Conclusion
Objectives and Key Themes
This thesis aims to analyze Coinbase's Nasdaq listing, the first listing of a major cryptocurrency exchange in the USA, to derive recommendations for the exchange's management, potential investors, and other participants in the cryptoeconomy, and to enhance understanding of the crypto-industry and acceptance of cryptocurrencies.
- Analysis of Coinbase's business model and valuation in the context of the cryptocurrency market.
- Evaluation of the potential risks and opportunities facing Coinbase.
- Recommendations for Coinbase's management and potential investors.
- Contribution to a broader understanding of the cryptocurrency market and its dynamics.
- Exploring the impact of regulation and competition on the cryptocurrency industry.
Chapter Summaries
The introduction establishes the relevance of Coinbase's Nasdaq listing as a pivotal event in the cryptocurrency market and outlines the structure and approach of the thesis. It also defines key terminology, particularly related to cryptocurrency exchanges and the underlying technology.
The methodology chapter details the research design and strategies employed, including both qualitative and quantitative instruments. It provides a framework for the subsequent analysis of Coinbase.
The analysis of Coinbase chapter presents both qualitative and quantitative findings. Qualitative findings are derived from a Five C's analysis, complemented by SWOT and PESTLE analyses and Porter's Five Forces. The quantitative analysis uses eleven key ratios compared to Nasdaq and Intercontinental Exchange ratios. This chapter provides a detailed understanding of Coinbase's business operations, market position, and financial performance.
The discussion and recommendations chapter draws conclusions from the analysis and provides recommendations for Coinbase's management and potential investors, as well as other cryptoeconomy participants.
Keywords
This thesis focuses on the key topics of Coinbase, cryptocurrency exchange, Nasdaq listing, valuation, business model, regulation, competition, market fluctuations, and the broader cryptocurrency industry.
- Citar trabajo
- Andreas Renner (Autor), 2021, Coinbase’s Nasdaq listing as a caesura. Qualitative and quantitative analysis of a major US cryptocurrency exchange, Múnich, GRIN Verlag, https://www.grin.com/document/1144631
