Explain to me how Coinbase is profitable while it is now valued at 12% of the total market cap of BTC?
Without the underlying asset increasing dramatically in value, how do the NYSE investors see ROI?
AFAIK, Coinbase does not invest in bitcoin either. Their profit does not depend on the price of bitcoin, but on how much USD they process.
I would guess (just guess) that they are valued so much because they plan to become a competitor to PayPal (including dollar-to-dollar payments rather than just bitcoin-to-dollar like BitPay).
Certainly not because bitcoin is undervalued jorge! You are hilarious.