10x Research: Coinbase and Circle stock slump may be a value trap
- —Bitcoin is above $80,000 while Coinbase trades near $170 versus $410 at its 2025 peak
- —USDC in circulation has shrunk to about $73 billion from $77 billion in Q1
- —Of $1.4 billion in first-half revenue, Circle paid $819 million to distribution partners
- —Coinbase retail revenue fell 31%; Q3 results are due October 29
Why it matters: Investors should weigh business fundamentals rather than share price alone, with Coinbase's October 29 and Circle's November 4 earnings set to show whether the gap with bitcoin closes.
Source: BeInCrypto RU