Jim Chanos said he's shorting crypto exchange Coinbase because of his concerns about increased competition and profitability. mikeybellusci reports
he’s shorting cryptocurrency exchange Coinbase , calling it a “bubble stock.”
Chanos expects fee compression as competition increases across crypto exchanges, and doesn’t think Coinbase can be profitable this year. “We basically think Coinbase is over earning,” Chanos said in the interview. “If you do the numbers, their revenue base is roughly 3% to 4% of their custodian assets, their customer assets.”Wall Street has remained positive on the
for Coinbase, despite expectations for some near-term headwinds. Analysts expect Coinbase to diversify its revenue from different segments, including NFTs.Read more:The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a
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