Coinbase Global Inc (COIN)
Pitch Summary: Paywalled (The Bear Cave is publishing additional concerns about Coinbase (NASDAQ: COIN — $12.4 billion). The Bear Cave believes Coinbase currently faces a perfect storm of problems including ballooning losses and legal liabilities, the collapse of bank partners, and a volatile stablecoin that all add pressure to its deteriorating core business.) BSD Analysis: […]
Coinbase Global Inc (COIN)
Pitch Summary: Cash burning machine, expected to report losses for the next two years; $2.3bil worth of stock-based compensation; further reduction in earnings as “staking” is prohibited by the SEC; indirect regulatory risks; BSD Analysis: Coinbase is exposed to regulatory overhang, declining trading volumes, and reliance on retail fees. Expansion into staking and custody remains […]
Etsy Inc (ETSY)
Pitch Summary: The company faced its first-ever credible competitor with a pricing war amidst declining consumer spending; overvalued (x12 EBITDA); topline to shrink and margin compression; BSD Analysis: Etsy is a niche e-commerce platform built around handmade and vintage goods. The bear case focuses on user engagement deceleration, elevated marketing spend, and competitive erosion. Pandemic-era […]
P10 Inc (PX)
Pitch Summary: Taking advantage of the government tax schemes; both co-CEOs resigned due to possible regulatory actions against their involvement in a massive PPP loan fraud; the PPP partner Blue Acorn is already under criminal investigation; BSD Analysis: P10 aggregates private-market strategies but faces scale disadvantages, fee pressure, and reliance on acquisitions. Fundraising is slowing […]
