10x Research: Despite the strong upward trend of Coinbase's stock price, its valuation is too high

10x Research has released a report stating that its regression model indicates that despite the strong upward trend of Coinbase's stock price, its valuation is overvalued. Recently, the stock price of Coinbase has continued to rise under multiple favorable factors. Coinbase (stock price above 7-day moving average ->bullish, also above 30 day moving average ->bullish, with a 1-week change of+47.8%) was driven by Bernstein's target price increase to $510, citing its stablecoin business and institutional services; The Senate passed the GENIUS Act, which increased transparency in stablecoin regulation and pushed its stock price up 5.5% to $374.97; The perpetual futures of Bitcoin and Ethereum, which are regulated by the United States, will be launched on July 21st, further fueling investors' enthusiasm; The successful IPO of Circle and the revenue sharing between Coinbase and USDC have consolidated its market position and supported price increases.