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Bitcoin appears to be stabilizing, raising the question of whether there are more attractive opportunities than holding Bitcoin itself.
A few weeks ago, we argued that Coinbase was undervalued near $160, suggesting a fair value closer to $200 based on the two valuation frameworks we apply to the company. With Coinbase now having reached that level, the focus shifts to relative opportunities across the broader crypto equity landscape.
Some crypto-related stocks now appear overextended on a relative basis, while others still offer more compelling risk-reward setups. Below, we highlight which crypto equities are trading constructively and where we would selectively position for the next phase of the cycle.
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