Did the market misjudge the value of Circle and Coinbase?

Circle has become completely incomprehensible, with a total issuance of only 60 billion USDC, and its current market capitalization is already 54.1 billion USD, close to its issuance amount. Right now, aside from wanting to slap myself twice, there's not much to say; if it drops to 250, it won't matter to me anymore.

Almost all of Circle's profits come from interest income on government bonds, and profits have almost all flowed to Coinbase, which contributed as much as 910 million USD in revenue in just 2024.

The high increase in Circle's price instead highlights how cheap Coinbase is.

1. Most of Circle's profits are taken by Coinbase.

2. $COIN has officially been included in the S&P index, which is highly valuable.

3. Coinbase has a market capitalization of 78.1 billion, only 1.4 times that of Circle, yet its profitability is 10 times greater.

Buying coin and selling Circle might be a good strategy now.