Has the market misjudged the value of Circle and Coinbase?

Circle has become completely incomprehensible, with a total issuance of only 60 billion USDC, and its market capitalization has now reached 54.1 billion USD, close to its issuance amount. There's not much to say now except wanting to slap myself twice; its price reaching 250 has nothing to do with me anymore.

Circle's profits come almost entirely from interest income from government bonds, and these profits have largely flowed to Coinbase, contributing up to 910 million USD in revenue just in 2024.

The high price of Circle instead highlights the cheapness of Coinbase.

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's market cap is 78.1 billion, only 1.4 times that of Circle, yet its profitability is 10 times greater.

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