Munger Mode rating: 2 out of 5 — Sell. Our own rating from the research report below, on business quality first: moat durability and management, with price separating the top three.
We have looked at Coinbase the way we would look at any business: what does it sell, who can take its customers, what does it earn across a full cycle, and what would we pay for the whole company if the stock market closed for ten years? Our answer: this is a well-run, well-capitalized, honestly-managed toll booth on a highway whose traffic we cannot predict, whose tolls are being cut by competitors, and whose second-biggest revenue stream depends on a single counterparty and the kindness of legislators. The second quarter of 2026 laid the problem bare — revenue fell 18.5% to $1.22 billion, the company swung to a $359 million net loss, and management cut 700 employees mid-quarter. That is not what a wonderful business looks like when the weather turns.
Recent filings analysed: 8-K (2026-09-02), 10-Q (2026-07-30), 8-K (2026-07-30), 8-K (2026-07-23).
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