As the fifth largest cryptocurrency exchange by trading volume, we expect the company to be well positioned to benefit as more people invest in cryptocurrency.Besides retail customers, institutional customers' assets on platform account for 56% of total assets and we expect its growth to be driven by rising interest by institutional investors in cryptocurrency.We analysed its financial position with a net cash position at 16.8% of market cap excluding custodial funds due to customers.Based on a DCF valuation, our model shows that the company is undervalued with an upside of 25.7%, as its EV/EBITDA is lower than the traditional exchanges.
