Coinbase Global Surges After Token-Backed Mortgage Partnership

Coinbase Global (COIN) is gaining momentum after partnering with Better Home & Finance to expand its token-backed mortgage products. This move has led to a sharp increase in share price, up 11.59% over the past month.

Despite this recent surge, the stock's total shareholder return has declined by 41.34% over the past year. However, the three-year total shareholder return remains strong, suggesting that momentum is rebuilding on a longer record of gains.

A popular narrative among investors suggests that Coinbase Global is undervalued at its current price of $178.64, with a fair value estimate of $247.39.