CoinSmart is a crypto trading platform, currently allowing users to trade 15 cryptos, including the popular ones such as Bitcoin, Ethereum, Dogecoin, and others. It is one of the very few crypto trading platforms registered with Canadian securities regulators
We continue to expect sector-wide consolidation. SMRT’s growing user-base and status as a registered platform make it an attractive M&A target. SMRT is trading at just 0.1x revenue vs the sector average of 1.9x. SMRT is investing an undisclosed amount in Curate, an NFT marketplace.
As expected, most crypto exchanges reported weak Q1 results due to lower global crypto trading volumes. Although SMRT’s results were below our expectations, they were significantly better than larger crypto exchanges. SMRT’s shares have underperformed Bitcoin prices YTD, but have outperformed most of the larger crypto exchanges.
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