Analysts at Oppenheimer released a report on Coinbase Global, Inc. (NASDAQ:COIN), providing a deep dive into the bear thesis. The company’s stock is down around 42% since the start of the year.

The company’s bear thesis includes (1) increasing competition and fee compression, (2) the company over-earns and won’t be profitable in 2022, (3) stock is overvalued, (4) low trading volume, (5) crypto winter, and (6) risk of regulatory actions against cryptocurrency platforms.

The analysts believe the bear thesis is way overblown and that this creates an opportunity for long-term investors to get into one of the most disruptive companies in the market.