How would you value Coinbase?

For starters, I think the difference in price and value with Coinbase stock is huge. I keep seeing it mentioned as 'cheap' because of the 30x P/E ratio. But that is way off.

Here are a few key metrics showing conflicting signals:

1. The stock is trading at a $40b market cap with ~$3b in annual sales. Earnings are very volatile and cash flows are inconsistent.
2. The business is asset-light but the custody assets are consistently growing on the balance sheet. They've gone from $2b to $200b in custody assets over five years.

I know this is a momentum stock in many ways. Even though the crypto hype has slowed down, prices have doubled since last year. More money chasing fewer assets.

$160 per share is rich. The stock price can get cut in half and I would still think it's expensive. But they have somehow combined 3-4 very valuable business models: a financial exchange, custody assets, software products and asset management.

I don't care for the typical valuation methods. Not even comparables are applicable here. Only ICE, Nasdaq, CBOE and CMOE are similar but each has a different specialty. Even sum-of-parts would be interesting but would require constant updates. Which is useless because crypto momentum and volatility have a life of their own.

Tell me how you would value this stock. What would you need to see to de-risk this as an investment?

P.S. Coinbase has been on my radar because of the recent regulatory progress. Their legal team is crushing it. First, they're spending ~$20m YTD to provide more clarity for investors. Second, this will secure their leadership position along with some regulatory capture. It's a winning position from my perspective. But entry point still matters.