With Coinbase releasing their reserves in the value of $33 Billion, doesn’t that make COIN undervalued?

I don’t hold any COIN, mostly because I loathe the stock market. But with the recent release of $33 Billion worth of reserves, does this make COIN an obvious value stock? Generally on the stock market, a company is valued at the very least 1x their Assets. And that is just their reserves for one currency, not even total assets or any IP included.

COIN currently sits at $11 Billion Market Cap. In my opinion, this is extremely undervalued, and I see a lot of crypto companies being undervalued on the stock market. The market doesn’t know how to value these crypto assets. Imagine the value of those reserves when it hits a new All Time High. I believe COIN will be a $100 Billion Market cap company someday, just basing this on assets alone.

Again, I hold none. Not trying to shill COIN. Just pointing out the obvious. We are so early….