BNB Investing question?

Would buying the BNB coin be the equivalent of buying shares of Coinbase on the NYSE?

I come from the traditional finance world and I’m trying to conceptualize investing in the crypto space. How do y’all research the fundamentals similar to how you would review a stocks financial stmts? What would happen to their coin if they went public through IPO/SPAC?

When I compare exchanges mkt dominance, FTX & Binance seems drastically undervalued compared to publicly listed COIN. Am I thinking about this correctly? TIA!