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Price · 6M
$162.11
Thesis
Coinbase is the largest US-regulated crypto exchange, generating revenue from trading fees, custody, and a share of USDC reserve interest through its partnership with Circle. The company reached full-year GAAP profitability after 2024 as transaction volumes and subscription revenues scaled.
Its Base layer-2 network and growing institutional custody footprint extend the platform beyond spot trading, adding onchain activity and recurring fee streams alongside the cyclical retail business.
Catalysts
- Crypto trading volume tied to digital-asset price cycles
- USDC circulation growth and reserve-interest economics
- Base layer-2 adoption and onchain fee capture
- US regulatory clarity for spot crypto and stablecoin frameworks