Earnings PotentialCoinbase can achieve a long-term sustainable 50%-plus EBITDA margin as subscription and services compose a larger portion of revenue.
Institutional AdoptionCoinbase's crypto prime brokerage platform and its burgeoning strength in crypto derivatives have positioned it as a primary beneficiary of the acceleration of institutional adoption of digital assets.
Platform DevelopmentCoinbase is building the most complete, versatile, and hardened crypto platform.