CompetitionCompetition could pressure COIN’s market share and pricing over time, especially if regulatory reform brings in competitors from across financial services.
Fee PressureCoin bears worry about rising competition and fee pressure, but overlook the massive TAM expansion from re-shoring of global crypto markets back to the U.S.
Market ValuationThe stock should trade closer to our revised PT of $217, down from $280 previously due solely to a resetting of market multiples.