Silicon Valley Daily

Coinbase wins against the SEC but stock trades down.

1. This got priced in in early November.

2. Company is firing on all cylinders product-wise (from my outside perspective), but the new pillars like Base are still early from a revenue story (for a company that makes 6B+ a year) and market doesn't really understand the blockspace business

3. Coinbase is a index on overall crypto utility. The current price is an index on trading — both CEX and DEX — and a future weighting of increased competition (which seems more likely now).

4. The major drivers for the company will be:

a. New breakout consumer use case(s) with crypto emerge
b. Bitcoin moons

Both will likely happen, but option A is the one they have more control over, esp. with Base.