Key Points

• Interested in Coinbase Global, Inc.? Here are five stocks we like better.

• Coinbase is diversifying beyond spot crypto trading: Bitcoin spot trading now generates just over 10% of total revenue, down from more than 50% at its 2021 listing, while subscriptions and services produce roughly $2.5 billion annually.

• The company’s “Everything Exchange” strategy combines crypto derivatives, prediction markets, traditional equities, stablecoins and tokenized assets on one platform. Prediction markets have reached a $100 million annualized revenue run rate, while derivatives market share hit a second-quarter high.

• Coinbase is building broader financial infrastructure through Base, USDC and…