If the ‘Everything Exchange’ strategy continues to validate over the next four to six quarters, Coinbase will no longer be a beta stock tied to cryptocurrency spot trading volumes but will instead become a financial infrastructure platform with a moat of recurring revenue. While Wall Street’s consensus leans bullish, there remains disagreement over how long it will take for this company to truly tame the cyclicality of its trading revenue.
① “Double miss” does not obscure operational quality: Q1 total revenue was $1.413 billion, a year-over-year decline of 31%, below the market consensus of $1.53 billion; adjusted EPS recorded a loss of $0.17, also missing expectations of $0.29. However, adjusted EBITDA still registered a positive…
