Everyone is focused on Coinbase missing earnings…

I think they’re missing the bigger story.

Coinbase isn’t just trying to survive this cycle.

They’re trying to become the financial exchange for the next one.

Spot trading is cyclical.

Stablecoins, perpetuals, tokenized equities and onchain financial products are structural.

Yes, a weak quarter hurts.

But markets often value where a business is going, not where it is today.

The question isn’t whether crypto trading volumes recover.

The question is whether Coinbase can own the rails for the next generation of global markets.

That’s the bet Wall Street is really arguing about.