Coinbase

The business is still tied to crypto cycles, though mix-shift is improving visibility. TTM net revenue about 7.37 billion dollars comes from both transactions and subscriptions; subscription and services represent about 37 percent TTM, providing more recurring elements such as USDC interest sharing, custody, and staking.

However, stablecoin revenue is interest-rate sensitive and staking is subject to policy shifts. Base and derivatives broaden the opportunity set but also add new-cycle dynamics. We view medium predictability with improving trajectory, not yet comparable to classic toll-road payments networks.