Coinbase

Historically strong retail take rates show pricing power, but long term pressure exists from competitors, ETFs that disintermediate direct trading, and subscription offerings like Coinbase One that trade price per trade for lifetime value.

Counterweights include rising high-margin USDC revenue sharing, staking and custody fees, and Base sequencer economics. In Q3 2025 subscription and services revenue was 747 million dollars with 355 million dollars from stablecoins, evidencing latent pricing power outside trading.

Derivatives can add fee breadth with lower cyclicality versus spot-only. Net: meaningful but mixed pricing power that needs continued shift toward services and payments to sustain.